ldquoUNDERSTANDING HOTEL INVESTMENT amp VALUATION METHODOLOGIES AND PRO-FORMASANALYSISrdquo

HANDOUT

Presented by Rick Pastorino REVPAR International Inc

Rachel Roginsky Pinnacle Advisory

Table of Contents for Exhibits

1 Performance Terminology 2 Financial Terminology 3 Valuation Terminology 4 2011 STR Chain Scale 5 Hotel Options 6 Market Mix Segmentation 7 Definitions of Demand 8 Financial Statement ndash Stabilized Year 9 Financial Statement ndash Projected 10 Financial Comparables 11 Discounted Cash Flow 12 ROI Analysis ndash Scenario 1 13 ROI Analysis ndash Scenario 2 14 STR Trends Report 15 STR HOST Report

EXHIBIT 1

PERFORMANCE TERMINOLOGY

1 Available Rooms - The number of rooms at a hotel

2 Occupied Room Nights ndash The number of rooms rented or in use

3 Occupancy - Occupancy is the percentage of available rooms that were sold during a specified period of time Occupancy is calculated by dividing the number of rooms sold by rooms available (Occupancy = Rooms Sold Rooms Available)

4 Average Daily Rate (ADR) ndash A measure of the average rate paid for rooms sold calculated by dividing room revenue by rooms sold (ADR = Room Revenue Rooms Sold)

5 Revenue per Available Room (RevPAR) ndash average revenue generated by all rooms in the hotel calculated by multiplying a hotelrsquos occupancy by the ADR RevPAR is used throughout the lodging industry to compare the revenue of competing facilities RevPAR differs from ADR because RevPAR is affected by the amount of unoccupied available rooms while ADR shows only the average rate of rooms actually sold (RevPAR = Occupancy x ADR)

6 Penetration Rate ndash An index designed to measure a hotels share of the segments (comp set market tract etc) demand (demand = rooms sold) (Penetration Rate = (Hotel Occupancy Segment Occupancy) x 100)

7 ADR Index - The ADR Index measures a hotelrsquos ADR performance relative to an aggregated grouping of hotels (eg competitive set market submarkettract) An ADR Index of 100 equals fair share of ADR compared to the aggregated group of hotels An ADR Index greater than 100 represents more than a fair share of the aggregated grouprsquos ADR performance Conversely an ADR Index below 100 reflects less than a fair share of the aggregated grouprsquos ADR performance (ADR Index =(Hotel ADR Aggregated group of hotelsrsquo ADR) x 100)

8 Yield ndash the percentage relationship of a hotelrsquos average room rate performance relative to a defined competitive set

9 STR (Smith Travel Research) - STR tracks historical performance data for tens of thousands of hotels in the hotel industry and provides market share analysis for all major international hotel chains and brands

10 STR (Trend) Report - A report that displays up to six years of monthly performance data including occupancy ADR RevPAR supply demand and revenue for a defined market (No individual hotel data is provided) Customized Trend Reports are available as well by choosing your own set of hotels (Sample attached ndash Exhibit 14)

EXHIBIT 2

FINANCIAL TERMINOLOGY

1 USALI (Uniform System of Accounts for the Lodging Industry) - Industry accepted highly departmentalized system of accounting for hotels which provides accounting standards and guidelines for financial reporting practices that reflect terminology and activity unique to the hospitality industry (Sample attached ndashExhibits 8 and 9)

2 GRR (Gross Rooms Revenue) - Total room revenue generated from the sale or rental of rooms 3 Revenue ndash Rooms Food and Beverage Other Operated Departments and Rentals and Other

Income 4 Departmental Expenses ndash Rooms Food and Beverage and Other Operated Departments According

to USALI these categories relate to an operated department revenue category 5 Undistributed Operating Expenses ndash Expenses that are considered applicable to the entire property

Administrative and General Sales and Marketing Property Operation and Maintenance and Utilities 6 Fixed Expenses ndash Rent Property and Other Taxes and Insurance 7 Gross Operating Profit = Total Departmental Income - Undistributed Operating Expenses 8 NOI (Net Operating Income) = Income Before Fixed Charges ndash Total Fixed Charges

9 EBIDTA (Earnings Before Interest Taxes Depreciation and Amortization) - Calculated by taking operating income and adding back interest depreciation and amortization expenses Used to analyze a companyrsquos operating profitability before non-operating expense (such as interest and ldquootherrdquo non-core expenses) and non-cash charges (depreciation and amortization)

This earnings measure is of particular interest in cases where companies have large amounts of fixed assets which are subject to heavy depreciation charges (such as manufacturing companies) or in the case where a company has a large amount of acquired intangible assets on its books and is thus subject to large amortization charges (such as a company that has purchased a brand or a company that has recently made a large acquisition)

10 STR HOST Report (Hotel Operating Statistics) ndash An annual study published by STR that contains information on hotel revenues and expenses broken down by departments including rooms food and beverage marketing utility costs and maintenance The results are based on the operating statements of over 5000 US hotels Custom HOST Reports are also available for entire states metropolitan areas or competitive sets (Sample attached ndash Exhibit 15)

Table of Contents for Exhibits

1 Performance Terminology 2 Financial Terminology 3 Valuation Terminology 4 2011 STR Chain Scale 5 Hotel Options 6 Market Mix Segmentation 7 Definitions of Demand 8 Financial Statement ndash Stabilized Year 9 Financial Statement ndash Projected 10 Financial Comparables 11 Discounted Cash Flow 12 ROI Analysis ndash Scenario 1 13 ROI Analysis ndash Scenario 2 14 STR Trends Report 15 STR HOST Report

EXHIBIT 1

PERFORMANCE TERMINOLOGY

1 Available Rooms - The number of rooms at a hotel

2 Occupied Room Nights ndash The number of rooms rented or in use

3 Occupancy - Occupancy is the percentage of available rooms that were sold during a specified period of time Occupancy is calculated by dividing the number of rooms sold by rooms available (Occupancy = Rooms Sold Rooms Available)

4 Average Daily Rate (ADR) ndash A measure of the average rate paid for rooms sold calculated by dividing room revenue by rooms sold (ADR = Room Revenue Rooms Sold)

5 Revenue per Available Room (RevPAR) ndash average revenue generated by all rooms in the hotel calculated by multiplying a hotelrsquos occupancy by the ADR RevPAR is used throughout the lodging industry to compare the revenue of competing facilities RevPAR differs from ADR because RevPAR is affected by the amount of unoccupied available rooms while ADR shows only the average rate of rooms actually sold (RevPAR = Occupancy x ADR)

6 Penetration Rate ndash An index designed to measure a hotels share of the segments (comp set market tract etc) demand (demand = rooms sold) (Penetration Rate = (Hotel Occupancy Segment Occupancy) x 100)

7 ADR Index - The ADR Index measures a hotelrsquos ADR performance relative to an aggregated grouping of hotels (eg competitive set market submarkettract) An ADR Index of 100 equals fair share of ADR compared to the aggregated group of hotels An ADR Index greater than 100 represents more than a fair share of the aggregated grouprsquos ADR performance Conversely an ADR Index below 100 reflects less than a fair share of the aggregated grouprsquos ADR performance (ADR Index =(Hotel ADR Aggregated group of hotelsrsquo ADR) x 100)

8 Yield ndash the percentage relationship of a hotelrsquos average room rate performance relative to a defined competitive set

9 STR (Smith Travel Research) - STR tracks historical performance data for tens of thousands of hotels in the hotel industry and provides market share analysis for all major international hotel chains and brands

10 STR (Trend) Report - A report that displays up to six years of monthly performance data including occupancy ADR RevPAR supply demand and revenue for a defined market (No individual hotel data is provided) Customized Trend Reports are available as well by choosing your own set of hotels (Sample attached ndash Exhibit 14)

EXHIBIT 2

FINANCIAL TERMINOLOGY

1 USALI (Uniform System of Accounts for the Lodging Industry) - Industry accepted highly departmentalized system of accounting for hotels which provides accounting standards and guidelines for financial reporting practices that reflect terminology and activity unique to the hospitality industry (Sample attached ndashExhibits 8 and 9)

2 GRR (Gross Rooms Revenue) - Total room revenue generated from the sale or rental of rooms 3 Revenue ndash Rooms Food and Beverage Other Operated Departments and Rentals and Other

Income 4 Departmental Expenses ndash Rooms Food and Beverage and Other Operated Departments According

to USALI these categories relate to an operated department revenue category 5 Undistributed Operating Expenses ndash Expenses that are considered applicable to the entire property

Administrative and General Sales and Marketing Property Operation and Maintenance and Utilities 6 Fixed Expenses ndash Rent Property and Other Taxes and Insurance 7 Gross Operating Profit = Total Departmental Income - Undistributed Operating Expenses 8 NOI (Net Operating Income) = Income Before Fixed Charges ndash Total Fixed Charges

9 EBIDTA (Earnings Before Interest Taxes Depreciation and Amortization) - Calculated by taking operating income and adding back interest depreciation and amortization expenses Used to analyze a companyrsquos operating profitability before non-operating expense (such as interest and ldquootherrdquo non-core expenses) and non-cash charges (depreciation and amortization)

This earnings measure is of particular interest in cases where companies have large amounts of fixed assets which are subject to heavy depreciation charges (such as manufacturing companies) or in the case where a company has a large amount of acquired intangible assets on its books and is thus subject to large amortization charges (such as a company that has purchased a brand or a company that has recently made a large acquisition)

10 STR HOST Report (Hotel Operating Statistics) ndash An annual study published by STR that contains information on hotel revenues and expenses broken down by departments including rooms food and beverage marketing utility costs and maintenance The results are based on the operating statements of over 5000 US hotels Custom HOST Reports are also available for entire states metropolitan areas or competitive sets (Sample attached ndash Exhibit 15)

EXHIBIT 1

PERFORMANCE TERMINOLOGY

1 Available Rooms - The number of rooms at a hotel

2 Occupied Room Nights ndash The number of rooms rented or in use

3 Occupancy - Occupancy is the percentage of available rooms that were sold during a specified period of time Occupancy is calculated by dividing the number of rooms sold by rooms available (Occupancy = Rooms Sold Rooms Available)

4 Average Daily Rate (ADR) ndash A measure of the average rate paid for rooms sold calculated by dividing room revenue by rooms sold (ADR = Room Revenue Rooms Sold)

5 Revenue per Available Room (RevPAR) ndash average revenue generated by all rooms in the hotel calculated by multiplying a hotelrsquos occupancy by the ADR RevPAR is used throughout the lodging industry to compare the revenue of competing facilities RevPAR differs from ADR because RevPAR is affected by the amount of unoccupied available rooms while ADR shows only the average rate of rooms actually sold (RevPAR = Occupancy x ADR)

6 Penetration Rate ndash An index designed to measure a hotels share of the segments (comp set market tract etc) demand (demand = rooms sold) (Penetration Rate = (Hotel Occupancy Segment Occupancy) x 100)

7 ADR Index - The ADR Index measures a hotelrsquos ADR performance relative to an aggregated grouping of hotels (eg competitive set market submarkettract) An ADR Index of 100 equals fair share of ADR compared to the aggregated group of hotels An ADR Index greater than 100 represents more than a fair share of the aggregated grouprsquos ADR performance Conversely an ADR Index below 100 reflects less than a fair share of the aggregated grouprsquos ADR performance (ADR Index =(Hotel ADR Aggregated group of hotelsrsquo ADR) x 100)

8 Yield ndash the percentage relationship of a hotelrsquos average room rate performance relative to a defined competitive set

9 STR (Smith Travel Research) - STR tracks historical performance data for tens of thousands of hotels in the hotel industry and provides market share analysis for all major international hotel chains and brands

10 STR (Trend) Report - A report that displays up to six years of monthly performance data including occupancy ADR RevPAR supply demand and revenue for a defined market (No individual hotel data is provided) Customized Trend Reports are available as well by choosing your own set of hotels (Sample attached ndash Exhibit 14)

EXHIBIT 2

FINANCIAL TERMINOLOGY

1 USALI (Uniform System of Accounts for the Lodging Industry) - Industry accepted highly departmentalized system of accounting for hotels which provides accounting standards and guidelines for financial reporting practices that reflect terminology and activity unique to the hospitality industry (Sample attached ndashExhibits 8 and 9)

2 GRR (Gross Rooms Revenue) - Total room revenue generated from the sale or rental of rooms 3 Revenue ndash Rooms Food and Beverage Other Operated Departments and Rentals and Other

Income 4 Departmental Expenses ndash Rooms Food and Beverage and Other Operated Departments According

to USALI these categories relate to an operated department revenue category 5 Undistributed Operating Expenses ndash Expenses that are considered applicable to the entire property

Administrative and General Sales and Marketing Property Operation and Maintenance and Utilities 6 Fixed Expenses ndash Rent Property and Other Taxes and Insurance 7 Gross Operating Profit = Total Departmental Income - Undistributed Operating Expenses 8 NOI (Net Operating Income) = Income Before Fixed Charges ndash Total Fixed Charges

9 EBIDTA (Earnings Before Interest Taxes Depreciation and Amortization) - Calculated by taking operating income and adding back interest depreciation and amortization expenses Used to analyze a companyrsquos operating profitability before non-operating expense (such as interest and ldquootherrdquo non-core expenses) and non-cash charges (depreciation and amortization)

This earnings measure is of particular interest in cases where companies have large amounts of fixed assets which are subject to heavy depreciation charges (such as manufacturing companies) or in the case where a company has a large amount of acquired intangible assets on its books and is thus subject to large amortization charges (such as a company that has purchased a brand or a company that has recently made a large acquisition)

10 STR HOST Report (Hotel Operating Statistics) ndash An annual study published by STR that contains information on hotel revenues and expenses broken down by departments including rooms food and beverage marketing utility costs and maintenance The results are based on the operating statements of over 5000 US hotels Custom HOST Reports are also available for entire states metropolitan areas or competitive sets (Sample attached ndash Exhibit 15)

EXHIBIT 2

FINANCIAL TERMINOLOGY

1 USALI (Uniform System of Accounts for the Lodging Industry) - Industry accepted highly departmentalized system of accounting for hotels which provides accounting standards and guidelines for financial reporting practices that reflect terminology and activity unique to the hospitality industry (Sample attached ndashExhibits 8 and 9)

2 GRR (Gross Rooms Revenue) - Total room revenue generated from the sale or rental of rooms 3 Revenue ndash Rooms Food and Beverage Other Operated Departments and Rentals and Other

Income 4 Departmental Expenses ndash Rooms Food and Beverage and Other Operated Departments According

to USALI these categories relate to an operated department revenue category 5 Undistributed Operating Expenses ndash Expenses that are considered applicable to the entire property

Administrative and General Sales and Marketing Property Operation and Maintenance and Utilities 6 Fixed Expenses ndash Rent Property and Other Taxes and Insurance 7 Gross Operating Profit = Total Departmental Income - Undistributed Operating Expenses 8 NOI (Net Operating Income) = Income Before Fixed Charges ndash Total Fixed Charges

9 EBIDTA (Earnings Before Interest Taxes Depreciation and Amortization) - Calculated by taking operating income and adding back interest depreciation and amortization expenses Used to analyze a companyrsquos operating profitability before non-operating expense (such as interest and ldquootherrdquo non-core expenses) and non-cash charges (depreciation and amortization)

This earnings measure is of particular interest in cases where companies have large amounts of fixed assets which are subject to heavy depreciation charges (such as manufacturing companies) or in the case where a company has a large amount of acquired intangible assets on its books and is thus subject to large amortization charges (such as a company that has purchased a brand or a company that has recently made a large acquisition)

10 STR HOST Report (Hotel Operating Statistics) ndash An annual study published by STR that contains information on hotel revenues and expenses broken down by departments including rooms food and beverage marketing utility costs and maintenance The results are based on the operating statements of over 5000 US hotels Custom HOST Reports are also available for entire states metropolitan areas or competitive sets (Sample attached ndash Exhibit 15)

EXHIBIT 3

VALUATION TERMINOLOGY

1 Capitalization (Cap) Rate ndash Capitalization is the process of converting net income from a property into an expression of overall value for the hotel It generally indicates the return an investor expects to achieve on his or her investment Because most hotels are financed by several entities usually a debt lender and an equity investor the capitalization rate is actually a weighted average of the desired rates of return (Cap Rate = Net Income Sale Price)

a Going-in Rate - The capitalization rate computed by dividing the current or 1st years net operating income by the initial price of the property

b TerminalReversion Rate - A rate used to estimate the resale value of a property at the end of the holding period The terminal or reversionary capitalization rate is based on forecasts and estimates and changes based on the person doing the calculation (Terminal Rate = Expected net operating income (NOI) per year terminal cap rate)

2 DCF (Discounted Cash Flow) ndash A method of estimating an investmentrsquos current value based on the discounting of projected future revenues and costs The answer derived from the technique is only as accurate as the estimates used which in many case are from certain

3 RRM (Rooms Revenue Multiplier) ndash The relationship or ratio between sale price and gross rooms revenue (RRM = Hotel Value Room Revenues)

4 DSCR (Debt Service Coverage Ratio) - The debt coverage ratio is the ratio of the companyrsquos operating profit to its expenses This ratio indicates its ability to cover its expenses using its profits from operations If it is low the company might encounter difficulties meeting financial expenses out of its current activities A high ratio indicates relatively low expenses and a good financial position (Debt Coverage Ratio = Operating Profit Finance Expenses)

5 IRR (Internal Rate of Return) ndash The rate of discount on an investment that equates the present value of the investmentrsquos cash outflows with the present value of the investmentrsquos cash inflows Internal rate of return is analogous to yield to maturity for a bond

6 NPV (Net Present Value) ndash The discounted value of an investmentrsquos cash inflows minus the discounted value of its cash outflows To be adequately profitable an investment should have a net present value greater than zero For investment in securities the initial cost is usually the only outflow

7 Payback Period ndash The time needed to recover the project investment costs The straight payback period method is the simplest way of determining the investment potential of a major project Expressed in time it tells management how many days months or years it will require to recover the original cash cost of the project (Payback Period = Cost of project Annual cash revenues or profit)

wwwstrcom bull (US) +1 (615) 824 8664

2011 STR US CHAIN SCALES

Copyright 2011 Smith Travel ResearchPublishing or reproducing this information is strictly prohibited

2171

270295373414490489510761698699800829991862930945965

1066759

1140156012831296

730132515001118193019201605164216461652

AKAAndazColonyConradDoyle CollectionEditionFairmontFirmdaleFour SeasonsGrand HyattHotel MonacoHotel PalomarInterContinentalJumeirahJW MarriottLanghamLoewsLuxury CollectionMandarin OrientalMokaraPark HyattPreferredRitz-CarltonRockResortsRosewoodSofitelSt RegisTajThe PeninsulaThe PrinceThe TidesTrump International CollectionViceroyW HotelWaldorf=Astoria

Luxury

Upper Upscale1417

205249365370450529638645670760803845

1020990992994

10451072107510801091121712201360144514981680

AffiniaAutograph CollectionCamino RealClub QuartersDolceDoralEmbassy SuitesGaylordHard RockHelmsley HotelHiltonHyattJoie De VivreKimptonLe MeridienMarriottMarriott Conference CenterMarriott Executive ApartmentsMillenniumNew OtaniNikkoOmniPan PacificRed CarnationRenaissanceSheraton HotelStarhotelsSwissotelWestin

Upscale106

801187

640207209213235265308330380423511508561309685702

1395762

1460823910

10151051720869

103810901093115311801270129414301438144716901710

Adam`s Markaloft HotelAmerisuitesAscendAston HotelCaesars EntertainmentCambria SuitesCanad InnCelebrity ResortsClub MedCoast HotelCourtyardCrowne PlazaDoubletreeElementFitzpatrick HotelFour PointsGreat Wolf LodgeHilton Garden InnHomewood SuitesHotel IndigoHotel SierraHyatt PlaceHyatt Summerfield SuitesJollyLittle AmericaMeliaMiyakoNovotelNYLO HotelOrsquoCallaghanOutriggerPark PlazaPrince HotelRadissonResidence InnRoom MateSonesta HotelSpringhill SuitesStaybridge SuitesWoodfin HotelWyndham

Upper Midscale1950

86133134216230280282290400402401404485545610611680683681709706834900

1082109411251202133714071467159513501715

90

3 PalmsAyresBest Western Plus Best Western PremierChase SuitesClarionComfort InnComfort SuitesDoubletree ClubDrury InnDrury Inn amp SuitesDrury Plaza HotelDrury SuitesFairfield InnGolden TulipHampton InnHampton Inn SuitesHoliday InnHoliday Inn ExpressHoliday Inn SelectHome2 SuitesIsle of CapriKey West Inns amp SuitesLexingtonOhanaPark InnPhoenix InnRamada PlazaScanticonSilver CloudSunspree ResortsTownePlace SuitesWestmarkWyndham Garden HotelXanterra

Midscale11560

180130200195240306320334403557575644647740790865880882885955

11601203124012811354138014001423163016411687

America`s Best SuitesAmericInnBaymont Inns amp SuitesBest Western Cabot LodgeCandlewood SuitesClubHouseCountry Inn amp SuitesCrossings by GrandStayCrystal InnDrury LodgeGrandStay Residential SuitesGuestHouse InnHawthorn Suites by WyndhamHeartland InnHoward JohnsonInnSuites HotelLakeviewLa Quinta InnLa Quinta Inn amp SuitesLees Inn Of AmericaMainstay SuitesQuality Inn (and Quality Suites)Ramada (and Ramada Limited)Red LionRode InnSettle InnShilo InnSignature InnSleep InnVagabond InnVistaWingate By Wyndham

Economy1st Interstate InnAffordable SuitesAmerica`s Best InnAmericas Best Value InnBudget HostBudget Suites of AmericaBudgetelCountry Hearth InnCrestwood SuitesCrossland SuitesDays InnDowntowner InnEcono LodgeExtended Stay AmericaExtended Stay DeluxeE-Z 8Family InnGood Nite InnGreat WesternHomegateHomesteadHome-Towne SuitesHoward Johnson ExpressInns of AmericaInTown SuitesJameson InnKey West InnKnights InnMaster Hosts InnsMasters InnMicrotel InnMotel 6National 9Passport InnPear Tree InnRed Carpet InnRed Roof InnRoadstar InnRodeway InnSavannah SuitesScottish InnSelect InnShoney`s InnStudio 6Studio PlusSuburban Extended StaySun SuitesSuper 8ThriftlodgeTravelodgeValue PlaceWellesley Inn

81033

110120150163117305312317350390440483484410500548560686687659678445795822832840

100010051030106010651110111512351250128012901322134513471390145614551457146314701565161516321650

EXHIBIT 5

HOTEL OPTIONS

Hotel classifications are driven primarily by building structure and secondarily by service level Chain management has provided us with hotel type classifications for a significant number of locations Hotel types include

bull All-Suite - All guest rental units consist of one or more bedrooms and may include a separate living area Many suites contain kitchenettes or mini-refrigerators Suite hotels often have no integrated dining facilities available however many offer complimentary breakfast

bull Boutique - These are hotels that appeal to their guests because of their unusual amenity and room configurations They are normally independent and smaller than 200 rooms with a high rack rate However there are three chains whose hotels are automatically coded as ldquoBoutiquerdquo W Hotels (a Starwood brand) Kimpton Hotels and Joie de Vivre Hotels

bull Conference - Lodging hotels that place major focus on conference operations Hotels must meet guidelines of the International Association of Conference Centers

bull Convention - Hotels with a minimum of 300 rooms and large meeting facilities (minimum of 20000 Square feet) and not part of the Conference Center Group

bull Destination Resorts - Hotels that appeal to leisure and family vacation travelers typically located in resort markets and are considered a destination in and of themselves Destination resorts provide guests with extensive amenities normally associated and oriented toward the vacation andor family experience- such as pools golf tennis restaurants spa facilities beach ski casino etc These more exclusive hotels are typically larger full-service Luxury chains Upper Upscale chains or higher priced (ADR) independents

bull GamingCasino - Lodging hotels that place major focus on casino operations

bull Golf - Hotel must have a golf course on hotel to be considered It is not sufficient if the hotel only has privileges on the course next door

bull Ski - Guests have easy access to ski slopes

bull Spa - Hotel must have designated spa facility and offer treatments Offering a sauna or hot tubwhirlpool would not qualify

bull Waterpark - An indoor or outdoor waterpark resort as a lodging establishment containing an aquatic facility with a minimum of 10000 square feet of waterpark space and inclusive of amenities such as slides tubes and a variety of water play features

EXHIBIT 6

MARKET MIX SEGMENTATION

bull UniversityCollege-Related Demand - Demand generated by universities and colleges located in the market area as well as demand created by universitycollege-sponsored activities (ie research special events graduations homecoming move-in parentsrsquo weekend sporting events)

bull CorporateCommercial Transient - Demand generated by individual business travelers conducting business with companies that have headquarters regional offices retail centers and training centers in the market Traditionally corporate travel occurs Sunday through Thursday Businessesorganizations generating a significant volume of room night demand typically receive discounted or high volume rates

bull Leisure Transient - Leisure demand includes independent tourists visiting tourist attractions in market area and interstate travelers using area hotels as a convenient stopover point on the way to their primary destination Some independent tourists stay in hotels when visiting friends families and attending area events or social functions such as weddings barbat mitzvahs or reunions Travelers within this market segment are highly seasonal with the majority of visits associated with summer travel occurring May through October

bull Group - Group demand consists of those travelers and associated guests who meet as a group to attend conferences trade shows and seminars

bull GovernmentMilitary - Governmentmilitary demand consists of those guests who are associated with either the government or military either on official business or not but holding government identification or equivalent which entitles them to discounted room rates

bull Extended-Stay Segment - Extended-stay demand is generated by travelers who are staying five nights or more at any of the arearsquos competitive hotels Such demand can be a result of corporate and government training classes as well as relocation demand

bull SMERF - Social Military Ethnic Religious Fraternal group demand Guests participating in social (weddings reunions etc) recreational or religious activities

EXHIBIT 7

DEFINITIONS OF DEMAND

bull Latent Demand - demand that is not currently being realized and consists of unaccommodated demand and induced demand

bull Unaccommodated Demand ndash demand from individuals who are unable to secure accommodations in a market because all of the local hotels are filled These travelers end up deferring their trip settling for less desirable accommodations or staying at properties outside the market area If a hotel is reaching occupancy levels of 75 or greater on any given night it is likely unaccommodated demand exists

bull Induced Demand ndash demand from room nights that are attracted into a market These room nights can be induced through the opening of a new demand generator such as a convention centre or manufacturing plant but also through the opening of a hotel A new hotel can bring a new franchise affiliation and reservations system into a market or unique facilities which draw new guests A new property will also have a sales team which can target markets that havenrsquot been focused on in the past All of these factors will bring guests that havenrsquot previously visited into the market

Summary Operating Statement (in a Stabilized Year)Proposed InnFor a Representative Year in Current Value Dollars

Number of RoomsAnnual of Available RoomsAnnual occupancy rateAnnual of Occupied RoomsAverage Daily RateRevPAR

Amount Ratio Amount per Avail Rms

Amount per Occ Rms

DEPARTMENTAL REVENUESRooms $1132000 444 $28300 $14097Food amp Beverage $1375000 539 $34375 $17123Other Operated Departments $21000 08 $525 $262Rentals amp Other Income $22000 09 $550 $274TOTAL REVENUE $2550000 1000 $63750 $31756

DEPARTMENTAL EXPENSES (1)

Rooms $321000 284 $8025 $3998Food and Beverage $1031000 750 $25775 $12839Other Operated Departments $21000 1000 $525 $262TOTAL DEPARTMENTAL EXPENSES $1373000 538 $34325 $17098

TOTAL DEPARTMENTAL INCOME $1177000 462 $29425 $14658

UNDISTRIBUTED OPERATING EXPENSESAdministrative and General $250000 98 $6250 $3113Sales and Marketing $152000 60 $3800 $1893Property Operations and Maintenance $160000 63 $4000 $1993Utilities $132000 52 $3300 $1644TOTAL UNDISTRIBUTED EXPENSES $694000 272 $17350 $8643

GROSS OPERATING PROFIT $483000 189 $12075 $6015

MANAGEMENT FEES $102000 40 $2550 $1270

INCOME BEFORE FIXED CHARGES $381000 149 $9525 $4745

FIXED CHARGESRent $0 00 $0 $000Property and Other Taxes $29000 11 $725 $361Insurance $16000 06 $400 $199TOTAL FIXED CHARGED $45000 18 $1125 $560

NET OPERATING INCOME $336000 132 $8400 $4184

LESS REPLACEMENT RESERVES $102000 40 $2550 $1270

ADJUSTED NET OPERATING INCOME $234000 92 $5850 $2914

Notes(1) Departmental ratios reflect a percentage of department expenses to department revenues and will not add to total department expenses(2) Net Operating Income defined as income before debt taxes depreciation and amortizationPlease note that columns may not add due to roundingSource REVPAR International Inc

8030$14100$7755

401460055

EXHIBIT 7

DEFINITIONS OF DEMAND

bull Latent Demand - demand that is not currently being realized and consists of unaccommodated demand and induced demand

bull Unaccommodated Demand ndash demand from individuals who are unable to secure accommodations in a market because all of the local hotels are filled These travelers end up deferring their trip settling for less desirable accommodations or staying at properties outside the market area If a hotel is reaching occupancy levels of 75 or greater on any given night it is likely unaccommodated demand exists

bull Induced Demand ndash demand from room nights that are attracted into a market These room nights can be induced through the opening of a new demand generator such as a convention centre or manufacturing plant but also through the opening of a hotel A new hotel can bring a new franchise affiliation and reservations system into a market or unique facilities which draw new guests A new property will also have a sales team which can target markets that havenrsquot been focused on in the past All of these factors will bring guests that havenrsquot previously visited into the market

Summary Operating Statement (in a Stabilized Year)Proposed InnFor a Representative Year in Current Value Dollars

Number of RoomsAnnual of Available RoomsAnnual occupancy rateAnnual of Occupied RoomsAverage Daily RateRevPAR

Amount Ratio Amount per Avail Rms

Amount per Occ Rms

DEPARTMENTAL REVENUESRooms $1132000 444 $28300 $14097Food amp Beverage $1375000 539 $34375 $17123Other Operated Departments $21000 08 $525 $262Rentals amp Other Income $22000 09 $550 $274TOTAL REVENUE $2550000 1000 $63750 $31756

DEPARTMENTAL EXPENSES (1)

Rooms $321000 284 $8025 $3998Food and Beverage $1031000 750 $25775 $12839Other Operated Departments $21000 1000 $525 $262TOTAL DEPARTMENTAL EXPENSES $1373000 538 $34325 $17098

TOTAL DEPARTMENTAL INCOME $1177000 462 $29425 $14658

UNDISTRIBUTED OPERATING EXPENSESAdministrative and General $250000 98 $6250 $3113Sales and Marketing $152000 60 $3800 $1893Property Operations and Maintenance $160000 63 $4000 $1993Utilities $132000 52 $3300 $1644TOTAL UNDISTRIBUTED EXPENSES $694000 272 $17350 $8643

GROSS OPERATING PROFIT $483000 189 $12075 $6015

MANAGEMENT FEES $102000 40 $2550 $1270

INCOME BEFORE FIXED CHARGES $381000 149 $9525 $4745

FIXED CHARGESRent $0 00 $0 $000Property and Other Taxes $29000 11 $725 $361Insurance $16000 06 $400 $199TOTAL FIXED CHARGED $45000 18 $1125 $560

NET OPERATING INCOME $336000 132 $8400 $4184

LESS REPLACEMENT RESERVES $102000 40 $2550 $1270

ADJUSTED NET OPERATING INCOME $234000 92 $5850 $2914

Notes(1) Departmental ratios reflect a percentage of department expenses to department revenues and will not add to total department expenses(2) Net Operating Income defined as income before debt taxes depreciation and amortizationPlease note that columns may not add due to roundingSource REVPAR International Inc

8030$14100$7755

401460055

Summary Operating Statement (in a Stabilized Year)Proposed InnFor a Representative Year in Current Value Dollars

Number of RoomsAnnual of Available RoomsAnnual occupancy rateAnnual of Occupied RoomsAverage Daily RateRevPAR

Amount Ratio Amount per Avail Rms

Amount per Occ Rms

DEPARTMENTAL REVENUESRooms $1132000 444 $28300 $14097Food amp Beverage $1375000 539 $34375 $17123Other Operated Departments $21000 08 $525 $262Rentals amp Other Income $22000 09 $550 $274TOTAL REVENUE $2550000 1000 $63750 $31756

DEPARTMENTAL EXPENSES (1)

Rooms $321000 284 $8025 $3998Food and Beverage $1031000 750 $25775 $12839Other Operated Departments $21000 1000 $525 $262TOTAL DEPARTMENTAL EXPENSES $1373000 538 $34325 $17098

TOTAL DEPARTMENTAL INCOME $1177000 462 $29425 $14658

UNDISTRIBUTED OPERATING EXPENSESAdministrative and General $250000 98 $6250 $3113Sales and Marketing $152000 60 $3800 $1893Property Operations and Maintenance $160000 63 $4000 $1993Utilities $132000 52 $3300 $1644TOTAL UNDISTRIBUTED EXPENSES $694000 272 $17350 $8643

GROSS OPERATING PROFIT $483000 189 $12075 $6015

MANAGEMENT FEES $102000 40 $2550 $1270

INCOME BEFORE FIXED CHARGES $381000 149 $9525 $4745

FIXED CHARGESRent $0 00 $0 $000Property and Other Taxes $29000 11 $725 $361Insurance $16000 06 $400 $199TOTAL FIXED CHARGED $45000 18 $1125 $560

NET OPERATING INCOME $336000 132 $8400 $4184

LESS REPLACEMENT RESERVES $102000 40 $2550 $1270

ADJUSTED NET OPERATING INCOME $234000 92 $5850 $2914

Notes(1) Departmental ratios reflect a percentage of department expenses to department revenues and will not add to total department expenses(2) Net Operating Income defined as income before debt taxes depreciation and amortizationPlease note that columns may not add due to roundingSource REVPAR International Inc

8030$14100$7755

401460055

Forecast of Income amp Expense ($000)

Hyatt Financial District - Boston MA

Year (1) 2011 2012 2013 2014 2015 2016

Number of Rooms 498 502 502 502 502 502

Occupancy 80 78 79 79 79 79

Average Rate $16138 $17080 $18753 $20039 $20640 $21259

$ $ $ $ $ $

REVENUES

Rooms 23377 707 24408 701 27213 705 29079 702 29951 702 30850 702

Food and Beverage 8673 262 9360 269 10252 266 11116 269 11450 269 11793 269

Other Operated Departments 516 16 556 16 610 16 661 16 681 16 701 16

Rentals amp Other Income 486 15 494 14 514 13 529 13 545 13 561 13

Total 33052 1000 34818 1000 38589 1000 41385 1000 42627 1000 43905 1000

DEPARTMENTAL EXPENSES (2)

Rooms 6244 267 6389 262 6630 244 6829 235 7034 235 7245 235

Food amp Beverage 6158 710 6552 700 7177 700 7538 678 7764 678 7997 678

Other Operated Departments 797 1545 816 1467 844 1384 869 1315 895 1314 922 1315

Total 13199 399 13757 395 14651 380 15236 368 15693 368 16164 368

DEPARTMENTAL INCOME 19853 601 21061 605 23939 620 26149 632 26934 632 27741 632

OPERATING EXPENSES

Administrative amp General 2493 75 2718 78 2975 77 3237 78 3335 78 3435 78

Sales and Marketing 2446 74 2519 72 2605 68 2689 65 2770 65 2853 65

Property Oper amp Maintenance 1376 42 1417 41 1465 38 1513 37 1558 37 1605 37

Utilities 1770 54 1822 52 1890 49 1954 47 2012 47 2073 47

Total 8085 245 8476 243 8935 232 9393 227 9675 227 9966 227

GROSS OPERATING PROFIT 11768 356 12585 362 15003 388 16756 405 17259 405 17775 405

Management Fee 992 30 1045 30 1158 30 1242 30 1279 30 1317 30

FIXED EXPENSES

Rent 26 01 27 01 27 01 28 01 29 01 30 01

Property and Other Taxes 2629 80 2708 78 2789 72 2873 69 2959 69 3048 69

Insurance 294 09 303 09 313 08 323 08 332 08 342 08

Replacement Reserve 1322 40 1393 40 1544 40 1655 40 1705 40 1756 40

Total 4271 130 4431 128 4673 121 4879 118 5025 118 5176 118

NET OPERATING INCOME (3) 6505 196 7109 204 9172 237 10635 257 10955 257 11282 257

Notes

(1) All years represent fiscal years beginning March 1 and ending February 31

(2) Departmental expense ratios are expressed as a percentage of their respective departmental revenues

(3) Income before other deductions such debt service interest depreciation amortization and income taxes

(4) This forecast is intended to be read in conjunction with supporting documentation prepared by Pinnacle Advisory Group

Unauthorized use or reliance on this forecast is prohibited by Pinnacle Advisory Group

Source Pinnacle Advisory Group

Forecast of Income amp Expense ($000)

Hyatt Financial District - Boston MA

Year (1) 2017 2018 2019 2020 2021

Number of Rooms 502 502 502 502 502

Occupancy 79 79 79 79 79

Average Rate $21897 $22554 $23230 $23927 $24645

$ $ $ $ $

REVENUES

Rooms 31775 702 32728 702 33710 702 34722 702 35763 702

Food and Beverage 12147 269 12511 269 12887 269 13273 269 13671 269

Other Operated Departments 722 16 744 16 766 16 789 16 813 16

Rentals amp Other Income 578 13 595 13 613 13 632 13 651 13

Total 45222 1000 46578 1000 47976 1000 49416 1000 50898 1000

DEPARTMENTAL EXPENSES (2)

Rooms 7462 235 7686 235 7917 235 8154 235 8399 235

Food amp Beverage 8237 678 8484 678 8739 678 9001 678 9271 678

Other Operated Departments 950 1316 978 1315 1008 1316 1038 1316 1069 1315

Total 16649 368 17148 368 17664 368 18193 368 18739 368

DEPARTMENTAL INCOME 28573 632 29430 632 30312 632 31223 632 32159 632

OPERATING EXPENSES

Administrative amp General 3538 78 3644 78 3753 78 3866 78 3982 78

Sales and Marketing 2938 65 3026 65 3117 65 3211 65 3307 65

Property Oper amp Maintenance 1653 37 1702 37 1753 37 1806 37 1860 37

Utilities 2135 47 2199 47 2265 47 2333 47 2403 47

Total 10264 227 10571 227 10888 227 11216 227 11552 227

GROSS OPERATING PROFIT 18309 405 18859 405 19424 405 20007 405 20607 405

Management Fee 1357 30 1397 30 1439 30 1482 30 1527 30

FIXED EXPENSES

Rent 31 01 32 01 33 01 34 01 35 01

Property and Other Taxes 3139 69 3233 69 3330 69 3430 69 3533 69

Insurance 353 08 363 08 374 08 385 08 397 08

Replacement Reserve 1809 40 1863 40 1919 40 1977 40 2036 40

Total 5332 118 5491 118 5656 118 5826 118 6001 118

NET OPERATING INCOME (3) 11620 257 11971 257 12329 257 12699 257 13079 257

Notes

(1) All years represent fiscal years beginning March 1 and ending February 31

(2) Departmental expense ratios are expressed as a percentage of their respective departmental revenues

(3) Income before other deductions such debt service interest depreciation amortization and income taxes

(4) This forecast is intended to be read in conjunction with supporting documentation prepared by Pinnacle Advisory Group

Unauthorized use or reliance on this forecast is prohibited by Pinnacle Advisory Group

Source Pinnacle Advisory Group

Year 2007 2007 2008 Inflated to Present Value $ by 1061 1061 1031

Number of Rooms 80 30 8423Annual of Available Rooms 29200 10950 30744Occupancy 580 674 404Annual of Occupied Rooms 16936 7380 12408Average Daily Rate $37769 $81054 $13726RevPAR $21906

Amount Ratio Amount per Avail Rms

Amount per Occ Rms Amount Ratio Amount per

Avail RmsAmount per Occ Rms Amount Ratio Amount per

Avail RmsAmount per Occ Rms

Revenues Rooms $6424485 565 $80306 $37934 $5978299 522 $199277 $81003 $1703046 534 $20219 $13725 Food amp Beverage $3935408 346 $49193 $23237 $2448980 214 $81633 $33183 $1388231 435 $16481 $11188 Other Operated Departments $1009555 89 $12619 $5961 $3014919 263 $100497 $40851 $42532 13 $505 $343 Rentals and Other $0 00 $0 $000 $0 00 $0 $000 $54305 17 $645 $438 Total $11369447 1000 $142118 $67132 $11442198 1000 $381407 $155037 $3188113 1000 $37850 $25693

Departmental Expenses (1) Rooms $1757293 274 $21966 $10376 $1853273 310 $61776 $25111 $651512 383 $7735 $5251 Food amp Beverage $2533605 644 $31670 $14960 $1560655 637 $52022 $21146 $1646891 1186 $19552 $13273 Other Operated Departments $1037134 1027 $12964 $6124 $2308297 766 $76943 $31276 $44904 1056 $533 $362 Total $5328032 469 $66600 $31460 $5722225 500 $190741 $77534 $2343306 735 $27820 $18885

Departmental Income $6041415 531 $75518 $35672 $5719973 500 $190666 $77503 $844807 265 $10030 $6808

Undistributed Operating Expenses Administrative and General $1044619 92 $13058 $6168 $800954 70 $26698 $10853 $562439 176 $6677 $4533 Sales and Marketing $783499 69 $9794 $4626 $594994 52 $19833 $8062 $554569 174 $6584 $4469 Property Operations and Maintenance $686738 60 $8584 $4055 $572110 50 $19070 $7752 $421932 132 $5009 $3400 Utilities $480314 42 $6004 $2836 $228844 20 $7628 $3101 $309245 97 $3671 $2492 Total $2995170 263 $37440 $17685 $2196902 192 $73230 $29767 $1848185 580 $21942 $14895

Gross Operating Profit $3046245 268 $38078 $17987 $3523070 308 $117436 $47736 ($1003378) (315) ($11912) ($8086)

Management Fee $0 00 $0 $000 $0 00 $0 $000 $123766 39 $1469 $997

Income Before Fixed Charges $3046245 268 $38078 $17987 $3523070 308 $117436 $47736 ($1127145) (354) ($13382) ($9084)

Fixed Charges Rent $0 00 $0 $000 $0 00 $0 $000 $4317 01 $51 $035 Property and Other Taxes $225083 20 $2814 $1329 $127716 11 $4257 $1730 $75220 24 $893 $606 Insurance $132265 12 $1653 $781 $89247 08 $2975 $1209 $51367 16 $610 $414 Total $357348 31 $4467 $2110 $216963 19 $7232 $2940 $130905 41 $1554 $1055

Income Before Reserves $2688897 237 $33611 $15877 $3306108 289 $110204 $44796 ($1258049) (395) ($14936) ($10139)

Reserves for Replacement $0 00 $0 $000 $0 00 $0 $000 $0 00 $0 $000

Net Operating Income (2) $2688897 237 $33611 $15877 $3306108 289 $110204 $44796 ($1258049) (395) ($14936) ($10139)

Notes (1) Departmental ratios reflect percentage of department expense to department revenues and will not add to total departmental expenses (2) Net Operating Income defined as income before debt taxes depreciation and amortization

Please note that columns may not add due to rounding

Source REVPAR International Inc

Historical Operating Results for Comparable Properties

Comparable 1 Comparable 2 Comparable 3

Comparables Min Max AverageNumber of Rooms 30 84 61Occupancy 300 800 550Average Daily Rate $8500 $81000 $27000RevPAR $2550 $64800 $14850

Min Max Average Min Max Average Min Max AverageRevenues Rooms 477 997 680 444 $10874 $199277 $61448 $28300 $10283 $81003 $27537 $14097 Food amp Beverage 00 435 237 539 $0 $81633 $26179 $34375 $000 $33183 $12838 $17123 Other Operated Departments 03 263 80 08 $94 $100497 $19378 $525 $033 $40851 $8239 $262 Rentals and Other 00 17 03 09 $0 $645 $107 $550 $000 $438 $073 $274 Total 1000 1000 1000 1000 $22803 $381407 $107112 $63750 $10446 $155037 $48688 $31756

Departmental Expenses (1) Rooms 274 470 343 284 $5107 $61776 $19098 $8025 $3318 $25111 $8756 $3998 Food amp Beverage 00 1186 413 750 $0 $52022 $17228 $25775 $000 $21146 $8250 $12839 Other Operated Departments 193 1953 910 1000 $182 $76943 $15204 $525 $064 $31276 $6384 $262 Total 248 735 430 538 $5651 $190741 $51530 $34325 $3394 $77534 $23390 $17098

Departmental Income 265 752 570 462 $10030 $190666 $55582 $29425 $6808 $77503 $25298 $14658

Undistributed Operating Expenses Administrative and General 70 176 113 98 $2378 $26698 $9223 $6250 $996 $10853 $4490 $3113 Sales and Marketing 02 174 84 60 $52 $19833 $7091 $3800 $051 $8062 $3258 $1893 Property Operations and Maintenance 22 132 56 63 $734 $19070 $5862 $4000 $259 $7752 $2771 $1993 Utilities 20 97 55 52 $1177 $7628 $3617 $3300 $414 $3101 $1844 $1644 Total 192 580 308 272 $5826 $73230 $25793 $17350 $2908 $29767 $12363 $8643

Gross Operating Profit (315) 497 262 189 ($11912) $117436 $29789 $12075 ($8086) $47736 $12935 $6015

Management Fee 00 50 20 40 $0 $1678 $649 $2550 $000 $997 $317 $1270

Income Before Fixed Charges (354) 497 242 149 ($13382) $117436 $29139 $9525 ($9084) $47736 $12618 $4745

Fixed Charges Rent 00 03 01 00 $0 $74 $21 $0 $000 $072 $018 $000 Property and Other Taxes 00 50 24 11 $0 $4257 $1781 $725 $000 $1730 $782 $361 Insurance 00 21 11 06 $0 $2975 $1020 $400 $000 $1209 $458 $199 Total 03 62 36 18 $74 $7232 $2823 $1125 $072 $2940 $1258 $560

Net Operating Income (395) 493 205 132 ($14936) $110204 $26317 $8400 ($10139) $44796 $11359 $4184

Less Reserves for Replacement 00 40 07 40 $0 $997 $168 $2550 $000 $418 $071 $1270

Adjusted Net Operating Income (2) (395) 493 199 92 ($14936) $110204 $26149 $5850 ($10139) $44796 $11288 $2914

Notes (1) Departmental ratios reflect percentage of department expense to department revenues and will not add to total departmental expenses (2) Net Operating Income defined as income before debt taxes depreciation and amortization

Please note that columns may not add due to rounding

Source REVPAR International Inc

Range of Financial Comparables Summary of Operating Statements

Subject SOR

Ratio to SalesComparables

Per Available Room Per Occ Rm NightComparables ComparablesSubject

SORSubject

SOR

Insert DCF

Discounted Cash Flow Analysis

Hyatt Financial District - Boston MA

As of 312010

Discount Rate 105

Terminal Capitalization Rate 85

Year Cash Flow

Present Value

Factor at

105

Present Value

Cash Flow

Cash on

Cash Return

2011 6505000 0904977 5886875 58

2012 7109000 0818984 5822157 63

2013 9172000 0741162 6797938 82

2014 10635000 0670735 7133267 95

2015 10955000 0607000 6649685 97

2016 11282000 0549321 6197440 100

2017 11620000 0497123 5776569 103

2018 11971000 0449885 5385573 107

2019 12329000 0407136 5019580 110

2020 12699000 0368449 4678934 113

Reversion $153101235 0368449 56409997

Indication of market value as is $115758015

Estimated reversion

Terminal Year Expected Cash Flow (Year 2021) 13079000

Terminal capitalization rate 85

Estimated sales price in Year 11 $153870588

Less Costs of sale (05) $769353

Amount of reversion $153101235

Indication of market value as is $115758015

Less Capital Deduction 3400000

Indication of market value as is $112358015

(Rounded) $112400000

Estimated AcquisitionDevelopment

Project Proposed InnScenario 40Sq feet of Hotel Bldg 32000 Estimate 13000Hotel Size 40 rooms 3000

4000Cost Factor Estimated Cost Per Unit Per Sq Ft of Total 20000Land $0 $0 $000 00Parking $0 $0 $000 00Site Prep Costs $0 $0 $000 00Hard Construction $4000000 $100000 $12500 779FFampE $50000 $1250 $156 10Soft Costs $772500 $19313 $2414 150Acquisition Costs $0 $0 $000 00Construction Contingency $241125 $6028 $754 47 $482250000Dev Fee $0 $0 $000 00 005

Subtotal $5063625 $126591 $15824 986 $24112500Const Financing $70728 $1768 $221 14Total $5134353 $128359 $16045 1000

1

4

Mortgage Interest and Principal CalculationLoan Amount $3362084Interest 400Amortization 25

Year Loan Payment Interest Principal Loan Balance0 0 0 $0 $33620841 ($21521363) (134483) -$80730 $32813542 ($21521363) (131254) -$83959 $31973953 ($21521363) (127896) -$87318 $31100774 ($21521363) (124403) -$90811 $30192665 ($21521363) (120771) -$94443 $29248236 ($21521363) (116993) -$98221 $28266037 ($21521363) (113064) -$102150 $27244538 ($21521363) (108978) -$106235 $26182189 ($21521363) (104729) -$110485 $250773310 ($21521363) (100309) -$114904 $239282811 ($21521363) (95713) -$119500 $227332812 ($21521363) (90933) -$124281 $214904713 ($21521363) (85962) -$129252 $201979614 ($21521363) (80792) -$134422 $188537415 ($21521363) (75415) -$139799 $174557516 ($21521363) (69823) -$145391 $160018517 ($21521363) (64007) -$151206 $144897818 ($21521363) (57959) -$157254 $129172419 ($21521363) (51669) -$163545 $112817920 ($21521363) (45127) -$170086 $95809321 ($21521363) (38324) -$176890 $78120322 ($21521363) (31248) -$183966 $59723723 ($21521363) (23889) -$191324 $40591324 ($21521363) (16237) -$198977 $20693625 ($21521363) (8277) -$206936 $0

11820101101 AM

5

Return on Investment Analysis

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-23Fiscal Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Reversion

Net Operating Income from Hotel $0 $0 $0 $0 ($48000) $169000 $283000 $291000 $298000 $313000 $319000 $330000 $340000 $351000Interest 0 $0 $0 $0 ($134483) ($131254) ($127896) ($124403) ($120771) ($116993) ($113064) ($108978) ($104729) ($100309)Amortization 0 0 0 0 (80730) (80730) (87318) (90811) (94443) (98221) (102150) (106235) (110485) (114904)Cash Out (Equity Out)Cash In (NOI After PI) ($88613) ($265840) ($531681) ($886134) ($263214) ($42984) $67786 $75786 $82786 $97786 $103786 $114786 $124786 $135786 $1187172Total Equity Invested $88613 $354454 $886134 $1772269 $2035482 $2078467 $2010680 $1934894 $1852108 $1754321 $1650535 $1535749 $1410962 $1275176Cash on Cash Return of Original Equity -750 -1500 -2500 -743 -121 191 214 234 276 293 324 352 383Cash on Cash Return of Amortized Equity -750 -600 -500 -129 -21 34 39 45 56 63 75 88 106

IRR -044XIRR NUM

11820101101 AM

Estimated AcquisitionDevelopment

Project Proposed InnScenario 40Sq feet of Hotel Bldg 32000 Estimate 13000Hotel Size 40 rooms 3000

4000Cost Factor Estimated Cost Per Unit Per Sq Ft of Total 20000Land $0 $0 $000 00Parking $0 $0 $000 00Site Prep Costs $0 $0 $000 00Hard Construction $3200000 $80000 $10000 752FFampE $50000 $1250 $156 12Soft Costs $762500 $19063 $2383 179Acquisition Costs $0 $0 $000 00Construction Contingency $200625 $5016 $627 47 $401250000Dev Fee $0 $0 $000 00 005

Subtotal $4213125 $105328 $13166 990 $20062500Const Financing $44136 $1103 $138 10Total $4257261 $106432 $13304 1000

1

5

Return on Investment Analysis

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-23Fiscal Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Reversion

Net Operating Income from Hotel $0 $0 $0 $0 ($48000) $169000 $283000 $291000 $298000 $313000 $319000 $330000 $340000 $351000Interest 0 $0 $0 $0 ($111307) ($108634) ($105854) ($102964) ($99957) ($96831) ($93579) ($90197) ($86680) ($83022)Amortization 0 0 0 0 (66817) (66817) (72270) (75160) (78167) (81293) (84545) (87927) (91444) (95102)Cash Out (Equity Out)Cash In (NOI After PI) ($73730) ($221189) ($442378) ($737297) ($226124) ($6451) $104876 $112876 $119876 $134876 $140876 $151876 $161876 $172876 $1599548Total Equity Invested $73730 $294919 $737297 $1474594 $1700718 $1707169 $1602293 $1489417 $1369541 $1234665 $1093789 $941913 $780037 $607161Cash on Cash Return of Original Equity -750 -1500 -2500 -767 -22 356 383 406 457 478 515 549 586Cash on Cash Return of Amortized Equity -750 -600 -500 -133 -04 65 76 88 109 129 161 208 285

IRR 484XIRR 514

11820101105 AM

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

wwwstrglobalcom wwwstrcom

Clemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Currency USD - US DollarTab

Table of Contents 1Data by Measure 2Percent Change by Measure 3Percent Change by Year 4Twelve Month Moving Average 5Day of Week Analysis 6Raw Data 7Classic 8Response Report 9Help 10Terms and Conditions 11

January 2004 to March 2010

Tab 2 - Data by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2004 385 502 643 764 621 712 629 543 568 681 630 435 593 5102005 434 514 640 692 527 766 586 566 526 647 501 443 570 5302006 424 500 656 653 629 753 560 491 520 687 522 315 559 5282007 332 542 562 584 595 580 541 492 531 541 575 315 515 4772008 351 552 610 623 499 619 507 477 485 579 550 335 515 5032009 329 460 495 584 489 554 513 451 448 537 351 275 457 4272010 311 377 453 381Avg 367 492 580 650 560 664 556 503 513 612 521 353 535 479

January February March April May June July August September October November December Total Year Mar YTD2004 5361 5414 5423 5411 6065 5677 5700 5742 6485 7275 6111 5566 5883 54042005 5562 5681 5784 5767 6197 6074 5841 5942 9294 6671 7988 6168 6380 56912006 6098 6089 6099 6051 6458 6247 6118 6569 8369 6913 8411 5914 6608 60952007 5834 5760 6211 6131 6587 6229 5802 6306 8000 7718 7265 6102 6534 59612008 5977 6247 6251 6100 6692 6126 6046 6381 8393 6664 6767 6049 6476 61842009 5906 6029 5961 6117 6785 6151 6065 6598 8418 6788 7509 5831 6508 59692010 5849 6002 5880 5909Avg 5791 5886 5939 5905 6450 6077 5920 6234 8127 6999 7279 5934 6386 5883

January February March April May June July August September October November December Total Year Mar YTD2004 2063 2717 3487 4136 3768 4039 3585 3120 3686 4951 3851 2422 3487 27572005 2417 2920 3701 3989 3265 4654 3421 3360 4893 4319 4001 2732 3637 30162006 2584 3045 4002 3952 4062 4703 3425 3224 4352 4748 4393 1866 3694 32162007 1935 3123 3493 3579 3918 3610 3137 3101 4249 4178 4178 1921 3365 28412008 2096 3450 3814 3799 3339 3795 3063 3043 4068 3856 3719 2029 3333 31092009 1943 2770 2951 3573 3318 3411 3111 2973 3773 3644 2633 1603 2973 25472010 1821 2263 2664 2249Avg 2123 2898 3445 3838 3612 4035 3290 3137 4170 4283 3796 2095 3415 2819

January February March April May June July August September October November December Total Year Mar YTD2004 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502005 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502006 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502007 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502008 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502009 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502010 17205 15540 17205 49950Avg 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 49950

January February March April May June July August September October November December Total Year Mar YTD2004 6620 7799 11064 12725 10688 11847 10823 9349 9463 11709 10492 7488 120067 254832005 7475 7987 11008 11519 9063 12758 10076 9730 8766 11140 8341 7620 115483 264702006 7291 7772 11291 10873 10821 12537 9631 8444 8658 11815 8695 5428 113256 263542007 5708 8426 9677 9719 10234 9649 9301 8460 8843 9314 9575 5417 104323 238112008 6033 8583 10496 10370 8585 10313 8715 8206 8070 9954 9152 5770 104247 251122009 5659 7141 8517 9726 8413 9232 8824 7752 7463 9237 5837 4730 92531 213172010 5357 5860 7795 19012Avg 6306 7653 9978 10822 9634 11056 9562 8657 8544 10528 8682 6076 108318 23937

January February March April May June July August September October November December Total Year Mar YTD2004 354919 422253 599978 688579 648218 672502 616863 536832 613666 851870 641194 416763 7063637 13771502005 415795 453759 636737 664251 561677 774869 588521 578157 814738 743121 666247 470034 7367906 15062912006 444576 473213 688605 657964 698837 783124 589259 554703 724590 816817 731374 320989 7484051 16063942007 332989 485308 600992 595886 674091 601056 539651 533477 707465 718875 695618 330561 6815969 14192892008 360564 536192 656141 632583 574505 631809 526941 523625 677296 663382 619277 349005 6751320 15528972009 334214 430501 507695 594944 570841 567864 535202 511450 628254 627016 438322 275793 6022096 12724102010 313354 351727 458375 1123456Avg 365202 450422 592646 639035 621362 671871 566073 539707 694335 736847 632005 360524 6917497 1408270

Demand

Revenue ($)

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy ()

ADR ($)

RevPAR ($)

Supply

Tab 3 - Percent Change from Previous Year - Detail by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 38 49 67 66 22 70 25 35 433 -83 307 108 84 532006 96 72 54 49 42 28 48 106 -100 36 53 -41 36 712007 -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -222008 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 372009 -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -352010 -10 -04 -14 -10Avg 16 19 14 25 23 17 13 29 68 -10 53 11 21 16

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

January February March April May June July August September October November December Total Year Mar YTD2005 00 00 00 00 00 00 00 00 00 00 00 00 00 002006 00 00 00 00 00 00 00 00 00 00 00 00 00 002007 00 00 00 00 00 00 00 00 00 00 00 00 00 002008 00 00 00 00 00 00 00 00 00 00 00 00 00 002009 00 00 00 00 00 00 00 00 00 00 00 00 00 002010 00 00 00 00Avg 00 00 00 00 00 00 00 00 00 00 00 00 00 00

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

Demand

Revenue

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy

ADR

RevPAR

Supply

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

4

Mortgage Interest and Principal CalculationLoan Amount $3362084Interest 400Amortization 25

Year Loan Payment Interest Principal Loan Balance0 0 0 $0 $33620841 ($21521363) (134483) -$80730 $32813542 ($21521363) (131254) -$83959 $31973953 ($21521363) (127896) -$87318 $31100774 ($21521363) (124403) -$90811 $30192665 ($21521363) (120771) -$94443 $29248236 ($21521363) (116993) -$98221 $28266037 ($21521363) (113064) -$102150 $27244538 ($21521363) (108978) -$106235 $26182189 ($21521363) (104729) -$110485 $250773310 ($21521363) (100309) -$114904 $239282811 ($21521363) (95713) -$119500 $227332812 ($21521363) (90933) -$124281 $214904713 ($21521363) (85962) -$129252 $201979614 ($21521363) (80792) -$134422 $188537415 ($21521363) (75415) -$139799 $174557516 ($21521363) (69823) -$145391 $160018517 ($21521363) (64007) -$151206 $144897818 ($21521363) (57959) -$157254 $129172419 ($21521363) (51669) -$163545 $112817920 ($21521363) (45127) -$170086 $95809321 ($21521363) (38324) -$176890 $78120322 ($21521363) (31248) -$183966 $59723723 ($21521363) (23889) -$191324 $40591324 ($21521363) (16237) -$198977 $20693625 ($21521363) (8277) -$206936 $0

11820101101 AM

5

Return on Investment Analysis

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-23Fiscal Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Reversion

Net Operating Income from Hotel $0 $0 $0 $0 ($48000) $169000 $283000 $291000 $298000 $313000 $319000 $330000 $340000 $351000Interest 0 $0 $0 $0 ($134483) ($131254) ($127896) ($124403) ($120771) ($116993) ($113064) ($108978) ($104729) ($100309)Amortization 0 0 0 0 (80730) (80730) (87318) (90811) (94443) (98221) (102150) (106235) (110485) (114904)Cash Out (Equity Out)Cash In (NOI After PI) ($88613) ($265840) ($531681) ($886134) ($263214) ($42984) $67786 $75786 $82786 $97786 $103786 $114786 $124786 $135786 $1187172Total Equity Invested $88613 $354454 $886134 $1772269 $2035482 $2078467 $2010680 $1934894 $1852108 $1754321 $1650535 $1535749 $1410962 $1275176Cash on Cash Return of Original Equity -750 -1500 -2500 -743 -121 191 214 234 276 293 324 352 383Cash on Cash Return of Amortized Equity -750 -600 -500 -129 -21 34 39 45 56 63 75 88 106

IRR -044XIRR NUM

11820101101 AM

Estimated AcquisitionDevelopment

Project Proposed InnScenario 40Sq feet of Hotel Bldg 32000 Estimate 13000Hotel Size 40 rooms 3000

4000Cost Factor Estimated Cost Per Unit Per Sq Ft of Total 20000Land $0 $0 $000 00Parking $0 $0 $000 00Site Prep Costs $0 $0 $000 00Hard Construction $3200000 $80000 $10000 752FFampE $50000 $1250 $156 12Soft Costs $762500 $19063 $2383 179Acquisition Costs $0 $0 $000 00Construction Contingency $200625 $5016 $627 47 $401250000Dev Fee $0 $0 $000 00 005

Subtotal $4213125 $105328 $13166 990 $20062500Const Financing $44136 $1103 $138 10Total $4257261 $106432 $13304 1000

1

5

Return on Investment Analysis

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-23Fiscal Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Reversion

Net Operating Income from Hotel $0 $0 $0 $0 ($48000) $169000 $283000 $291000 $298000 $313000 $319000 $330000 $340000 $351000Interest 0 $0 $0 $0 ($111307) ($108634) ($105854) ($102964) ($99957) ($96831) ($93579) ($90197) ($86680) ($83022)Amortization 0 0 0 0 (66817) (66817) (72270) (75160) (78167) (81293) (84545) (87927) (91444) (95102)Cash Out (Equity Out)Cash In (NOI After PI) ($73730) ($221189) ($442378) ($737297) ($226124) ($6451) $104876 $112876 $119876 $134876 $140876 $151876 $161876 $172876 $1599548Total Equity Invested $73730 $294919 $737297 $1474594 $1700718 $1707169 $1602293 $1489417 $1369541 $1234665 $1093789 $941913 $780037 $607161Cash on Cash Return of Original Equity -750 -1500 -2500 -767 -22 356 383 406 457 478 515 549 586Cash on Cash Return of Amortized Equity -750 -600 -500 -133 -04 65 76 88 109 129 161 208 285

IRR 484XIRR 514

11820101105 AM

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

wwwstrglobalcom wwwstrcom

Clemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Currency USD - US DollarTab

Table of Contents 1Data by Measure 2Percent Change by Measure 3Percent Change by Year 4Twelve Month Moving Average 5Day of Week Analysis 6Raw Data 7Classic 8Response Report 9Help 10Terms and Conditions 11

January 2004 to March 2010

Tab 2 - Data by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2004 385 502 643 764 621 712 629 543 568 681 630 435 593 5102005 434 514 640 692 527 766 586 566 526 647 501 443 570 5302006 424 500 656 653 629 753 560 491 520 687 522 315 559 5282007 332 542 562 584 595 580 541 492 531 541 575 315 515 4772008 351 552 610 623 499 619 507 477 485 579 550 335 515 5032009 329 460 495 584 489 554 513 451 448 537 351 275 457 4272010 311 377 453 381Avg 367 492 580 650 560 664 556 503 513 612 521 353 535 479

January February March April May June July August September October November December Total Year Mar YTD2004 5361 5414 5423 5411 6065 5677 5700 5742 6485 7275 6111 5566 5883 54042005 5562 5681 5784 5767 6197 6074 5841 5942 9294 6671 7988 6168 6380 56912006 6098 6089 6099 6051 6458 6247 6118 6569 8369 6913 8411 5914 6608 60952007 5834 5760 6211 6131 6587 6229 5802 6306 8000 7718 7265 6102 6534 59612008 5977 6247 6251 6100 6692 6126 6046 6381 8393 6664 6767 6049 6476 61842009 5906 6029 5961 6117 6785 6151 6065 6598 8418 6788 7509 5831 6508 59692010 5849 6002 5880 5909Avg 5791 5886 5939 5905 6450 6077 5920 6234 8127 6999 7279 5934 6386 5883

January February March April May June July August September October November December Total Year Mar YTD2004 2063 2717 3487 4136 3768 4039 3585 3120 3686 4951 3851 2422 3487 27572005 2417 2920 3701 3989 3265 4654 3421 3360 4893 4319 4001 2732 3637 30162006 2584 3045 4002 3952 4062 4703 3425 3224 4352 4748 4393 1866 3694 32162007 1935 3123 3493 3579 3918 3610 3137 3101 4249 4178 4178 1921 3365 28412008 2096 3450 3814 3799 3339 3795 3063 3043 4068 3856 3719 2029 3333 31092009 1943 2770 2951 3573 3318 3411 3111 2973 3773 3644 2633 1603 2973 25472010 1821 2263 2664 2249Avg 2123 2898 3445 3838 3612 4035 3290 3137 4170 4283 3796 2095 3415 2819

January February March April May June July August September October November December Total Year Mar YTD2004 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502005 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502006 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502007 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502008 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502009 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502010 17205 15540 17205 49950Avg 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 49950

January February March April May June July August September October November December Total Year Mar YTD2004 6620 7799 11064 12725 10688 11847 10823 9349 9463 11709 10492 7488 120067 254832005 7475 7987 11008 11519 9063 12758 10076 9730 8766 11140 8341 7620 115483 264702006 7291 7772 11291 10873 10821 12537 9631 8444 8658 11815 8695 5428 113256 263542007 5708 8426 9677 9719 10234 9649 9301 8460 8843 9314 9575 5417 104323 238112008 6033 8583 10496 10370 8585 10313 8715 8206 8070 9954 9152 5770 104247 251122009 5659 7141 8517 9726 8413 9232 8824 7752 7463 9237 5837 4730 92531 213172010 5357 5860 7795 19012Avg 6306 7653 9978 10822 9634 11056 9562 8657 8544 10528 8682 6076 108318 23937

January February March April May June July August September October November December Total Year Mar YTD2004 354919 422253 599978 688579 648218 672502 616863 536832 613666 851870 641194 416763 7063637 13771502005 415795 453759 636737 664251 561677 774869 588521 578157 814738 743121 666247 470034 7367906 15062912006 444576 473213 688605 657964 698837 783124 589259 554703 724590 816817 731374 320989 7484051 16063942007 332989 485308 600992 595886 674091 601056 539651 533477 707465 718875 695618 330561 6815969 14192892008 360564 536192 656141 632583 574505 631809 526941 523625 677296 663382 619277 349005 6751320 15528972009 334214 430501 507695 594944 570841 567864 535202 511450 628254 627016 438322 275793 6022096 12724102010 313354 351727 458375 1123456Avg 365202 450422 592646 639035 621362 671871 566073 539707 694335 736847 632005 360524 6917497 1408270

Demand

Revenue ($)

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy ()

ADR ($)

RevPAR ($)

Supply

Tab 3 - Percent Change from Previous Year - Detail by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 38 49 67 66 22 70 25 35 433 -83 307 108 84 532006 96 72 54 49 42 28 48 106 -100 36 53 -41 36 712007 -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -222008 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 372009 -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -352010 -10 -04 -14 -10Avg 16 19 14 25 23 17 13 29 68 -10 53 11 21 16

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

January February March April May June July August September October November December Total Year Mar YTD2005 00 00 00 00 00 00 00 00 00 00 00 00 00 002006 00 00 00 00 00 00 00 00 00 00 00 00 00 002007 00 00 00 00 00 00 00 00 00 00 00 00 00 002008 00 00 00 00 00 00 00 00 00 00 00 00 00 002009 00 00 00 00 00 00 00 00 00 00 00 00 00 002010 00 00 00 00Avg 00 00 00 00 00 00 00 00 00 00 00 00 00 00

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

Demand

Revenue

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy

ADR

RevPAR

Supply

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

5

Return on Investment Analysis

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-23Fiscal Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Reversion

Net Operating Income from Hotel $0 $0 $0 $0 ($48000) $169000 $283000 $291000 $298000 $313000 $319000 $330000 $340000 $351000Interest 0 $0 $0 $0 ($134483) ($131254) ($127896) ($124403) ($120771) ($116993) ($113064) ($108978) ($104729) ($100309)Amortization 0 0 0 0 (80730) (80730) (87318) (90811) (94443) (98221) (102150) (106235) (110485) (114904)Cash Out (Equity Out)Cash In (NOI After PI) ($88613) ($265840) ($531681) ($886134) ($263214) ($42984) $67786 $75786 $82786 $97786 $103786 $114786 $124786 $135786 $1187172Total Equity Invested $88613 $354454 $886134 $1772269 $2035482 $2078467 $2010680 $1934894 $1852108 $1754321 $1650535 $1535749 $1410962 $1275176Cash on Cash Return of Original Equity -750 -1500 -2500 -743 -121 191 214 234 276 293 324 352 383Cash on Cash Return of Amortized Equity -750 -600 -500 -129 -21 34 39 45 56 63 75 88 106

IRR -044XIRR NUM

11820101101 AM

Estimated AcquisitionDevelopment

Project Proposed InnScenario 40Sq feet of Hotel Bldg 32000 Estimate 13000Hotel Size 40 rooms 3000

4000Cost Factor Estimated Cost Per Unit Per Sq Ft of Total 20000Land $0 $0 $000 00Parking $0 $0 $000 00Site Prep Costs $0 $0 $000 00Hard Construction $3200000 $80000 $10000 752FFampE $50000 $1250 $156 12Soft Costs $762500 $19063 $2383 179Acquisition Costs $0 $0 $000 00Construction Contingency $200625 $5016 $627 47 $401250000Dev Fee $0 $0 $000 00 005

Subtotal $4213125 $105328 $13166 990 $20062500Const Financing $44136 $1103 $138 10Total $4257261 $106432 $13304 1000

1

5

Return on Investment Analysis

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-23Fiscal Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Reversion

Net Operating Income from Hotel $0 $0 $0 $0 ($48000) $169000 $283000 $291000 $298000 $313000 $319000 $330000 $340000 $351000Interest 0 $0 $0 $0 ($111307) ($108634) ($105854) ($102964) ($99957) ($96831) ($93579) ($90197) ($86680) ($83022)Amortization 0 0 0 0 (66817) (66817) (72270) (75160) (78167) (81293) (84545) (87927) (91444) (95102)Cash Out (Equity Out)Cash In (NOI After PI) ($73730) ($221189) ($442378) ($737297) ($226124) ($6451) $104876 $112876 $119876 $134876 $140876 $151876 $161876 $172876 $1599548Total Equity Invested $73730 $294919 $737297 $1474594 $1700718 $1707169 $1602293 $1489417 $1369541 $1234665 $1093789 $941913 $780037 $607161Cash on Cash Return of Original Equity -750 -1500 -2500 -767 -22 356 383 406 457 478 515 549 586Cash on Cash Return of Amortized Equity -750 -600 -500 -133 -04 65 76 88 109 129 161 208 285

IRR 484XIRR 514

11820101105 AM

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

wwwstrglobalcom wwwstrcom

Clemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Currency USD - US DollarTab

Table of Contents 1Data by Measure 2Percent Change by Measure 3Percent Change by Year 4Twelve Month Moving Average 5Day of Week Analysis 6Raw Data 7Classic 8Response Report 9Help 10Terms and Conditions 11

January 2004 to March 2010

Tab 2 - Data by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2004 385 502 643 764 621 712 629 543 568 681 630 435 593 5102005 434 514 640 692 527 766 586 566 526 647 501 443 570 5302006 424 500 656 653 629 753 560 491 520 687 522 315 559 5282007 332 542 562 584 595 580 541 492 531 541 575 315 515 4772008 351 552 610 623 499 619 507 477 485 579 550 335 515 5032009 329 460 495 584 489 554 513 451 448 537 351 275 457 4272010 311 377 453 381Avg 367 492 580 650 560 664 556 503 513 612 521 353 535 479

January February March April May June July August September October November December Total Year Mar YTD2004 5361 5414 5423 5411 6065 5677 5700 5742 6485 7275 6111 5566 5883 54042005 5562 5681 5784 5767 6197 6074 5841 5942 9294 6671 7988 6168 6380 56912006 6098 6089 6099 6051 6458 6247 6118 6569 8369 6913 8411 5914 6608 60952007 5834 5760 6211 6131 6587 6229 5802 6306 8000 7718 7265 6102 6534 59612008 5977 6247 6251 6100 6692 6126 6046 6381 8393 6664 6767 6049 6476 61842009 5906 6029 5961 6117 6785 6151 6065 6598 8418 6788 7509 5831 6508 59692010 5849 6002 5880 5909Avg 5791 5886 5939 5905 6450 6077 5920 6234 8127 6999 7279 5934 6386 5883

January February March April May June July August September October November December Total Year Mar YTD2004 2063 2717 3487 4136 3768 4039 3585 3120 3686 4951 3851 2422 3487 27572005 2417 2920 3701 3989 3265 4654 3421 3360 4893 4319 4001 2732 3637 30162006 2584 3045 4002 3952 4062 4703 3425 3224 4352 4748 4393 1866 3694 32162007 1935 3123 3493 3579 3918 3610 3137 3101 4249 4178 4178 1921 3365 28412008 2096 3450 3814 3799 3339 3795 3063 3043 4068 3856 3719 2029 3333 31092009 1943 2770 2951 3573 3318 3411 3111 2973 3773 3644 2633 1603 2973 25472010 1821 2263 2664 2249Avg 2123 2898 3445 3838 3612 4035 3290 3137 4170 4283 3796 2095 3415 2819

January February March April May June July August September October November December Total Year Mar YTD2004 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502005 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502006 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502007 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502008 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502009 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502010 17205 15540 17205 49950Avg 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 49950

January February March April May June July August September October November December Total Year Mar YTD2004 6620 7799 11064 12725 10688 11847 10823 9349 9463 11709 10492 7488 120067 254832005 7475 7987 11008 11519 9063 12758 10076 9730 8766 11140 8341 7620 115483 264702006 7291 7772 11291 10873 10821 12537 9631 8444 8658 11815 8695 5428 113256 263542007 5708 8426 9677 9719 10234 9649 9301 8460 8843 9314 9575 5417 104323 238112008 6033 8583 10496 10370 8585 10313 8715 8206 8070 9954 9152 5770 104247 251122009 5659 7141 8517 9726 8413 9232 8824 7752 7463 9237 5837 4730 92531 213172010 5357 5860 7795 19012Avg 6306 7653 9978 10822 9634 11056 9562 8657 8544 10528 8682 6076 108318 23937

January February March April May June July August September October November December Total Year Mar YTD2004 354919 422253 599978 688579 648218 672502 616863 536832 613666 851870 641194 416763 7063637 13771502005 415795 453759 636737 664251 561677 774869 588521 578157 814738 743121 666247 470034 7367906 15062912006 444576 473213 688605 657964 698837 783124 589259 554703 724590 816817 731374 320989 7484051 16063942007 332989 485308 600992 595886 674091 601056 539651 533477 707465 718875 695618 330561 6815969 14192892008 360564 536192 656141 632583 574505 631809 526941 523625 677296 663382 619277 349005 6751320 15528972009 334214 430501 507695 594944 570841 567864 535202 511450 628254 627016 438322 275793 6022096 12724102010 313354 351727 458375 1123456Avg 365202 450422 592646 639035 621362 671871 566073 539707 694335 736847 632005 360524 6917497 1408270

Demand

Revenue ($)

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy ()

ADR ($)

RevPAR ($)

Supply

Tab 3 - Percent Change from Previous Year - Detail by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 38 49 67 66 22 70 25 35 433 -83 307 108 84 532006 96 72 54 49 42 28 48 106 -100 36 53 -41 36 712007 -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -222008 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 372009 -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -352010 -10 -04 -14 -10Avg 16 19 14 25 23 17 13 29 68 -10 53 11 21 16

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

January February March April May June July August September October November December Total Year Mar YTD2005 00 00 00 00 00 00 00 00 00 00 00 00 00 002006 00 00 00 00 00 00 00 00 00 00 00 00 00 002007 00 00 00 00 00 00 00 00 00 00 00 00 00 002008 00 00 00 00 00 00 00 00 00 00 00 00 00 002009 00 00 00 00 00 00 00 00 00 00 00 00 00 002010 00 00 00 00Avg 00 00 00 00 00 00 00 00 00 00 00 00 00 00

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

Demand

Revenue

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy

ADR

RevPAR

Supply

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Estimated AcquisitionDevelopment

Project Proposed InnScenario 40Sq feet of Hotel Bldg 32000 Estimate 13000Hotel Size 40 rooms 3000

4000Cost Factor Estimated Cost Per Unit Per Sq Ft of Total 20000Land $0 $0 $000 00Parking $0 $0 $000 00Site Prep Costs $0 $0 $000 00Hard Construction $3200000 $80000 $10000 752FFampE $50000 $1250 $156 12Soft Costs $762500 $19063 $2383 179Acquisition Costs $0 $0 $000 00Construction Contingency $200625 $5016 $627 47 $401250000Dev Fee $0 $0 $000 00 005

Subtotal $4213125 $105328 $13166 990 $20062500Const Financing $44136 $1103 $138 10Total $4257261 $106432 $13304 1000

1

5

Return on Investment Analysis

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-23Fiscal Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Reversion

Net Operating Income from Hotel $0 $0 $0 $0 ($48000) $169000 $283000 $291000 $298000 $313000 $319000 $330000 $340000 $351000Interest 0 $0 $0 $0 ($111307) ($108634) ($105854) ($102964) ($99957) ($96831) ($93579) ($90197) ($86680) ($83022)Amortization 0 0 0 0 (66817) (66817) (72270) (75160) (78167) (81293) (84545) (87927) (91444) (95102)Cash Out (Equity Out)Cash In (NOI After PI) ($73730) ($221189) ($442378) ($737297) ($226124) ($6451) $104876 $112876 $119876 $134876 $140876 $151876 $161876 $172876 $1599548Total Equity Invested $73730 $294919 $737297 $1474594 $1700718 $1707169 $1602293 $1489417 $1369541 $1234665 $1093789 $941913 $780037 $607161Cash on Cash Return of Original Equity -750 -1500 -2500 -767 -22 356 383 406 457 478 515 549 586Cash on Cash Return of Amortized Equity -750 -600 -500 -133 -04 65 76 88 109 129 161 208 285

IRR 484XIRR 514

11820101105 AM

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

wwwstrglobalcom wwwstrcom

Clemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Currency USD - US DollarTab

Table of Contents 1Data by Measure 2Percent Change by Measure 3Percent Change by Year 4Twelve Month Moving Average 5Day of Week Analysis 6Raw Data 7Classic 8Response Report 9Help 10Terms and Conditions 11

January 2004 to March 2010

Tab 2 - Data by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2004 385 502 643 764 621 712 629 543 568 681 630 435 593 5102005 434 514 640 692 527 766 586 566 526 647 501 443 570 5302006 424 500 656 653 629 753 560 491 520 687 522 315 559 5282007 332 542 562 584 595 580 541 492 531 541 575 315 515 4772008 351 552 610 623 499 619 507 477 485 579 550 335 515 5032009 329 460 495 584 489 554 513 451 448 537 351 275 457 4272010 311 377 453 381Avg 367 492 580 650 560 664 556 503 513 612 521 353 535 479

January February March April May June July August September October November December Total Year Mar YTD2004 5361 5414 5423 5411 6065 5677 5700 5742 6485 7275 6111 5566 5883 54042005 5562 5681 5784 5767 6197 6074 5841 5942 9294 6671 7988 6168 6380 56912006 6098 6089 6099 6051 6458 6247 6118 6569 8369 6913 8411 5914 6608 60952007 5834 5760 6211 6131 6587 6229 5802 6306 8000 7718 7265 6102 6534 59612008 5977 6247 6251 6100 6692 6126 6046 6381 8393 6664 6767 6049 6476 61842009 5906 6029 5961 6117 6785 6151 6065 6598 8418 6788 7509 5831 6508 59692010 5849 6002 5880 5909Avg 5791 5886 5939 5905 6450 6077 5920 6234 8127 6999 7279 5934 6386 5883

January February March April May June July August September October November December Total Year Mar YTD2004 2063 2717 3487 4136 3768 4039 3585 3120 3686 4951 3851 2422 3487 27572005 2417 2920 3701 3989 3265 4654 3421 3360 4893 4319 4001 2732 3637 30162006 2584 3045 4002 3952 4062 4703 3425 3224 4352 4748 4393 1866 3694 32162007 1935 3123 3493 3579 3918 3610 3137 3101 4249 4178 4178 1921 3365 28412008 2096 3450 3814 3799 3339 3795 3063 3043 4068 3856 3719 2029 3333 31092009 1943 2770 2951 3573 3318 3411 3111 2973 3773 3644 2633 1603 2973 25472010 1821 2263 2664 2249Avg 2123 2898 3445 3838 3612 4035 3290 3137 4170 4283 3796 2095 3415 2819

January February March April May June July August September October November December Total Year Mar YTD2004 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502005 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502006 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502007 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502008 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502009 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502010 17205 15540 17205 49950Avg 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 49950

January February March April May June July August September October November December Total Year Mar YTD2004 6620 7799 11064 12725 10688 11847 10823 9349 9463 11709 10492 7488 120067 254832005 7475 7987 11008 11519 9063 12758 10076 9730 8766 11140 8341 7620 115483 264702006 7291 7772 11291 10873 10821 12537 9631 8444 8658 11815 8695 5428 113256 263542007 5708 8426 9677 9719 10234 9649 9301 8460 8843 9314 9575 5417 104323 238112008 6033 8583 10496 10370 8585 10313 8715 8206 8070 9954 9152 5770 104247 251122009 5659 7141 8517 9726 8413 9232 8824 7752 7463 9237 5837 4730 92531 213172010 5357 5860 7795 19012Avg 6306 7653 9978 10822 9634 11056 9562 8657 8544 10528 8682 6076 108318 23937

January February March April May June July August September October November December Total Year Mar YTD2004 354919 422253 599978 688579 648218 672502 616863 536832 613666 851870 641194 416763 7063637 13771502005 415795 453759 636737 664251 561677 774869 588521 578157 814738 743121 666247 470034 7367906 15062912006 444576 473213 688605 657964 698837 783124 589259 554703 724590 816817 731374 320989 7484051 16063942007 332989 485308 600992 595886 674091 601056 539651 533477 707465 718875 695618 330561 6815969 14192892008 360564 536192 656141 632583 574505 631809 526941 523625 677296 663382 619277 349005 6751320 15528972009 334214 430501 507695 594944 570841 567864 535202 511450 628254 627016 438322 275793 6022096 12724102010 313354 351727 458375 1123456Avg 365202 450422 592646 639035 621362 671871 566073 539707 694335 736847 632005 360524 6917497 1408270

Demand

Revenue ($)

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy ()

ADR ($)

RevPAR ($)

Supply

Tab 3 - Percent Change from Previous Year - Detail by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 38 49 67 66 22 70 25 35 433 -83 307 108 84 532006 96 72 54 49 42 28 48 106 -100 36 53 -41 36 712007 -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -222008 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 372009 -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -352010 -10 -04 -14 -10Avg 16 19 14 25 23 17 13 29 68 -10 53 11 21 16

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

January February March April May June July August September October November December Total Year Mar YTD2005 00 00 00 00 00 00 00 00 00 00 00 00 00 002006 00 00 00 00 00 00 00 00 00 00 00 00 00 002007 00 00 00 00 00 00 00 00 00 00 00 00 00 002008 00 00 00 00 00 00 00 00 00 00 00 00 00 002009 00 00 00 00 00 00 00 00 00 00 00 00 00 002010 00 00 00 00Avg 00 00 00 00 00 00 00 00 00 00 00 00 00 00

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

Demand

Revenue

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy

ADR

RevPAR

Supply

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

5

Return on Investment Analysis

31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-23Fiscal Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Reversion

Net Operating Income from Hotel $0 $0 $0 $0 ($48000) $169000 $283000 $291000 $298000 $313000 $319000 $330000 $340000 $351000Interest 0 $0 $0 $0 ($111307) ($108634) ($105854) ($102964) ($99957) ($96831) ($93579) ($90197) ($86680) ($83022)Amortization 0 0 0 0 (66817) (66817) (72270) (75160) (78167) (81293) (84545) (87927) (91444) (95102)Cash Out (Equity Out)Cash In (NOI After PI) ($73730) ($221189) ($442378) ($737297) ($226124) ($6451) $104876 $112876 $119876 $134876 $140876 $151876 $161876 $172876 $1599548Total Equity Invested $73730 $294919 $737297 $1474594 $1700718 $1707169 $1602293 $1489417 $1369541 $1234665 $1093789 $941913 $780037 $607161Cash on Cash Return of Original Equity -750 -1500 -2500 -767 -22 356 383 406 457 478 515 549 586Cash on Cash Return of Amortized Equity -750 -600 -500 -133 -04 65 76 88 109 129 161 208 285

IRR 484XIRR 514

11820101105 AM

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

wwwstrglobalcom wwwstrcom

Clemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Currency USD - US DollarTab

Table of Contents 1Data by Measure 2Percent Change by Measure 3Percent Change by Year 4Twelve Month Moving Average 5Day of Week Analysis 6Raw Data 7Classic 8Response Report 9Help 10Terms and Conditions 11

January 2004 to March 2010

Tab 2 - Data by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2004 385 502 643 764 621 712 629 543 568 681 630 435 593 5102005 434 514 640 692 527 766 586 566 526 647 501 443 570 5302006 424 500 656 653 629 753 560 491 520 687 522 315 559 5282007 332 542 562 584 595 580 541 492 531 541 575 315 515 4772008 351 552 610 623 499 619 507 477 485 579 550 335 515 5032009 329 460 495 584 489 554 513 451 448 537 351 275 457 4272010 311 377 453 381Avg 367 492 580 650 560 664 556 503 513 612 521 353 535 479

January February March April May June July August September October November December Total Year Mar YTD2004 5361 5414 5423 5411 6065 5677 5700 5742 6485 7275 6111 5566 5883 54042005 5562 5681 5784 5767 6197 6074 5841 5942 9294 6671 7988 6168 6380 56912006 6098 6089 6099 6051 6458 6247 6118 6569 8369 6913 8411 5914 6608 60952007 5834 5760 6211 6131 6587 6229 5802 6306 8000 7718 7265 6102 6534 59612008 5977 6247 6251 6100 6692 6126 6046 6381 8393 6664 6767 6049 6476 61842009 5906 6029 5961 6117 6785 6151 6065 6598 8418 6788 7509 5831 6508 59692010 5849 6002 5880 5909Avg 5791 5886 5939 5905 6450 6077 5920 6234 8127 6999 7279 5934 6386 5883

January February March April May June July August September October November December Total Year Mar YTD2004 2063 2717 3487 4136 3768 4039 3585 3120 3686 4951 3851 2422 3487 27572005 2417 2920 3701 3989 3265 4654 3421 3360 4893 4319 4001 2732 3637 30162006 2584 3045 4002 3952 4062 4703 3425 3224 4352 4748 4393 1866 3694 32162007 1935 3123 3493 3579 3918 3610 3137 3101 4249 4178 4178 1921 3365 28412008 2096 3450 3814 3799 3339 3795 3063 3043 4068 3856 3719 2029 3333 31092009 1943 2770 2951 3573 3318 3411 3111 2973 3773 3644 2633 1603 2973 25472010 1821 2263 2664 2249Avg 2123 2898 3445 3838 3612 4035 3290 3137 4170 4283 3796 2095 3415 2819

January February March April May June July August September October November December Total Year Mar YTD2004 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502005 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502006 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502007 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502008 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502009 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502010 17205 15540 17205 49950Avg 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 49950

January February March April May June July August September October November December Total Year Mar YTD2004 6620 7799 11064 12725 10688 11847 10823 9349 9463 11709 10492 7488 120067 254832005 7475 7987 11008 11519 9063 12758 10076 9730 8766 11140 8341 7620 115483 264702006 7291 7772 11291 10873 10821 12537 9631 8444 8658 11815 8695 5428 113256 263542007 5708 8426 9677 9719 10234 9649 9301 8460 8843 9314 9575 5417 104323 238112008 6033 8583 10496 10370 8585 10313 8715 8206 8070 9954 9152 5770 104247 251122009 5659 7141 8517 9726 8413 9232 8824 7752 7463 9237 5837 4730 92531 213172010 5357 5860 7795 19012Avg 6306 7653 9978 10822 9634 11056 9562 8657 8544 10528 8682 6076 108318 23937

January February March April May June July August September October November December Total Year Mar YTD2004 354919 422253 599978 688579 648218 672502 616863 536832 613666 851870 641194 416763 7063637 13771502005 415795 453759 636737 664251 561677 774869 588521 578157 814738 743121 666247 470034 7367906 15062912006 444576 473213 688605 657964 698837 783124 589259 554703 724590 816817 731374 320989 7484051 16063942007 332989 485308 600992 595886 674091 601056 539651 533477 707465 718875 695618 330561 6815969 14192892008 360564 536192 656141 632583 574505 631809 526941 523625 677296 663382 619277 349005 6751320 15528972009 334214 430501 507695 594944 570841 567864 535202 511450 628254 627016 438322 275793 6022096 12724102010 313354 351727 458375 1123456Avg 365202 450422 592646 639035 621362 671871 566073 539707 694335 736847 632005 360524 6917497 1408270

Demand

Revenue ($)

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy ()

ADR ($)

RevPAR ($)

Supply

Tab 3 - Percent Change from Previous Year - Detail by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 38 49 67 66 22 70 25 35 433 -83 307 108 84 532006 96 72 54 49 42 28 48 106 -100 36 53 -41 36 712007 -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -222008 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 372009 -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -352010 -10 -04 -14 -10Avg 16 19 14 25 23 17 13 29 68 -10 53 11 21 16

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

January February March April May June July August September October November December Total Year Mar YTD2005 00 00 00 00 00 00 00 00 00 00 00 00 00 002006 00 00 00 00 00 00 00 00 00 00 00 00 00 002007 00 00 00 00 00 00 00 00 00 00 00 00 00 002008 00 00 00 00 00 00 00 00 00 00 00 00 00 002009 00 00 00 00 00 00 00 00 00 00 00 00 00 002010 00 00 00 00Avg 00 00 00 00 00 00 00 00 00 00 00 00 00 00

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

Demand

Revenue

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy

ADR

RevPAR

Supply

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

wwwstrglobalcom wwwstrcom

Clemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Currency USD - US DollarTab

Table of Contents 1Data by Measure 2Percent Change by Measure 3Percent Change by Year 4Twelve Month Moving Average 5Day of Week Analysis 6Raw Data 7Classic 8Response Report 9Help 10Terms and Conditions 11

January 2004 to March 2010

Tab 2 - Data by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2004 385 502 643 764 621 712 629 543 568 681 630 435 593 5102005 434 514 640 692 527 766 586 566 526 647 501 443 570 5302006 424 500 656 653 629 753 560 491 520 687 522 315 559 5282007 332 542 562 584 595 580 541 492 531 541 575 315 515 4772008 351 552 610 623 499 619 507 477 485 579 550 335 515 5032009 329 460 495 584 489 554 513 451 448 537 351 275 457 4272010 311 377 453 381Avg 367 492 580 650 560 664 556 503 513 612 521 353 535 479

January February March April May June July August September October November December Total Year Mar YTD2004 5361 5414 5423 5411 6065 5677 5700 5742 6485 7275 6111 5566 5883 54042005 5562 5681 5784 5767 6197 6074 5841 5942 9294 6671 7988 6168 6380 56912006 6098 6089 6099 6051 6458 6247 6118 6569 8369 6913 8411 5914 6608 60952007 5834 5760 6211 6131 6587 6229 5802 6306 8000 7718 7265 6102 6534 59612008 5977 6247 6251 6100 6692 6126 6046 6381 8393 6664 6767 6049 6476 61842009 5906 6029 5961 6117 6785 6151 6065 6598 8418 6788 7509 5831 6508 59692010 5849 6002 5880 5909Avg 5791 5886 5939 5905 6450 6077 5920 6234 8127 6999 7279 5934 6386 5883

January February March April May June July August September October November December Total Year Mar YTD2004 2063 2717 3487 4136 3768 4039 3585 3120 3686 4951 3851 2422 3487 27572005 2417 2920 3701 3989 3265 4654 3421 3360 4893 4319 4001 2732 3637 30162006 2584 3045 4002 3952 4062 4703 3425 3224 4352 4748 4393 1866 3694 32162007 1935 3123 3493 3579 3918 3610 3137 3101 4249 4178 4178 1921 3365 28412008 2096 3450 3814 3799 3339 3795 3063 3043 4068 3856 3719 2029 3333 31092009 1943 2770 2951 3573 3318 3411 3111 2973 3773 3644 2633 1603 2973 25472010 1821 2263 2664 2249Avg 2123 2898 3445 3838 3612 4035 3290 3137 4170 4283 3796 2095 3415 2819

January February March April May June July August September October November December Total Year Mar YTD2004 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502005 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502006 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502007 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502008 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502009 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502010 17205 15540 17205 49950Avg 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 49950

January February March April May June July August September October November December Total Year Mar YTD2004 6620 7799 11064 12725 10688 11847 10823 9349 9463 11709 10492 7488 120067 254832005 7475 7987 11008 11519 9063 12758 10076 9730 8766 11140 8341 7620 115483 264702006 7291 7772 11291 10873 10821 12537 9631 8444 8658 11815 8695 5428 113256 263542007 5708 8426 9677 9719 10234 9649 9301 8460 8843 9314 9575 5417 104323 238112008 6033 8583 10496 10370 8585 10313 8715 8206 8070 9954 9152 5770 104247 251122009 5659 7141 8517 9726 8413 9232 8824 7752 7463 9237 5837 4730 92531 213172010 5357 5860 7795 19012Avg 6306 7653 9978 10822 9634 11056 9562 8657 8544 10528 8682 6076 108318 23937

January February March April May June July August September October November December Total Year Mar YTD2004 354919 422253 599978 688579 648218 672502 616863 536832 613666 851870 641194 416763 7063637 13771502005 415795 453759 636737 664251 561677 774869 588521 578157 814738 743121 666247 470034 7367906 15062912006 444576 473213 688605 657964 698837 783124 589259 554703 724590 816817 731374 320989 7484051 16063942007 332989 485308 600992 595886 674091 601056 539651 533477 707465 718875 695618 330561 6815969 14192892008 360564 536192 656141 632583 574505 631809 526941 523625 677296 663382 619277 349005 6751320 15528972009 334214 430501 507695 594944 570841 567864 535202 511450 628254 627016 438322 275793 6022096 12724102010 313354 351727 458375 1123456Avg 365202 450422 592646 639035 621362 671871 566073 539707 694335 736847 632005 360524 6917497 1408270

Demand

Revenue ($)

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy ()

ADR ($)

RevPAR ($)

Supply

Tab 3 - Percent Change from Previous Year - Detail by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 38 49 67 66 22 70 25 35 433 -83 307 108 84 532006 96 72 54 49 42 28 48 106 -100 36 53 -41 36 712007 -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -222008 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 372009 -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -352010 -10 -04 -14 -10Avg 16 19 14 25 23 17 13 29 68 -10 53 11 21 16

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

January February March April May June July August September October November December Total Year Mar YTD2005 00 00 00 00 00 00 00 00 00 00 00 00 00 002006 00 00 00 00 00 00 00 00 00 00 00 00 00 002007 00 00 00 00 00 00 00 00 00 00 00 00 00 002008 00 00 00 00 00 00 00 00 00 00 00 00 00 002009 00 00 00 00 00 00 00 00 00 00 00 00 00 002010 00 00 00 00Avg 00 00 00 00 00 00 00 00 00 00 00 00 00 00

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

Demand

Revenue

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy

ADR

RevPAR

Supply

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

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2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 2 - Data by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2004 385 502 643 764 621 712 629 543 568 681 630 435 593 5102005 434 514 640 692 527 766 586 566 526 647 501 443 570 5302006 424 500 656 653 629 753 560 491 520 687 522 315 559 5282007 332 542 562 584 595 580 541 492 531 541 575 315 515 4772008 351 552 610 623 499 619 507 477 485 579 550 335 515 5032009 329 460 495 584 489 554 513 451 448 537 351 275 457 4272010 311 377 453 381Avg 367 492 580 650 560 664 556 503 513 612 521 353 535 479

January February March April May June July August September October November December Total Year Mar YTD2004 5361 5414 5423 5411 6065 5677 5700 5742 6485 7275 6111 5566 5883 54042005 5562 5681 5784 5767 6197 6074 5841 5942 9294 6671 7988 6168 6380 56912006 6098 6089 6099 6051 6458 6247 6118 6569 8369 6913 8411 5914 6608 60952007 5834 5760 6211 6131 6587 6229 5802 6306 8000 7718 7265 6102 6534 59612008 5977 6247 6251 6100 6692 6126 6046 6381 8393 6664 6767 6049 6476 61842009 5906 6029 5961 6117 6785 6151 6065 6598 8418 6788 7509 5831 6508 59692010 5849 6002 5880 5909Avg 5791 5886 5939 5905 6450 6077 5920 6234 8127 6999 7279 5934 6386 5883

January February March April May June July August September October November December Total Year Mar YTD2004 2063 2717 3487 4136 3768 4039 3585 3120 3686 4951 3851 2422 3487 27572005 2417 2920 3701 3989 3265 4654 3421 3360 4893 4319 4001 2732 3637 30162006 2584 3045 4002 3952 4062 4703 3425 3224 4352 4748 4393 1866 3694 32162007 1935 3123 3493 3579 3918 3610 3137 3101 4249 4178 4178 1921 3365 28412008 2096 3450 3814 3799 3339 3795 3063 3043 4068 3856 3719 2029 3333 31092009 1943 2770 2951 3573 3318 3411 3111 2973 3773 3644 2633 1603 2973 25472010 1821 2263 2664 2249Avg 2123 2898 3445 3838 3612 4035 3290 3137 4170 4283 3796 2095 3415 2819

January February March April May June July August September October November December Total Year Mar YTD2004 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502005 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502006 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502007 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502008 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502009 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 499502010 17205 15540 17205 49950Avg 17205 15540 17205 16650 17205 16650 17205 17205 16650 17205 16650 17205 202575 49950

January February March April May June July August September October November December Total Year Mar YTD2004 6620 7799 11064 12725 10688 11847 10823 9349 9463 11709 10492 7488 120067 254832005 7475 7987 11008 11519 9063 12758 10076 9730 8766 11140 8341 7620 115483 264702006 7291 7772 11291 10873 10821 12537 9631 8444 8658 11815 8695 5428 113256 263542007 5708 8426 9677 9719 10234 9649 9301 8460 8843 9314 9575 5417 104323 238112008 6033 8583 10496 10370 8585 10313 8715 8206 8070 9954 9152 5770 104247 251122009 5659 7141 8517 9726 8413 9232 8824 7752 7463 9237 5837 4730 92531 213172010 5357 5860 7795 19012Avg 6306 7653 9978 10822 9634 11056 9562 8657 8544 10528 8682 6076 108318 23937

January February March April May June July August September October November December Total Year Mar YTD2004 354919 422253 599978 688579 648218 672502 616863 536832 613666 851870 641194 416763 7063637 13771502005 415795 453759 636737 664251 561677 774869 588521 578157 814738 743121 666247 470034 7367906 15062912006 444576 473213 688605 657964 698837 783124 589259 554703 724590 816817 731374 320989 7484051 16063942007 332989 485308 600992 595886 674091 601056 539651 533477 707465 718875 695618 330561 6815969 14192892008 360564 536192 656141 632583 574505 631809 526941 523625 677296 663382 619277 349005 6751320 15528972009 334214 430501 507695 594944 570841 567864 535202 511450 628254 627016 438322 275793 6022096 12724102010 313354 351727 458375 1123456Avg 365202 450422 592646 639035 621362 671871 566073 539707 694335 736847 632005 360524 6917497 1408270

Demand

Revenue ($)

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy ()

ADR ($)

RevPAR ($)

Supply

Tab 3 - Percent Change from Previous Year - Detail by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 38 49 67 66 22 70 25 35 433 -83 307 108 84 532006 96 72 54 49 42 28 48 106 -100 36 53 -41 36 712007 -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -222008 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 372009 -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -352010 -10 -04 -14 -10Avg 16 19 14 25 23 17 13 29 68 -10 53 11 21 16

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

January February March April May June July August September October November December Total Year Mar YTD2005 00 00 00 00 00 00 00 00 00 00 00 00 00 002006 00 00 00 00 00 00 00 00 00 00 00 00 00 002007 00 00 00 00 00 00 00 00 00 00 00 00 00 002008 00 00 00 00 00 00 00 00 00 00 00 00 00 002009 00 00 00 00 00 00 00 00 00 00 00 00 00 002010 00 00 00 00Avg 00 00 00 00 00 00 00 00 00 00 00 00 00 00

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

Demand

Revenue

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy

ADR

RevPAR

Supply

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

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2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

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3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

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310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 3 - Percent Change from Previous Year - Detail by MeasureClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 38 49 67 66 22 70 25 35 433 -83 307 108 84 532006 96 72 54 49 42 28 48 106 -100 36 53 -41 36 712007 -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -222008 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 372009 -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -352010 -10 -04 -14 -10Avg 16 19 14 25 23 17 13 29 68 -10 53 11 21 16

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

January February March April May June July August September October November December Total Year Mar YTD2005 00 00 00 00 00 00 00 00 00 00 00 00 00 002006 00 00 00 00 00 00 00 00 00 00 00 00 00 002007 00 00 00 00 00 00 00 00 00 00 00 00 00 002008 00 00 00 00 00 00 00 00 00 00 00 00 00 002009 00 00 00 00 00 00 00 00 00 00 00 00 00 002010 00 00 00 00Avg 00 00 00 00 00 00 00 00 00 00 00 00 00 00

January February March April May June July August September October November December Total Year Mar YTD2005 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 392006 -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -042007 -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -962008 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 552009 -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -1512010 -53 -179 -85 -108Avg -28 -41 -52 -50 -39 -41 -40 -35 -45 -41 -94 -77 -50 -44

January February March April May June July August September October November December Total Year Mar YTD2005 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 942006 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 662007 -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -1162008 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 942009 -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -1812010 -62 -183 -97 -117Avg -10 -22 -36 -27 -16 -24 -27 -09 16 -56 -63 -63 -30 -27

Demand

Revenue

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Occupancy

ADR

RevPAR

Supply

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 4 - Percent Change from Previous Year - Detail by YearClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Jan 05 Feb 05 Mar 05 Apr 05 May 05 Jun 05 Jul 05 Aug 05 Sep 05 Oct 05 Nov 05 Dec 05 Total Year Mar YTDOcc 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39ADR 38 49 67 66 22 70 25 35 433 -83 307 108 84 53

RevPAR 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 129 24 -05 -95 -152 77 -69 41 -74 -49 -205 18 -38 39Revenue 172 75 61 -35 -134 152 -46 77 328 -128 39 128 43 94

Jan 06 Feb 06 Mar 06 Apr 06 May 06 Jun 06 Jul 06 Aug 06 Sep 06 Oct 06 Nov 06 Dec 06 Total Year Mar YTDOcc -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04ADR 96 72 54 49 42 28 48 106 -100 36 53 -41 36 71

RevPAR 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -25 -27 26 -56 194 -17 -44 -132 -12 61 42 -288 -19 -04Revenue 69 43 81 -09 244 11 01 -41 -111 99 98 -317 16 66

Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Jul 07 Aug 07 Sep 07 Oct 07 Nov 07 Dec 07 Total Year Mar YTDOcc -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96ADR -43 -54 18 13 20 -03 -52 -40 -44 116 -136 32 -11 -22

RevPAR -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -217 84 -143 -106 -54 -230 -34 02 21 -212 101 -02 -79 -96Revenue -251 26 -127 -94 -35 -232 -84 -38 -24 -120 -49 30 -89 -116

Jan 08 Feb 08 Mar 08 Apr 08 May 08 Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Total Year Mar YTDOcc 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55ADR 24 85 07 -05 16 -17 42 12 49 -137 -69 -09 -09 37

RevPAR 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand 57 19 85 67 -161 69 -63 -30 -87 69 -44 65 -01 55Revenue 83 105 92 62 -148 51 -24 -18 -43 -77 -110 56 -09 94

Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 Jul 09 Aug 09 Sep 09 Oct 09 Nov 09 Dec 09 Total Year Mar YTDOcc -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151ADR -12 -35 -46 03 14 04 03 34 03 19 110 -36 05 -35

RevPAR -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181Supply 00 00 00 00 00 00 00 00 00 00 00 00 00 00

Demand -62 -168 -189 -62 -20 -105 13 -55 -75 -72 -362 -180 -112 -151Revenue -73 -197 -226 -60 -06 -101 16 -23 -72 -55 -292 -210 -108 -181

Jan 10 Feb 10 Mar 10 Apr 10 May 10 Jun 10 Jul 10 Aug 10 Sep 10 Oct 10 Nov 10 Dec 10 Total Year Mar YTDOcc -53 -179 -85 -108ADR -10 -04 -14 -10

RevPAR -62 -183 -97 -117Supply 00 00 00 00

Demand -53 -179 -85 -108Revenue -62 -183 -97 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 5 - Twelve Month Moving AverageClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

January February March April May June July August September October November December2005 597 598 598 592 584 588 584 586 583 580 569 5702006 569 568 570 566 575 574 572 565 565 568 570 5592007 551 554 547 541 538 524 522 522 523 511 515 5152008 517 517 521 525 516 520 517 516 512 515 513 5152009 513 506 496 493 492 487 487 485 482 478 462 4572010 455 449 445

January February March April May June July August September October November December2005 5892 5909 5942 5981 5990 6030 6045 6060 6266 6204 6341 63802006 6415 6444 6473 6504 6524 6543 6569 6622 6550 6575 6612 66082007 6602 6574 6591 6604 6616 6625 6599 6578 6550 6614 6524 65342008 6540 6578 6580 6574 6582 6570 6595 6601 6621 6527 6481 64762009 6474 6462 6442 6446 6453 6459 6460 6478 6468 6478 6514 65082010 6507 6512 6509

January February March April May June July August September October November December2005 3517 3533 3551 3539 3496 3546 3532 3553 3652 3598 3611 36372006 3651 3661 3687 3683 3751 3755 3756 3744 3700 3736 3768 36942007 3639 3645 3602 3571 3559 3469 3445 3434 3426 3378 3360 33652008 3378 3403 3431 3449 3400 3415 3408 3404 3389 3361 3324 33332009 3320 3268 3194 3176 3174 3142 3146 3140 3116 3098 3009 29732010 2962 2924 2899

January February March April May June July August September October November December2005 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752006 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752007 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752008 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752009 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 202575 2025752010 202575 202575 202575

January February March April May June July August September October November December2005 120922 121110 121054 119848 118223 119134 118387 118768 118071 117502 115351 1154832006 115299 115084 115367 114721 116479 116258 115813 114527 114419 115094 115448 1132562007 111673 112327 110713 109559 108972 106084 105754 105770 105955 103454 104334 1043232008 104648 104805 105624 106275 104626 105290 104704 104450 103677 104317 103894 1042472009 103873 102431 100452 99808 99636 98555 98664 98210 97603 96886 93571 925312010 92229 90948 90226

January February March April May June July August September October November December2005 7124513 7156019 7192778 7168450 7081909 7184276 7155934 7197259 7398331 7289582 7314635 73679062006 7396687 7416141 7468009 7461722 7598882 7607137 7607875 7584421 7494273 7567969 7633096 74840512007 7372464 7384559 7296946 7234868 7210122 7028054 6978446 6957220 6940095 6842153 6806397 68159692008 6843544 6894428 6949577 6986274 6886688 6917441 6904731 6894879 6864710 6809217 6732876 67513202009 6724970 6619279 6470833 6433194 6429530 6365585 6373846 6361671 6312629 6276263 6095308 60220962010 6001236 5922462 5873142

High value is boxed Low value is boxed and italicized

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Demand

Revenue ($)

RevPAR ($)

Supply

Occupancy ()

ADR ($)

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 6 - Day of Week AnalysisClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Occupancy () Three Year Occupancy ()

Sun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total YearApr - 09 313 503 572 569 615 797 717 584 Apr 07 - Mar 08 324 490 510 524 503 686 618 521May - 09 284 351 429 473 538 704 612 489 Apr 08 - Mar 09 293 471 497 522 489 635 565 496Jun - 09 351 518 446 594 641 743 623 554 Apr 09 - Mar 10 269 395 419 444 441 602 547 445Jul - 09 356 535 526 519 481 610 545 513 Total 3 Yr 295 452 475 496 478 641 577 488Aug - 09 296 418 447 449 417 587 559 451Sep - 09 267 366 433 419 381 616 666 448Oct - 09 360 459 512 503 446 723 692 537Nov - 09 217 329 308 300 304 477 557 351Dec - 09 158 295 309 348 295 261 225 275Jan - 10 176 314 350 336 282 382 346 311Feb - 10 196 275 313 350 382 606 518 377Mar - 10 278 367 402 446 497 713 504 453

Total Year 269 395 419 444 441 602 547 445

ADR Three Year ADRSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 5912 5717 5803 5817 6074 6602 6544 6117 Apr 07 - Mar 08 6329 6151 5805 5945 6243 7464 7531 6580May - 09 5995 5690 5746 5909 8203 7712 6715 6785 Apr 08 - Mar 09 5870 5671 5733 5917 6219 7540 7458 6442Jun - 09 6161 6028 5817 6055 6208 6358 6359 6151 Apr 09 - Mar 10 6077 5755 5763 5858 6294 7401 7569 6509Jul - 09 6049 5981 5883 5814 6062 6260 6365 6065 Total 3 Yr 6102 5871 5767 5909 6251 7469 7519 6511Aug - 09 6307 5849 5926 6000 6273 7793 7316 6598Sep - 09 6352 6116 6234 5942 6415 11806 12243 8418Oct - 09 5916 5802 5638 5663 5956 8253 8014 6788Nov - 09 6667 5509 5537 5670 5859 9208 10929 7509Dec - 09 6034 5270 5412 6113 6648 5563 5566 5831Jan - 10 5610 5459 5510 5625 5639 6318 6323 5849Feb - 10 5851 5555 5597 5804 5984 6311 6328 6002Mar - 10 5909 5614 5711 5772 5882 6118 6058 5880

Total Year 6077 5755 5763 5858 6294 7401 7569 6509

RevPAR Three Year RevPARSun Mon Tue Wed Thu Fri Sat Total Month Sun Mon Tue Wed Thu Fri Sat Total Year

Apr - 09 1852 2877 3317 3309 3733 5262 4689 3573 Apr 07 - Mar 08 2052 3013 2961 3115 3140 5117 4652 3431May - 09 1700 1998 2462 2797 4409 5430 4107 3318 Apr 08 - Mar 09 1719 2669 2850 3087 3042 4786 4214 3194Jun - 09 2162 3124 2596 3600 3980 4727 3961 3411 Apr 09 - Mar 10 1634 2275 2414 2601 2778 4455 4143 2899Jul - 09 2151 3198 3097 3016 2918 3820 3470 3111 Total 3 Yr 1803 2655 2742 2932 2987 4785 4336 3175Aug - 09 1865 2447 2651 2695 2617 4576 4088 2973Sep - 09 1694 2240 2697 2492 2443 7277 8159 3773Oct - 09 2131 2665 2885 2850 2654 5967 5549 3644Nov - 09 1448 1812 1705 1703 1784 4394 6084 2633Dec - 09 955 1556 1672 2128 1964 1454 1253 1603Jan - 10 988 1717 1930 1890 1588 2414 2190 1821Feb - 10 1149 1527 1753 2033 2285 3822 3275 2263Mar - 10 1644 2061 2295 2575 2925 4363 3051 2664

Total Year 1634 2275 2414 2601 2778 4455 4143 2899

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Jan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 7 - Raw DataClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample This Year Chg

This Year Chg

This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms

Rooms STAR Participants

Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject tothe terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

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15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

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2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

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3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

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310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsJan 04 385 5361 2063 17205 6620 354919 7 555 895Feb 04 502 5414 2717 15540 7799 422253 7 555 895Mar 04 643 5423 3487 17205 11064 599978 7 555 895Apr 04 764 5411 4136 16650 12725 688579 7 555 895May 04 621 6065 3768 17205 10688 648218 7 555 895Jun 04 712 5677 4039 16650 11847 672502 7 555 895Jul 04 629 5700 3585 17205 10823 616863 7 555 895

Aug 04 543 5742 3120 17205 9349 536832 7 555 895Sep 04 568 6485 3686 16650 9463 613666 7 555 895Oct 04 681 7275 4951 17205 11709 851870 7 555 895Nov 04 630 6111 3851 16650 10492 641194 7 555 895Dec 04 435 5566 2422 17205 7488 416763 7 555 895

Mar YTD 2004 510 5404 2757 49950 25483 1377150Total 2004 593 5883 3487 202575 120067 7063637

Jan 05 434 129 5562 38 2417 172 17205 00 7475 129 415795 172 7 555 895Feb 05 514 24 5681 49 2920 75 15540 00 7987 24 453759 75 7 555 895Mar 05 640 -05 5784 67 3701 61 17205 00 11008 -05 636737 61 7 555 895Apr 05 692 -95 5767 66 3989 -35 16650 00 11519 -95 664251 -35 7 555 895May 05 527 -152 6197 22 3265 -134 17205 00 9063 -152 561677 -134 7 555 1000Jun 05 766 77 6074 70 4654 152 16650 00 12758 77 774869 152 7 555 1000Jul 05 586 -69 5841 25 3421 -46 17205 00 10076 -69 588521 -46 7 555 1000

Aug 05 566 41 5942 35 3360 77 17205 00 9730 41 578157 77 7 555 921Sep 05 526 -74 9294 433 4893 328 16650 00 8766 -74 814738 328 7 555 1000Oct 05 647 -49 6671 -83 4319 -128 17205 00 11140 -49 743121 -128 7 555 1000Nov 05 501 -205 7988 307 4001 39 16650 00 8341 -205 666247 39 7 555 1000Dec 05 443 18 6168 108 2732 128 17205 00 7620 18 470034 128 7 555 1000

Mar YTD 2005 530 39 5691 53 3016 94 49950 00 26470 39 1506291 94Total 2005 570 -38 6380 84 3637 43 202575 00 115483 -38 7367906 43

Jan 06 424 -25 6098 96 2584 69 17205 00 7291 -25 444576 69 7 555 1000Feb 06 500 -27 6089 72 3045 43 15540 00 7772 -27 473213 43 7 555 1000Mar 06 656 26 6099 54 4002 81 17205 00 11291 26 688605 81 7 555 1000Apr 06 653 -56 6051 49 3952 -09 16650 00 10873 -56 657964 -09 7 555 1000May 06 629 194 6458 42 4062 244 17205 00 10821 194 698837 244 7 555 886Jun 06 753 -17 6247 28 4703 11 16650 00 12537 -17 783124 11 7 555 1000Jul 06 560 -44 6118 48 3425 01 17205 00 9631 -44 589259 01 7 555 1000

Aug 06 491 -132 6569 106 3224 -41 17205 00 8444 -132 554703 -41 7 555 1000Sep 06 520 -12 8369 -100 4352 -111 16650 00 8658 -12 724590 -111 7 555 1000Oct 06 687 61 6913 36 4748 99 17205 00 11815 61 816817 99 7 555 888Nov 06 522 42 8411 53 4393 98 16650 00 8695 42 731374 98 7 555 888Dec 06 315 -288 5914 -41 1866 -317 17205 00 5428 -288 320989 -317 7 555 888

Mar YTD 2006 528 -04 6095 71 3216 66 49950 00 26354 -04 1606394 66Total 2006 559 -19 6608 36 3694 16 202575 00 113256 -19 7484051 16

Jan 07 332 -217 5834 -43 1935 -251 17205 00 5708 -217 332989 -251 7 555 888Feb 07 542 84 5760 -54 3123 26 15540 00 8426 84 485308 26 7 555 888Mar 07 562 -143 6211 18 3493 -127 17205 00 9677 -143 600992 -127 7 555 888Apr 07 584 -106 6131 13 3579 -94 16650 00 9719 -106 595886 -94 7 555 888May 07 595 -54 6587 20 3918 -35 17205 00 10234 -54 674091 -35 7 555 784Jun 07 580 -230 6229 -03 3610 -232 16650 00 9649 -230 601056 -232 7 555 784Jul 07 541 -34 5802 -52 3137 -84 17205 00 9301 -34 539651 -84 7 555 784

Aug 07 492 02 6306 -40 3101 -38 17205 00 8460 02 533477 -38 7 555 784Sep 07 531 21 8000 -44 4249 -24 16650 00 8843 21 707465 -24 7 555 784Oct 07 541 -212 7718 116 4178 -120 17205 00 9314 -212 718875 -120 7 555 784Nov 07 575 101 7265 -136 4178 -49 16650 00 9575 101 695618 -49 7 555 784Dec 07 315 -02 6102 32 1921 30 17205 00 5417 -02 330561 30 7 555 784

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 8 - ClassicClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

Date Occupancy ADR RevPar Supply Demand Revenue Census amp Sample

This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg This Year Chg Census Props Census Rooms Rooms STAR

ParticipantsMar YTD 2007 477 -96 5961 -22 2841 -116 49950 00 23811 -96 1419289 -116

Total 2007 515 -79 6534 -11 3365 -89 202575 00 104323 -79 6815969 -89Jan 08 351 57 5977 24 2096 83 17205 00 6033 57 360564 83 7 555 784Feb 08 552 19 6247 85 3450 105 15540 00 8583 19 536192 105 7 555 784Mar 08 610 85 6251 07 3814 92 17205 00 10496 85 656141 92 7 555 784Apr 08 623 67 6100 -05 3799 62 16650 00 10370 67 632583 62 7 555 784May 08 499 -161 6692 16 3339 -148 17205 00 8585 -161 574505 -148 7 555 784Jun 08 619 69 6126 -17 3795 51 16650 00 10313 69 631809 51 7 555 705Jul 08 507 -63 6046 42 3063 -24 17205 00 8715 -63 526941 -24 7 555 784

Aug 08 477 -30 6381 12 3043 -18 17205 00 8206 -30 523625 -18 7 555 784Sep 08 485 -87 8393 49 4068 -43 16650 00 8070 -87 677296 -43 7 555 784Oct 08 579 69 6664 -137 3856 -77 17205 00 9954 69 663382 -77 7 555 784Nov 08 550 -44 6767 -69 3719 -110 16650 00 9152 -44 619277 -110 7 555 784Dec 08 335 65 6049 -09 2029 56 17205 00 5770 65 349005 56 7 555 784

Mar YTD 2008 503 55 6184 37 3109 94 49950 00 25112 55 1552897 94Total 2008 515 -01 6476 -09 3333 -09 202575 00 104247 -01 6751320 -09

Jan 09 329 -62 5906 -12 1943 -73 17205 00 5659 -62 334214 -73 7 555 784Feb 09 460 -168 6029 -35 2770 -197 15540 00 7141 -168 430501 -197 7 555 784Mar 09 495 -189 5961 -46 2951 -226 17205 00 8517 -189 507695 -226 7 555 784Apr 09 584 -62 6117 03 3573 -60 16650 00 9726 -62 594944 -60 7 555 888May 09 489 -20 6785 14 3318 -06 17205 00 8413 -20 570841 -06 7 555 888Jun 09 554 -105 6151 04 3411 -101 16650 00 9232 -105 567864 -101 7 555 888Jul 09 513 13 6065 03 3111 16 17205 00 8824 13 535202 16 7 555 888

Aug 09 451 -55 6598 34 2973 -23 17205 00 7752 -55 511450 -23 7 555 888Sep 09 448 -75 8418 03 3773 -72 16650 00 7463 -75 628254 -72 7 555 888Oct 09 537 -72 6788 19 3644 -55 17205 00 9237 -72 627016 -55 7 555 888Nov 09 351 -362 7509 110 2633 -292 16650 00 5837 -362 438322 -292 7 555 888Dec 09 275 -180 5831 -36 1603 -210 17205 00 4730 -180 275793 -210 7 555 888

Mar YTD 2009 427 -151 5969 -35 2547 -181 49950 00 21317 -151 1272410 -181Total 2009 457 -112 6508 05 2973 -108 202575 00 92531 -112 6022096 -108

Jan 10 311 -53 5849 -10 1821 -62 17205 00 5357 -53 313354 -62 7 555 888Feb 10 377 -179 6002 -04 2263 -183 15540 00 5860 -179 351727 -183 7 555 888Mar 10 453 -85 5880 -14 2664 -97 17205 00 7795 -85 458375 -97 7 555 888

Mar YTD 2010 381 -108 5909 -10 2249 -117 49950 00 19012 -108 1123456 -117

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject to legal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 9 - Response ReportClemson SC Area Selected PropertiesJob Number 296545_SADIM Staff SS Created May 10 2010

STR Code Name of Establishment City amp State Zip Code Aff Date Open Date Rooms

Chg in Rms J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

31434 Days Inn Clemson Seneca Anderson Area Clemson SC 29631 Sep 1995 Sep 1995 44 36086 Sleep Inn Clemson Clemson SC 29631 Nov 1997 Nov 1997 57 7945 Ramada Inn Clemson Clemson SC 29631 Aug 1982 Aug 1982 149 18746 Comfort Inn Clemson Clemson SC 29631 Jul 1989 Jul 1989 122 39938 Best Western Executive Inn Seneca SC 29678 Jun 2000 Jun 2000 58 26488 Days Inn Seneca Clemson Seneca SC 29678 Oct 1988 Jun 1987 63 34143 Jameson Inn Seneca Seneca SC 29678 Nov 1996 Nov 1996 62 Y

Total Properties 7 555 - Monthly data received by STR - Monthly and daily data received by STRBlank - No data received by STRY - (Chg in Rms) Property has experienced a room addition or drop during the time period of the report

Smith Travel Researchrsquos Trend Report is a publication of Smith Travel Research and is intended solely for use by paid subscribers Reproduction or distribution of the Trend Report in whole or part without written permission of Smith Travel Research is prohibited and subject tlegal action Site licenses are available Ownership distribution and use of the Trend Report and its contents are subject to the terms set forth in the contract you have entered into with Smith Travel Research Source 2010 Smith Travel Research Inc

2008 2009 2010

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 10 - Help

Methodology

Glossary

Room revenue divided by rooms sold Total room revenue generated from the sale or rental of rooms

Date the property affiliated with current chainflag

The number of properties and rooms that exist (universe)

Indicator of whether or not an individual hotel has had added or deleted rooms

Data on selected properties or segments starting in 1997The factor used to convert revenue from US Dollars to the local currencyThe exchange rate data is obtained from Oandacom Any aggregated number STR Codein the report (YTD Running 3 month Running 12 month) uses the exchange rate of each relative month when calculating the data

The number of rooms sold (excludes complimentary rooms) The number of rooms times the number of days in the period

Data on selected properties or segments starting in 1987

Rooms sold divided by rooms available

Average or sum of values starting January 1 of the given yearDate the property opened

Amount of growth up flat or down from the same period last year (month ytd three months twelve months) Calculated as ((TY-LY)LY) 100

The value of any given month is computed by taking the value of that month and the values of the eleven preceding months adding them together and dividing by twelve

Supply (Rooms Available)

Sample (Rooms)

Exchange Rate

Demand (Rooms Sold)

Full Historical TREND

Percent Change

Room revenue divided by rooms available (occupancy times average room rate will closely approximate RevPAR)

The of rooms STR receives data from Calculated as (Sample RoomsCensus Rooms) 100 Change in Rooms

Twelve Month Moving Average

Year to Date

Smith Travel Researchs proprietary numbering system Each hotel in the lodging census has a unique STR code

Standard Historical TREND

Occupancy

Open Date

Revenue (Room Revenue)

Census (Properties and Rooms)

ADR (Average Daily Rate)

RevPAR - Revenue Per Available Room Affiliation Date

While virtually every chain in the United States provides STR with data on almost all of their properties there are still some hotels that dont submit data But weve got you covered

Every year we examine guidebook listings and hotel directories for information on hotels that dont provide us with data We dont stop there We call each hotel in our database every year to obtain published rates for multiple categories Based on this information we group all hotels - those that report data and those that dont - into groupings based off of price level and geographic proximity We then estimate the non-respondents based off of nearby hotels with similar price levels

Similarly we sometimes obtain monthly data from a property but not daily data We use a similar process We take the monthly data that the property has provided and distribute it to the individual days based on the revenue and demand distribution patterns of similar hotels in the same location

We believe it imperative to perform this analysis in order to provide interested parties with our best estimate of total lodging demand and room revenue on their areas of interest Armed with this information a more informed decision can be made

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

Tab 11 - Terms and ConditionsBefore purchasing this product you agreed to the following terms and conditions

In consideration of the mutual promises contained herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged Smith Travel Research Inc (STR) and purchaser of this product (Licensee) agree as follows 1 LICENSE11 Definitions

(a) Agreement means these Standard Terms and Conditions and any additional terms specifically set out in writing in the document(s) (if any) to which these Standard Terms and Conditions are attached or in which they are incorporated by reference and if applicable any additional terms specifically set out in writing in any Schedule attached hereto(b) Licensed Materials means the newsletters reports databases or other information resources and all lodging industry data contained therein provided to Licensee hereunder12 Grant of License Subject to the terms and conditions of this Agreement and except as may be expressly permitted elsewhere in this Agreement STR hereby grants to Licensee a non-exclusive non-transferable indivisible non-sublicensable license to use copy manipulate and extract data from the Licensed Materials for its own INTERNAL business purposes only13 Copies Except as expressly permitted elsewhere in this Agreement Licensee may make and maintain no more than two (2) copies of any Licensed Materials

14 No Service Bureau Use Licensee is prohibited from using the Licensed Materials in any way in connection with any service bureau or similar services Service bureau means the processing of input data that is supplied by one or more third parties and the generation of output data (in the form of reports charts graphs or other pictorial representations or the like) that is sold or licensed to any third parties

15 No Distribution to Third Parties Except as expressly permitted in this Agreement Licensee is prohibited from distributing republishing or otherwise making the Licensed Materials or any part thereof (including any excerpts of the data and any manipulations of the data) available in any form whatsoever to any third party other than Licensees accountants attorneys marketing professionals or other professional advisors who are bound by a duty of confidentiality not to disclose such information16 Security Licensee shall use commercially reasonable efforts to protect against unauthorized access to the Licensed Materials

17 Reservation of Rights Licensee has no rights in connection with the Licensed Materials other than those rights expressly enumerated herein All rights to the Licensed Materials not expressly enumerated herein are reserved to STR

2 DISCLAIMERS AND LIMITATIONS OF LIABILITY

21 Disclaimer of Warranties The licensed materials are provided to the licensee on an as is and as available basis STR makes no representations or warranties of any kind express or implied with respect to the licensed materials the services provided or the results of use thereof Without limiting the foregoing STR does not warrant that the licensed materials the services provided or the use thereof are or will be accurate error-free or uninterrupted STR makes no implied warranties including without limitation any implied warranty of merchantability noninfringement or fitness for any particular purpose or arising by usage of trade course of dealing course of performance or otherwise

22 Disclaimers STR shall have no liability with respect to its obligations under this agreement or otherwise for consequential exemplary special incidental or punitive damages even if STR has been advised of the possibility of such damages Furthermore STR shall have no liability whatsoever for any claim relating in any way to any decision made or action taken by licensee in reliance upon the licensed materials23 Limitation of Liability STRs total liability to licensee for any reason and upon any cause of action including without limitation infringement breach of contract negligence strict liability misrepresentations and other torts shall be limited to all fees paid to STR by the licensee during the twelve month period preceding the date on which such cause of action first arose

3 MISCELLANEOUS31 Liquidated Damages In the event of a violation of Section 15 of these Standard Terms and Conditions Licensee shall be required to pay STR an amount equal to the sum of (i) the highest aggregate price that STR in accordance with its then-current published prices could have charged the unauthorized recipients for the Licensed Materials that are the subject of the violation and (ii) the full price of the lowest level of republishing rights that Licensee would have been required to purchase from STR in order to have the right to make the unauthorized distribution regardless of whether Licensee has previously paid for any lower level of republishing rights and (iii) fifteen percent (15) of the total of the previous two items This provision shall survive indefinitely the expiration or termination of this Agreement for any reason32 Obligations on Termination Within thirty (30) days of the termination or expiration of this Agreement for any reason Licensee shall cease all use of the Licensed Materials and shall return or destroy at STRs option all copies of the Licensed Materials and all other information relating thereto in Licensees possession or control as of the such date This provision shall survive indefinitely the expiration or termination of this Agreement for any reason 33 Governing Law Jurisdiction and Venue This Agreement shall be governed by the substantive laws of the State of Tennessee without regard to its or any other jurisdictions laws governing conflicts of law Any claims or actions regarding or arising out of this Agreement shall be brought exclusively in a court of competent jurisdiction located in Nashville Tennessee and the parties expressly consent to personal jurisdiction thereof The parties also expressly waive any objections to venue

34 Assignment Licensee is prohibited from assigning this Agreement or delegating any of its duties under this Agreement without the prior written consent of STR35 Independent Relationship The relationship between the parties is that of an independent contractor Nothing in this Agreement shall be deemed to create an employeremployee principalagent partnership or joint venture relationship36 Notices All notices required or permitted to be given hereunder shall be in writing and shall be deemed given i) when delivered in person at the time of such delivery ii) when delivered by facsimile transmission or e-mail at the time of transmission (provided however that notice delivered by facsimile transmission shall only be effective if such notice is also delivered by hand or deposited in the United States mail postage prepaid registered certified or express mail or by courier service within two (2) business days after its delivery by facsimile transmission) iii) when delivered by a courier service or by express mail at the time of receipt or iv) five (5) business days after being deposited in the United States mail postage prepaid registered or certified mail addressed (in any such case) to the addresses listed on the first page of this Agreement or to such other address as either party may notify the other in writing

37 Waiver No waiver of any breach of this Agreement will be deemed to constitute a waiver of any subsequent breach of the same or any other provision

38 Entire Agreement This Agreement constitutes the entire agreement of the parties with respect to the matters described herein superseding in all respects any and all prior proposals negotiations understandings and other agreements oral or written between the parties

39 Amendment This Agreement may be amended only by the written agreement of both parties

310 Recovery of Litigation Costs If any legal action or other proceeding is brought for the enforcement of this Agreement or because of an alleged dispute breach default or misrepresentation in connection with any of the provisions of this Agreement the successful or prevailing party or parties shall be entitled to recover reasonable attorneys fees and other costs incurred in that action or proceeding in addition to any other relief to which it or they may be entitled

311 Injunctive Relief The parties agree that in addition to any other rights or remedies which the other or STR may have any party alleging breach or threatened breach of this Agreement will be entitled to such equitable and injunctive relief as may be available from any court of competent jurisdiction to restrain the other from breaching or threatening to breach any of the provisions of this Section without posting bond or other surety

312 Notice of Unauthorized Access Licensee shall notify STR immediately upon Licensees becoming aware of any facts indicating that a third party may have obtained or may be about to obtain unauthorized access to the Licensed Materials and shall fully cooperate with STR in its efforts to mitigate the damages caused by any such breach or potential breach

313 Conflicting Provisions In the event that any provision of these Standard Terms and Conditions directly conflicts with any other provision of the Agreement the conflicting terms of such other provision shall control

314 Remedies In addition to any other rights or remedies that STR may have in the event of any termination by STR on account of a breach by Licensee STR may without refund immediately terminate and discontinue any right of Licensee to receive additional Licensed Materials from STR

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

United Kingdom United StatesBlue Fin Building 735 East Main Street

110 Southwark Street HendersonvilleLondon SE1 0TA TN 37075

Phone +44 (0)20 7922 1930 Phone +1 (615) 824 8664Fax +44 (0)20 7922 1931 Fax +1 (615) 824 3848

Custom HOST Report2009 Full-Service Selected Properties Date Created 6302010Year End 2009

TabTable of Contents 1Full Service HOST Report 2Response 3Help 4

wwwstrglobalcom

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

STRCustom HOST Report

2009 Full-Service Selected Properties

Job 70095 Occupancy 554Props 6 ADR $14609Rooms 273 RevPAR $8093

Ratio to Sales 1 Amount Per Available Room Amount Per Occupied Room

Night

REVENUE

Rooms 521 $27834 $14610315 16813 $8825

65 3470 $182113 702 $36900 6 $00374 3957 $207708 427 $22402 125 $066

1000 $53334 $27995

DEPARTMENTAL EXPENSES 288 $8018 $4208773 16391 $8510

22290 142 $07582 4370 $2294

539 $28921 $15087

DEPARTMENTAL PROFITS712 $19816 $10402227 4594 $2505

-21290 -136 -$072918 139 $073461 $24413 $12908

UNDISTRIBUTED OPERATING EXPENSES115 $6136 $3221

52 2762 $145055 2936 $154176 4041 $2121

298 $15875 $8333

GROSS OPERATING PROFIT 163 $8538 $457500 0 $00039 2065 $1084

INCOME BEFORE FIXED CHARGES 125 $6473 $3491

SELECTED FIXED CHARGES15 $818 $42917 908 $47701 49 $026

92 $4698 $2559

SUPPLEMENTAL PAYROLL ANALYSIS 3

192 $5396 $2802378 8010 $4159

647 3906 $236181 4483 $229368 3398 $193755 3084 $1578

457 $24663 $12805

SUPPLEMENTAL FOOD amp BEVERAGE INFORMATION 3

301 $6562 $3944328 2166 $907296 6270 $3256

378 8010 $4159

99 2110 $1096

1 Rooms FampB and Telecommunications expense ratios to sales for departmental expenses and profits are based on their respective departmental revenues All other expenses are based on total revenue 2 Other Fixed Charges include Depreciation and Amortization Interest Rent and Equipment Leases3 Payroll and Costs of Sales are included in expenses Amounts shown here are for additional detail only Not all HOST participants provide detailed data on payroll and FampB costs therefore the following supplemental analyses provide the ratios for only these hotels in the samples that reported detailed information Consequently the amounts may not tie to the departmental figures provided

NOTE Totals may not add due to rounding

Food amp BeverageTelecommunications

TelecommunicationsOther Operated DepartmentsRentals amp Other IncomeCancellation Fee

BeverageOther Food amp Beverage

Food

Rooms

MarketingProperty Operations amp Maintenance

Other Operated Depts amp Rentals TOTAL DEPARTMENTAL EXPENSES

RoomsFood amp BeverageTelecommunicationsOther Operated Depts amp Rentals

Administrative amp General

Telecommunications

TOTAL DEPARTMENTAL PROFITS

TOTAL REVENUE

Other Operated Departments

Administrative amp GeneralMarketingUtility CostsProperty Operation amp Maintenance

Total Food and Beverage

TOTAL UNDISTRIBUTED OPERATING EXPENSES

SERVICE amp OTHER FIXED CHARGES 2

$$

Rooms

Franchise Fees (Royalty)Management Fees

Property TaxesInsuranceReserve For Capital Replacement

AMOUNT AVAILABLE FOR DEBT

Food amp Beverage Payroll

Food amp Beverage Other Expenses

TOTAL PAYROLL amp RELATED EXPENSES

Cost of Food SalesCost of Beverage Sales

Total Cost of FampB Sales

SOURCE Smith Travel Research Copyright 2006 All Rights Reserved 2 of 4

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

STR HOST Response Report

2009 Full-Service Selected Properties

Job 70095

STR PROPERTY NAME ADDRESS CITY ST ZIP ROOMS APR ($) PRICE CHAIN SCALE YEAR OPEN LOCATION

12500 Pennyrile Forest State Resort 20781 Pennyrile Lodge Rd Dawson Springs KY 42408 37 117 Upscale Indep 195906 Small Metr14138 Glidden House Inn 1901 Ford Dr Cleveland OH 44106 60 140 Luxury Indep 198805 Urban 21051 Mimslyn Inn 401 W Main St Luray VA 22835 45 114 Upscale Indep 193107 Small Metr37407 Warren Conference Center amp Inn 529 Chestnut St Ashland MA 1721 58 109 Economy Indep 199602 Suburban 47815 Hotel San Jose 1316 S Congress Ave Austin TX 78704 40 145 Upscale Indep 199904 Airport 50341 Innlet On The Waterfront Motel 1251 12th St E Boca Grande FL 33921 33 145 Midprice Indep 195506 Resort

Total Properties 6 Total Rooms 273

Source SMITH TRAVEL RESEARCH - The information contained in this report is based upon independent surveys and research from sources considered reliable but no representation is made as to its completeness or accuracy This information is in no way to be constructed as a recommendation by Smith Travel Research of any industry standard and is intended solely for the internal purposes of your company and should not be published in any manner unless authorized by Smith Travel Research Copyright 2010 Smith Travel Research

3 of 4

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST

HelpDefinitions

Following please find definitions for the terms used in the HOST report

RevenuesRooms Revenue - Revenues derived from the rental of sleeping rooms at the hotel net of any rebates and discountsRooms - Other - Revenue from no shows and late checkout feesFood Revenue - Revenues derived from the sale of food including coffee milk tea and soft drinksBeverage Revenue - Revenues derived from the sale of beverages including beer wine and liquors Also includes banquet beverage revenuesOther Food and Beverage Revenue - Revenues derived from other sources such as meeting room rentals cover or service charges or revenues derived from the sale of goods or services made in connection with banquets such as equipment rental musicdecorations and souvenirs Also includes banquet service chargesTelecommunications Revenue - Revenues derived from guest-use of telephones in the hotel including local and long distance calls service charges facsimile service modem and commissions received from pay stationsOther Operated Departments Revenue - Revenues generated from garage and parking golf and tennis health club swimming pool barberbeauty shop gift shop newsstand etc when operated by the hotel Excludes casinos (Departments must have apayroll expense associated with them)Rentals and Other Income - Income from rentals of space for business purposes including concessions in any of the departments mentioned under other operated departments Also includes income generated from sources not included elsewhere butexcludes investment incomeCancellation Fees ndash Consist of non-refundable deposits and cancellation fees from conventionsgroup meetings

Departmental ExpensesPayroll and Related Expenses (broken out by department) ndash Includes salaries and wages of departmental personnel and management including overtime severance incentive holiday sick vacation and bonus pay Also included are employee benefitspayroll taxes and allocations for workersrsquo compensation insurance Rooms Departmental Expenses - Rooms departmental expenses include labor costs such as salaries and wages for front desk housekeeping reservations bell staff and laundry plus employee benefits Other operating expenses in the rooms departmentinclude linen cleaning supplies guest supplies uniforms central or franchise reservation fees equipment leases travel agent commissions and continental breakfast costCost of Sales - Departmental purchases required to deliver the services for that department especially food and beverage Also in the telecommunications department the amounts billed by the telephone companies for local and long distance calls made byguestsFood Expense - Food departmental expenses include the cost of goods labor and related benefits and other operating expenses Labor costs include departmental management cooks and kitchen personnel service staff (server hosthostess bus personetc) banquet staff Other operating expenses include china silverware linens restaurant and kitchen supplies menus and printing and special promotions (Does not include continental breakfast costs This is a Rooms Expense)Beverage Expense - Beverage departmental expenses include the cost of goods sold labor and related benefits and other operating expenses Labor costs include departmental management lounge service staff banquet bartender bartenders and mini-barstaff Other operating expenses include china silverware linens and special promotionsTelecommunications Expense ndash Telephone departmental expenses includes costs of calls labor cost of operators and other related expenses but excludes capital lease paymentsOther Departmental - Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage athletic facilities and gift shop as well as rental activity

Undistributed Operating ExpensesAdministrative and General (AampG) Expense - Included in this category are the payroll and related expenses for the general manager human resources and training security clerical staff controller and accounting staff Other AampG expenses include officesupplies computer services accounting and legal fees cash overages and shortages bad debt expenses travel insurance credit card commissions transportation (non-guest) and travel and entertainment Marketing Expense - Marketing expense includes payroll and related expenses for the sales and marketing staff direct sales expenses advertising and promotion travel expenses for the sales staff and civic and community projects Includes nationaladvertising fee or assessment paid to Franchise Company plus cost of frequent guest stay programs Does not include royalty fees charged by the franchise companyUtility Costs - Utility expenses typically include electricity fuel (oil gas and coal) purchased steam and water Includes central plant and energy management systems (Does not include waste removal which is included in Property Operation andMaintenance Expenses)Property Operations and Maintenance - This category includes payroll and related expenses for maintenance personnel cost of maintenance supplies cost of repairs and maintenance of the building furniture and equipment the grounds and the removal ofwasteFranchise Fee - Includes only the royalty fees charged by franchise companies Other fees or assessments should be in Marketing or Rooms Other ExpensesManagement Fees - Fees charged by management organizations for management services or supervision Includes both base and incentive fees

Fixed ChargesRent - Includes charges for lease of land andor building and capital leases for rental of data processing equipment telephone equipment and other major itemsProperty Taxes - Typically include taxes on real estate business and occupation personal property utilities and other municipal taxesInsurance - Cost of insuring the hotel building and contents against fire weather sprinkler leakage boiler explosion plate glass breakage or other perils Includes all insurance except workersrsquo compensationInterest - Includes all interest expenses on any obligations such as mortgages notes payable bonds debentures taxes in arrears or any other indebtedness on which interest in chargedDepreciation and Amortization - Deductions on the building leaseholds and leasehold improvements furnishings and equipment and assets held under capital leasesOther Fixed Charges - Includes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assetsReserve for Capital Replacement - Amount set aside for replacement of furniture fixtures and equipment (as may be required by loan franchise or management agreement)

Other TermsNumber of Rooms in Hotel - Rooms in the hotelNumber of Room Nights Available - Number of Rooms in hotel times number of days (366) reportingNumber of Occupied Room Nights - Rooms occupied by hotel guests on a paid basis

For a more detailed discussion of the accepted structure of hotel financial statements please refer to the 9th revised edition of the Uniform System of Accounts for the Lodging Industry

For further questions please contact Rachelle Johnston at (615) 824-8664 ext 3328 or hostsmithtravelresearchcom

• Handout of Exhibitspdf
• • Handoutpdf
  • 8-SOR
  • 9-POR
  • 10-DCF
  • 11-fin comps
  • 12-ROI1
  • 13ROI2
  • 14-STR Trends
  • 15-STR HOST
  • Handout of Exhibits1pdf
  • • Handoutpdf
    • 8-SOR
    • 9-POR
    • 10-DCF
    • 11-fin comps
    • 12-ROI1
    • 13ROI2
    • 14-STR Trends
    • 15-STR HOST