Source: PKF Hospitality Research – 3rd Quarter 2009 Hotel Horizons® Report, Smith Travel Research

= Below/Above Long Run Average

New Orleans3rd Quarter 2009

Long Term

Average 2006 2007 2008 2009F 2010F 2011F 2012F 2013F

Supply 2.4% -2.0% 11.1% 2.3% 3.7% 3.1% 0.8% 2.5% 3.2%

Demand 2.4% -11.5% 3.4% 11.2% -6.5% 2.8% 1.7% 3.8% 3.4%

Occupancy 68.4% 62.3% 58.0% 63.0% 56.8% 56.6% 57.2% 57.9% 58.1%

ADR 2.8% 1.6% -1.8% 1.6% -4.1% 4.2% 6.9% 6.4% 4.6%

RevPAR 2.9% -8.2% -8.7% 10.5% -13.6% 3.9% 8.0% 7.8% 4.9%

Source: PKF Hospitality Research – 3rd Quarter 2009 Hotel Horizons® Report, Smith Travel Research

= Below/Above Long Run Average

New Orleans – Upper Priced3rd Quarter 2009

Long Term

Average 2006 2007 2008 2009F 2010F 2011F 2012F 2013F

Supply 1.9% -0.8% 8.9% 1.3% 3.9% 4.0% 0.4% 1.8% 2.5%

Demand 1.9% -13.3% 4.0% 10.4% -4.4% 2.3% 0.4% 3.4% 3.0%

Occupancy 69.4% 60.7% 58.0% 63.2% 58.1% 57.2% 57.2% 58.1% 58.4%

ADR 2.7% -2.3% 2.0% 1.4% -4.6% 4.5% 9.1% 6.5% 4.3%

RevPAR 2.9% -14.6% -2.6% 10.5% -12.2% 2.9% 9.1% 8.1% 4.8%

Source: PKF Hospitality Research – 3rd Quarter 2009 Hotel Horizons® Report, Smith Travel Research

= Below/Above Long Run Average

New Orleans – Lower Priced3rd Quarter 2009

Long Term

Average 2006 2007 2008 2009F 2010F 2011F 2012F 2013F

Supply 3.8% -4.6% 15.9% 4.5% 3.3% 1.3% 1.6% 3.9% 4.6%

Demand 3.5% -7.4% 2.1% 13.0% -10.8% 3.8% 4.7% 4.8% 4.3%

Occupancy 66.2% 65.8% 58.0% 62.7% 54.1% 55.5% 57.1% 57.7% 57.5%

ADR 4.2% 16.7% -12.8% 3.2% -5.0% 3.7% 1.9% 6.5% 6.2%

RevPAR 4.2% 13.3% -23.2% 11.5% -18.0% 6.3% 5.0% 7.5% 5.9%