SSI Feasibility Study Sample

Page 1 of 116
October 11, 2010

FINANCIAL FEASIBILITY STUDY:
Holiday Inn, Georgetown
431 Pflugerville Highway
Georgetown, Texas 78628
This study has been prepared to determine the financial feasibility of operating the recently
constructed 74 unit Holiday Inn along the west side of Pflugerville Highway, in Georgetown,
Texas. The 2 acre lot is located adjacent to the Homewood Suites, which is under development,
and is a short distance north of the existing La Quinta property. As a multi-story building with
good signage the hotel is easily visible and accessible to area traffic. The site is convenient to
the nearby businesses, restaurants, and other amenities in the local area.
Project quality is assumed to match the physical and operating standards of the Holiday Inn
brand, a product of Intercontinental Hotel Group (Holiday Express, Candlewood Suites, Crowne
Plaza, and Indigo Hotels). The level of quality and acceptance for the Holiday Inn Express
brand has been assumed in developing this financial feasibility study. Operating expenses are set
at the level of similar product in the mid-price, limited service segment.
This study incorporates the current downturn in the Texas hotel market, and the broader national
recession. In our Market section, we highlight the historical hotel performance in Texas, noting
the effect of past recessions. While every market has its own characteristics, our projections for
the local area market consider how the lodging industry reacts in times of economic downturn
and in normal times. We anticipate a continuation of the gradual period of recovery which
started in early 2010. See the Market section for more details.
KEY FINDING: Developing and operating a Holiday Inn at this site should generate a strong
unleveraged, pre-tax return on total invested capital of approximately 22%, with a return on
equity approaching 75%. This return on invested capital assumes a total hotel investment of
$5,600,000, with per unit improvements estimated at $64,865 as follows:
PO Box 120055 134 Laurel Heights, San Antonio, TX 78212 210-734-3434 Fax 210-735-7970 www.SourceStrategies.Org
Page 2 of 116
Total Investment1
Est. Land Investment $ 800,000 for 2 acres
Improvements
$ 4,800,000 @$64,865 per unit
Total Investment
$ 5,600,000
Pre-Tax Project Return
22.45%2
Pre-Tax Return on Equity
74.80%3
With a recent August 2010 opening, cash flow market projections for the Holiday, before
taxes and after renovation reserves, should be available for debt service, income tax and
dividends as follows:
Project Summary
Year
Year
Year
Year
Year
Year
Year
Year
Year
Year
I
II
III
IV
V
VI
VII
VIII
IX
X
Occupancy
Percent
60.1%
69.5%
72.7%
72.8%
72.8%
71.4%
70.2%
69.0%
67.9%
66.8%
Average
$ Rate
$102.51*
$107.38
$111.41
$114.74
$118.18
$121.74
$125.39
$129.15
$133.03
$137.02
$
REVPAR
$61.66
$74.65
$81.02
$83.53
$86.04
$86.94
$88.05
$89.18
$90.32
$91.48
Total
Revenue
Cash Flow**
$1,731,959
$842,875
$2,096,851 $1,072,904
$2,275,787 $1,174,423
$2,346,512 $1,210,952
$2,416,851 $1,201,318
$2,442,155 $1,170,726
$2,473,412 $1,226,208
$2,505,070 $1,270,376
$2,537,132 $1,211,432
$2,569,605 $11,298,799***
*Year I ADR equates to approximately $75 in current market dollars.**Before Income Tax &
Financing expense, but reflecting $1,132,822 in reserves for capital expenditures / property
renovation ($15,308 per unit). ***assumes valuing property at Year 10 cash flow at an 11%
return-to-buyer, less 4% expense of sale, plus year 10 cash flow.
The above cash flow, assuming a Year 10 sale, has been discounted at the rate of 22.45% to
a present value of $5,600,893, approximating the total budgeted investment of $5,600,000.
This 22.45% is the project's unleveraged return, provided capital is kept at this level.
An estimated capital budget of $64,865 per unit 'turn-key' costs for a hotel of this size and
quality are wellbelow average, in our experience. If capital outlays vary from budget for this
project, returns will vary accordingly. The following table illustrates the linear nature of
financial returns as capital requirements escalate or decline and revenue streams remain stable.
developer's estimate of investment in improvements and land.

after reserve for on-going renovations
3
assuming 25% equity and 75% debt at a 5% pre-tax debt cost; calculated weighted average.
2
Page 3 of 116
Effect on Returns if Capital Investment Changes4

Variance
(85%)
(90%)
(95%)
BUDGET
(105%)
(110%)
(115%)
Improvements
Per Unit
$55.1
$58.4
$61.6
$64.9
$68.1
$71.4
$74.6
Budget
Total
$4,080
$4,320
$4,560
$4,800
$5,040
$5,280
$5,520
Land
Cost
$800
$800
$800
$800
$800
$800
$800
Discounted Cash Flow / Internal Rate of Return.
Total
Investment
$4,880
$5,120
$5,360
$5,600
$5,840
$6,080
$6,320
Discounted Cash Flow

Total Proj On Equity
25.60%
87.40%
24.47%
82.88%
23.43%
78.72%
22.45%
74.80%
21.54%
71.16%
20.69%
67.76%
19.88%
64.52%
Page 4 of 116
A detailed look at Year III (2012/2013) shows the following:
Year III 2012/2013
Room Revenues
Total Revenues
Income Before Fixed Costs
Net Income Before Tax & Fin.
Cash Flow Before Financing
Occupancy %
Average Daily Rate
$ REVPAR
$2,188,257
$2,275,787
$1,388,347 (61.0%)
$1,105,965 (48.6%)
$1,174,423 (51.6%)5
72.7%
$111.41
$ 81.02
The critical statistic used in this study is REVPAR. REVPAR means revenue per
available room per day, and reflects the average daily room revenue yield of every room
in a property or market (not just occupied rooms). REVPAR is generated by multiplying
occupancy times rate (i.e. REVPAR = % occupancy times average daily rate), and is the
most effective and important tool in the evaluation of the success of any lodging concern.
SUMMARY OF CRITICAL ASSUMPTIONS: Critical assumptions are summarized as

follows, with the Market History and Projection study (page 11) following the Methodology
section (page 7).
1. Projections of the I-35 Corridor market reflect a mixture of old and newer competitive
hotels. The average hotel room in the local market is 15 years old, half way through its probable
cycle, and past its peak performing years. The typical hotel building becomes stylistically and
structurally obsolete after about 30 years. Of the 52 hotels in the local market, 14 were built
before 1986, and 21 were built since 2000. There is typically a wide gap between the
performance of new and older properties, with the typical hotel in the area either being relatively
new and competitive, or old and on its way to closure.
We are comfortable with market projections. After plummeting in 2009 with the recent
recession, occupancy is expected to slowly recover to an equilibrium level of 60%. Further,
REVPAR in this market is projected to grow by 3.9% annually over the next nine years,
reflecting a slow market recovery and the replacement of obsolete hotel product. Detailed local
market history and projections commence on page 15.
5
Before deductions of loan principal and interest, before income tax deductions, and before any equity payout.
Page 5 of 116
IH-35 CORRIDOR MARKET

Year
2009
2010
Projected
2012
2018
Occupancy % $ REVPAR
55.4%
$ 36.93
57.4%
$ 37.256
60.9%
60.0%
$ 43.25
$ 51.90
Historical Annual Compound Growth Rates

Past 9 Year Average -1.2%
-0.4%
-2.1%
-10.6%
Future Annual Compound Growth Rates
Next 9 Years
0.5%
3.9%
Next 5 Years
1.0%
4.7%
2. Versus the local market's REVPAR dollar projections, the REVPAR index of the
proposed Holiday Inn starts at 150% of the market average REVPAR in Year I, climbs to
174% in Year II, and peaks at 182% in Years III-V. Thereafter, the REVPAR Index declines
due to the normal aging cycle. Detailed REVPAR derivation and subsequent projections
commence on page 32.
Holiday Inn
Data in 2010 $
Year I
Base: Name & Quality
1.45
x Brand Age Adjustment
0.91
x Site Value Adjustment
1.15
x Size Adjustment
1.02
x Other Adjustments
1.05
x Newness Adjustment
0.92
= Performance Factor
150%
x Market REVPAR
= Projected Performance
$37.25
$55.69
Year II Year III

1.45
1.45
0.91
0.91
1.15
1.15
1.02
1.02
1.05
1.05
1.07
1.12
174%
182%
$37.25
$64.77
$37.25
$67.80
The projected REVPAR performance of the subject hotel, versus the local area market
average REVPAR reflects the fact that this hotel is expected to perform at a level well
above the market average. The hotel's REVPAR level starts at a level well above the market
average in Year I, peaks in Years III-V, then slowly loses ground versus the local market's
inflationary growth:
6
12 months ending June 30, 2010.
Page 6 of 116
3. Expenses are set at the level of similar, limited service hotel products from Smith Travel
Research Host Reports operating statistics, inflated at 3% per annum. See page 45 for details.
Page 7 of 116
METHODOLOGY
To develop Pro Forma financial results for the proposed project, two major sets of
assumptions have been developed. First, the future market's average REVPAR is forecast
on a reasonable and economically-sound basis; the performance of the project is dependent on
this market forecast and varies from it only due to specific variables of the project. Second, the
specific variables of the project are combined and expressed as an index for each quarter of
the forecast, an index that is used to adjust the overall market performance to the specific
project.
MARKET REVPAR FORECAST
The large Austin Metro market is examined historically and projected. The key in the market
projections is to stabilize the market in the future at a sustainable, average equilibrium for
occupancy, a level which we have determined to be approximately 60% in markets of this type,
and lower for rural and highway areas. Over the 20 years from 1987 through 2007, according to
the Source Strategies, Inc. database, hotel occupancy in Texas has averaged 59%, and 60% in
Texas metros. This occupancy level is highly relevant as a long-term, equilibrium occupancy, a
level where investors are neutral about adding new hotel rooms to the market and an average that
will reoccur over long periods of time (e.g. 20 years).
After the total market area is forecast, we forecast the performance of the local market on a
similar basis. Market projections are based on growth rates in real demand (room-nights sold),
prices (average daily rates), and supply (rooms available). The key in this projection is to
stabilize the local market in the future at a sustainable, average equilibrium for occupancy, a
level which we have determined to be approximately 60% in markets of this type.
The
REVPAR projection of the local market is then the pro forma market environment of the
proposed subject development; the project will vary from the norm for only project-specific
differences, and then only relatively.
PROJECT SPECIFIC VARIABLES:

DEVELOPMENT OF PROJECT REVPAR INDICES
The first variable from the averages to be developed has to do with the fact that each
product type and brand have a typical and identifiable influence on REVPAR
Page 8 of 116
performance. This variable is based on its consumer acceptance, its product definition, its level
of quality, the price it can command from the consumer, its marketing efforts, and other factors.
The value of the brand and product type is termed the Base Value.
The second adjustment used on the dollar value of the local area's REVPAR is the Brand
Age Adjustment. This is made to reflect the average age of similarly branded hotels on the
subject property's performance versus the market average. The opening dates of Holiday Inn
Express hotels in similar areas were examined in order to quantify this factor.
The next step to developing a project REVPAR index is to determine any further
adjustment based on any deviation from a normal project Size. If the number of proposed
rooms in the project is significantly above or below the average for that brand and product-type,
its performance will also vary from the norm. A lower than average number of rooms should
increase per room performance and vice versa. This is due to the fact that consumer demand for
a single brand is demand at the project's site, regardless of the number of rooms offered by the
hotel (a minor exception here would be a convention hotel).
An empirical proof of this evaluation of Size is the major increase in volume enjoyed by
numerous hotels throughout Texas that have split into two branded operations, using two
different names. For example, the Hilton Hotel Towers Austin added $1,000,000 annually to
revenues by splitting off its adjacent, ground-based rooms as a Super 8 Motel. By creating
another brand, the Super 8 began to fill demand for budget properties in the immediate area,
while the Hilton Towers kept its current upscale customer base. Hence, smaller room counts
than average generate higher occupancy than average. Further proof is the correlation between
project size and occupancy: the smaller the property, the higher the occupancy.7
A further, 'Other,' segment adjustment may be made if the proposed product type is
under- or over- supplied in the local market, or for other factors. For example, a product type
commanding 10% of the Texas market - but zero locally - would command a higher daily rate or
occupancy locally because it is a relatively scarce commodity. Further, a subject product far
Study detailed in size factor derivation in analysis section.
Page 9 of 116
exceeds the product quality of the brand average, then a positive adjustment should be made to
reflect a better product than normal. While there is usually a reasonably consistent pattern of site
factors for the nearby local chain properties selected, these factors often vary because of unique
situations, including: 1) visibility and access differences between nearby sites; 2) any large
variation from the norm in the usual number of rooms for a local chain property at a site; 3) a
nearby property's quality, the quality of management, last renovation, etc.; and 4) any major new
commercial development nearby (e.g. shopping, office complex, hospital). Adjustments can be
made for these differences within forecast site factor, based on industry experience. This is the
Segment, or Other adjustment.
Then the REVPAR potential of the subject Site, regardless of brand, is developed in two
ways. First, all other property factors except site are calculated for nearby competitors, the site
factor then being used to bring the calculated REVPAR into a match with actual REVPAR
performance. In other words, combining all factors including a 'plugged' site factor results in the
theoretical REVPAR projection equaling actual REVPAR for each property studied, revealing
the mathematical value of individual hotel sites.
With the development of the adjustments for Brand/product type, overall Brand Age,
Segment, project Size, and Site, a revenue projection for the proposed operation begins to
take form by combining these factors into a combined index that is applied to the overall
market-wide REVPAR projection, resulting in the forecast of the project's dollar
REVPAR. However, this combined index changes with the cumulative age the project.
Then, the physical Age of the individual project impacts this REVPAR index. A +12%
increase factor is applied to the combined REVPAR index in the operating Years III-V. A
first-year start-up adjustment of -8% and a second year adjustment of +7%, followed by a +12%
adjustment for years III-V. This factor reflects the major revenue-generating power of new
versus old properties. In the sixth year and thereafter, the REVPAR index is then diminished at a
rate of 1.67% per annum in order to reflect aging and the normal life-cycle of a hotel.
This pattern of declining performance with property aging is based on major studies of economic
life-cycle patterns. The first study was conducted on a census of all 25,000 Texas rooms built
Page 10 of 116
between 1980 and 1982 (study published in September 1994 issues of MarketShare8 and the
October 1994 issue of Hotel & Motel Management); the second investigation was conducted on
all 17,231 rooms built in Texas from 1990 through 1995. These Source Strategies, Inc. studies
confirm a similar, major study conducted in 1982 at the Holiday corporation on 160 companyowned and company-operated Holiday Inn hotels.
Combining all of these factors - Product Type, Brand Age, Site, Size, Segment (other), and
Newness (Age) - results in the REVPAR stream for the project. A REVPAR stream from
which room revenues, estimated rate, occupancy and roomnights sold are derived. At this
point, the investment and operational costs can be laid against the revenue line to generate
pro forma financial performance and discounted cash flow analysis. The calculation of the
statistic of Operating Costs Per Occupied Room (before fixed/capital costs are deducted) is
typically the important cost to examine carefully because it is highly stable and predictable,
regardless of occupancy and rate. The Smith Travel Research Host Report of Hotel Operating
Statistics, 2009 edition (2008 data) with dollar costs inflated, and Source Strategies, Inc.
financial models are the source of operating cost statistics.
From national average occupancies, costs are categorized as fixed, semi-variable or variable,
resulting in the highly-leveraged profit performance characteristic of lodging products,
depending on occupancy and REVPAR performance (i.e. variable costs increase proportionately
with higher occupancy levels while fixed costs do not). Furthermore, with a capital expenditures
profile provided by the International Society of Hospitality Consultants' CapEx, A Study of
Capital Expenditures in the U.S. Hotel Industry, a method has been applied to determine an
appropriate amount of renovation reserves to ensure that the property is maintained at the
franchisor's required level.
All study-area individual hotel/motel five year histories are included in the study, using the
Source Strategies, Inc. database of all Texas hotels and motels (includes each hotels brand,
room count, room revenue, occupancy, rate and REVPAR). The methodology of this database is
attached as an exhibit.
Now Hotel Brand Report.
Page 11 of 116
MARKET REVPAR HISTORY: TEXAS
1. Since 1980, the State of Texas (and the wider U.S. market) has experienced other
instances of economic turmoil such as the current recession. In 1982-1983 the Texas market
suffered through 6 consecutive quarters of major demand declines, with a sharp plummet of 24%
in the first quarter of 1983.
Two years later, every quarter in 1986 posted significant demand decreases of 19% or more.
The most recent period of decline was in 2001, with the onset of a recession, which was
exacerbated by the terrorist attacks of 9/11. Beginning in the Third quarter of 2001, seven of the
next eight quarters showed declining room demand, and it was not until the first quarter of 2004
that healthy levels of growth resumed.
We have considered the historical market patterns in formulating our projections for all
market projections. Though there are differences in each economic downturn, and areas across
the state are impacted differently depending on factors driving demand, there is much that can be
discerned from historical negative trending performances and the patterns of subsequent periods
of recovery.
Historical quarterly data highlighting periods of economic decline in

Texas follows overleaf:
Page 12 of 116
HOTEL MARKET:
Year &
Quarter
801
802
803
804
811
812
813
814
821
822
823
824
831
832
833
834
841
842
843
844
851
852
853
854
861
862
863
864
871
872
873
874
881
882
883
884
891
892
893
894
#
Htls
and
Mtls
1,694
1,859
1,941
1,827
1,808
1,990
2,065
1,941
1,944
2,072
2,122
1,909
1,927
2,098
2,192
1,988
2,059
2,263
2,343
2,144
2,168
2,396
2,456
2,201
2,221
2,366
2,398
2,162
2,125
2,323
2,488
2,288
2,225
2,328
2,394
2,183
2,139
2,254
2,380
2,143
#
Rooms
138,446
143,967
147,589
150,272
149,062
154,783
157,359
159,855
159,719
164,022
168,756
169,962
171,393
177,954
181,281
181,046
185,074
193,838
198,581
198,042
201,426
207,832
210,876
210,122
209,942
216,430
216,313
214,530
211,297
217,846
223,226
220,113
216,646
219,194
220,718
217,487
214,433
216,409
219,464
214,991
Room-1
nites
sold
000's
9,012
9,593
10,077
9,430
10,268
11,102
12,026
10,955
11,275
11,554
11,239
9,383
8,574
9,118
9,574
8,445
9,110
9,777
10,267
8,762
11,088
12,005
12,004
10,095
8,935
9,484
9,335
8,011
9,822
10,613
11,609
8,703
10,651
11,468
12,179
10,408
10,972
12,152
13,087
10,915
STATE OF TEXAS - 1980-2010
Total
Rooms
Revenue
$ 000's
286,171
321,352
331,532
296,137
349,319
398,057
429,629
368,202
410,194
448,560
426,972
340,781
326,286
367,533
378,280
320,928
370,661
417,810
440,975
357,849
462,103
525,445
521,612
422,314
394,611
438,490
433,948
354,767
439,986
469,942
513,072
389,235
480,022
519,279
551,823
468,241
505,830
568,731
606,723
505,305
% Growth Vs Yr Ago
% 2
Occ.
72.3
73.2
74.2
68.2
76.5
78.8
83.1
74.5
78.4
77.4
72.4
60.0
55.6
56.3
57.4
50.7
54.7
55.4
56.2
48.1
61.2
63.5
61.9
52.2
47.3
48.2
46.9
40.6
51.6
53.5
56.5
43.0
54.6
57.5
60.0
52.0
56.9
61.7
64.8
55.2
$ 3
Rate
31.76
33.50
32.90
31.40
34.02
35.85
35.73
33.61
36.38
38.82
37.99
36.32
38.06
40.31
39.51
38.00
40.69
42.73
42.95
40.84
41.68
43.77
43.45
41.83
44.16
46.24
46.49
44.29
44.80
44.28
44.20
44.72
45.07
45.28
45.31
44.99
46.10
46.80
46.36
46.30
$ 4
RPAR
22.97
24.53
24.42
21.42
26.04
28.26
29.68
25.04
28.54
30.05
27.50
21.79
21.15
22.70
22.68
19.27
22.25
23.69
24.14
19.64
25.49
27.78
26.89
21.85
20.88
22.26
21.81
17.97
23.14
23.71
24.98
19.22
24.62
26.03
27.18
23.40
26.21
28.88
30.05
25.55
Sply
Real
7.7
7.5
6.6
6.4
7.1
6.0
7.2
6.3
7.3
8.5
7.4
6.5
8.0
8.9
9.5
9.4
8.8
7.2
6.2
6.1
4.2
4.1
2.6
2.1
0.6
0.7
3.2
2.6
2.5
0.6
-1.1
-1.2
-1.0
-1.3
-0.6
-1.1
13.9
15.7
19.3
16.2
9.8
4.1
-6.5
-14.4
-24.0
-21.1
-14.8
-10.0
6.3
7.2
7.2
3.8
21.7
22.8
16.9
15.2
-19.4
-21.0
-22.2
-20.6
9.9
11.9
24.4
8.6
8.4
8.1
4.9
19.6
3.0
6.0
7.5
4.9
ADR $ Rev
7.1
7.0
8.6
7.0
6.9
8.3
6.3
8.1
4.6
3.8
4.0
4.6
6.9
6.0
8.7
7.5
2.4
2.4
1.2
2.4
6.0
5.6
7.0
5.9
1.4
-4.2
-4.9
1.0
0.6
2.3
2.5
0.6
2.3
3.4
2.3
2.9
22.1
23.9
29.6
24.3
17.4
12.7
-0.6
-7.4
-20.5
-18.1
-11.4
-5.8
13.6
13.7
16.6
11.5
24.7
25.8
18.3
18.0
-14.6
-16.5
-16.8
-16.0
11.5
7.2
18.2
9.7
9.1
10.5
7.6
20.3
5.4
9.5
9.9
7.9
1. Roomnights sold (derived from est. rate and actual revenues) 2. Occupancy nights sold divided
by nights available for sale. 3. Avg. price for roomnights sold; Directories, Surveys, &
experience. 4. $ Revenue per available room per day (room sales per day)
Page 13 of 116
HOTEL MARKET:
Year &
Quarter
901
902
903
904
911
912
913
914
921
922
923
924
931
932
933
934
941
942
943
944
951
952
953
954
961
962
963
964
971
972
973
974
981
982
983
984
991
992
993
994
#
Htls
and
Mtls
2,129
2,311
2,488
2,195
2,288
2,450
2,489
2,288
2,311
2,488
2,548
2,359
2,364
2,526
2,587
2,382
2,414
2,593
2,666
2,475
2,457
2,604
2,701
2,602
2,596
2,740
2,735
2,666
2,694
2,774
2,838
2,800
2,847
2,930
3,019
2,978
3,047
3,129
3,220
3,208
#
Rooms
214,419
218,824
223,343
215,581
216,607
220,230
221,280
217,777
218,438
222,368
223,434
219,803
220,328
223,631
225,580
221,392
222,471
227,497
230,187
226,119
225,028
229,116
234,593
232,201
233,619
239,156
242,809
241,679
245,315
250,349
254,368
257,088
258,388
263,497
270,763
271,238
277,678
282,933
290,145
289,149
Room-1
nites
sold
000's
11,679
12,840
12,708
10,531
11,476
12,714
13,203
11,146
11,593
12,751
13,690
11,488
11,903
12,955
14,033
11,714
12,287
13,565
13,848
12,215
12,549
13,526
14,117
12,326
13,221
14,047
14,040
12,572
13,353
14,720
14,874
13,470
14,390
15,481
15,927
14,316
15,010
15,996
16,562
14,552
Total
Rooms
Revenue
$ 000's
554,170
624,482
629,223
513,588
565,424
652,416
669,743
556,396
595,139
675,369
721,311
593,804
630,049
711,191
762,508
625,100
671,853
773,762
787,544
677,868
738,394
810,170
841,494
722,297
823,051
878,542
875,250
775,657
861,700
965,813
968,988
873,191
965,828
1,057,929
1,053,109
941,569
1,023,911
1,125,938
1,111,162
968,974
% 2
Occ.
60.5
64.5
61.8
53.1
58.9
63.4
64.9
55.6
59.0
63.0
66.6
56.8
60.0
63.7
67.6
57.5
61.4
65.5
65.4
58.7
62.0
64.9
65.4
57.7
62.9
64.5
62.9
56.5
60.5
64.6
63.6
57.0
61.9
64.6
63.9
57.4
60.1
62.1
62.0
54.7
$ 3
Rate
47.45
48.64
49.51
48.77
49.27
51.31
50.73
49.92
51.34
52.97
52.69
51.69
52.93
54.90
54.34
53.36
54.68
57.04
56.87
55.50
58.84
59.90
59.61
58.60
62.26
62.54
62.34
61.70
64.53
65.61
65.15
64.83
67.12
68.34
66.12
65.77
68.22
70.39
67.09
66.59
% Growth Vs Yr Ago
$ 4
RPAR Sply Real
ADR $ Rev
28.72 -0.0
6.4
2.9
9.6
31.36 1.1
5.7
3.9
9.8
30.62 1.8 -2.9
6.8
3.7
25.90 0.3 -3.5
5.3
1.6
29.00 1.0 -1.7
3.8
2.0
32.55 0.6 -1.0
5.5
4.5
32.90 -0.9
3.9
2.5
6.4
27.77 1.0
5.8
2.4
8.3
30.27 0.8
1.0
4.2
5.3
33.38 1.0
0.3
3.2
3.5
35.09 1.0
3.7
3.9
7.7
29.36 0.9
3.1
3.5
6.7
31.77 0.9
2.7
3.1
5.9
34.95 0.6
1.6
3.6
5.3
36.74 1.0
2.5
3.1
5.7
30.69 0.7
2.0
3.2
5.3
33.56 1.0
3.2
3.3
6.6
37.38 1.7
4.7
3.9
8.8
37.19 2.0 -1.3
4.7
3.3
32.59 2.1
4.3
4.0
8.4
36.46 1.1
2.1
7.6
9.9
38.86 0.7 -0.3
5.0
4.7
38.99 1.9
1.9
4.8
6.9
33.81 2.7
0.9
5.6
6.6
39.14 3.8
5.4
5.8 11.5
40.37 4.4
3.9
4.4
8.4
39.18 3.5 -0.5
4.6
4.0
34.89 4.1
2.0
5.3
7.4
39.03 5.0
1.0
3.6
4.7
42.39 4.7
4.8
4.9
9.9
41.41 4.8
5.9
4.5 10.7
36.92 6.4
7.1
5.1 12.6
41.53 5.3
7.8
4.0 12.1
44.12 5.3
5.2
4.2
9.5
42.28 6.4
7.1
1.5
8.7
37.73 5.5
6.3
1.4
7.8
40.97 7.5
4.3
1.6
6.0
43.73 7.4
3.3
3.0
6.4
41.63 7.2
4.0
1.5
5.5
36.43 6.6
1.7
1.2
2.9
Page 14 of 116
HOTEL MARKET:
Year &
Quarter
001
002
003
004
011
012
013
014
021
022
023
024
031
032
033
034
041
042
043
044
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
CGR%
" 20
" 10
" 5
" 1
#
Htls
and
Mtls
3,226
3,356
3,388
3,360
3,411
3,536
3,589
3,535
3,576
3,684
3,707
3,644
3,672
3,780
3,805
3,734
3,747
3,878
3,913
3,829
3,852
3,983
4,048
3,962
3,978
4,121
4,184
4,093
4,127
4,290
4,340
4,248
4,276
4,463
4,524
4,338
4,378
4,603
4,691
4,581
4,643
28 yrs
yrs
yrs
yrs
yr
#
Rooms
290,046
295,709
300,371
299,047
302,343
306,089
310,957
307,914
309,745
314,166
318,226
313,988
316,723
318,836
323,624
320,212
323,147
327,926
332,549
329,158
329,449
332,254
338,115
334,144
334,912
337,788
344,093
341,556
343,745
347,178
353,440
350,908
353,555
359,217
366,163
360,500
366,440
374,553
384,597
384,315
390,069
3.3%
2.7%
3.0%
2.6%
5.6%
Room-1
nites
sold
000's
15,883
17,001
17,187
15,228
16,517
17,222
16,802
14,483
15,867
17,012
16,541
14,713
15,361
16,737
16,776
14,914
16,239
17,518
17,679
15,951
17,015
18,593
19,173
18,561
18,910
19,328
19,733
18,004
19,366
19,916
20,324
18,594
19,690
20,654
21,246
19,285
18,710
18,627
19,149
17,295
19,157
2.3%
2.7%
2.4%
3.5%
-7.1%
Total
Rooms
Revenue
$ 000's
1,114,731
1,232,674
1,219,157
1,064,870
1,188,162
1,239,069
1,164,254
960,167
1,110,327
1,225,468
1,158,407
986,554
1,057,864
1,169,718
1,162,518
987,483
1,145,793
1,237,847
1,264,128
1,082,616
1,214,908
1,391,414
1,449,393
1,383,105
1,479,351
1,609,669
1,606,206
1,439,964
1,614,471
1,756,887
1,743,413
1,564,612
1,738,726
1,919,396
1,907,486
1,694,290
1,592,799
1,613,320
1,593,068
1,371,472
1,547,363
% 2
Occ.
60.8
63.2
62.2
55.3
60.7
61.8
58.7
51.1
56.9
59.5
56.5
50.9
53.9
57.7
56.3
50.6
55.8
58.7
57.8
52.7
57.4
61.5
61.6
60.4
62.7
62.9
62.3
57.3
62.6
63.0
62.5
57.6
61.9
63.2
63.1
58.1
56.7
54.7
54.1
48.9
54.6
5.9% -0.9%
6.1% 0.0%
5.1% -0.5%
8.5% 0.9%
-13.9%-11.9%
$ 3
Rate
70.18
72.51
70.94
69.93
71.94
71.95
69.29
66.30
69.98
72.04
70.03
67.05
68.87
69.89
69.30
66.21
70.56
70.66
71.50
67.87
71.40
74.84
75.59
74.52
78.23
83.28
81.40
79.98
83.37
88.21
85.78
84.15
88.31
92.93
89.78
87.86
85.13
86.61
83.19
79.30
80.77
% Growth
$ 4
RPAR Sply Real
42.70 4.5
5.8
45.81 4.5
6.3
44.12 3.5
3.8
38.71 3.4
4.6
43.66 4.2
4.0
44.48 3.5
1.3
40.70 3.5 -2.2
33.89 3.0 -4.9
39.83 2.4 -3.9
42.86 2.6 -1.2
39.57 2.3 -1.6
34.15 2.0
1.6
37.11 2.3 -3.2
40.32 1.5 -1.6
39.05 1.7
1.4
33.52 2.0
1.4
39.40 2.0
5.7
41.48 2.9
4.7
41.32 2.8
5.4
35.75 2.8
7.0
40.97 2.0
4.8
46.02 1.3
6.1
46.59 1.7
8.5
44.99 1.5 16.4
49.08 1.7 11.1
52.37 1.7
4.0
50.74 1.8
2.9
45.82 2.2 -3.0
52.19 2.6
2.4
55.61 2.8
3.0
53.62 2.7
3.0
48.46 2.7
3.3
54.64 3.1
1.7
58.72 3.6
3.7
56.62 3.8
4.6
51.09 2.7
3.7
48.30 3.6 -5.0
47.33 4.3 -9.8
45.02 5.0 -9.9
38.79 6.6 -10.1
44.08 6.4
2.4
Vs Yr Ago
ADR
2.9
3.0
5.7
5.0
2.5
-0.8
-2.3
-5.2
-2.7
0.1
1.1
1.1
-1.6
-3.0
-1.0
-1.3
2.5
1.1
3.2
2.5
1.2
5.9
5.7
9.8
9.6
11.3
7.7
7.3
6.6
5.9
5.4
5.2
0.2
8.5
7.0
4.4
-3.6
-6.8
-7.3
-9.7
-5.1
$ Rev
8.9
9.5
9.7
9.9
6.6
0.5
-4.5
-9.8
-6.6
-1.1
-0.5
2.7
-4.7
-4.5
0.4
0.1
8.3
5.8
8.7
9.6
6.0
12.4
14.7
27.8
21.8
15.7
10.8
4.1
9.1
9.1
8.5
8.7
-0.9
10.3
22.3
8.2
-8.4
-15.9
-16.5
-19.1
-2.9
3.5%
2.6%
3.3%
3.3%
2.6%
2.1%
4.8%
5.7%
-7.3% -18.4%
Page 15 of 116
Market REVPAR History & Forecast:
2. Over the past nine years, the Austin Metro Market has shown an average annual real
growth of 2.1% (room-nights sold), annual growth of 3.3% in total room revenues, and a
0.4% annual gain in REVPAR; note that the severe recession of 2009 depressed the longterm performance numbers. Occupancy dropped 0.8% per year over the nine years. Supply
rose by 2.9% per year, with room rates rising 1.2% annually.
Over the past four years, a 1% per year rise in demand was coupled with supply growth of
2.7% annually. Revenues over this period gained an average of 3.4% per year, while REVPAR
increased a modest 0.7% annually. Room rates rose 2.4% per year. Occupancy decreased over
the last four years by 1.6% per year.
Over the last two years, demand dropped by 2.1% annually. Average performance was
further impinged by 3.3% annual increases in supply. These results caused occupancy to fall
by 5.2% annually, followed by REVPAR losses averaging 8.3% per year. Rates fell 3.2% per
year, and yearly revenues slipped 5.3%.
Most recent history, the 12 months ending June 30, 2010, shows poor results. Real demand
dropped by 0.1%, rates by 6.5%, revenues by 6.6% and occupancy by 3.6%. With a
supply increase of 3.5%, REVPAR dropped 9.9% for the average hotel. Revenues fell 6.6%
for the area market versus 14% for all of Texas. Market occupancy averaged 57.3% versus
53.6% for the state.
Page 16 of 116
LODGING MARKET: AUSTIN METRO HISTORY
#
Htls
Year &
and
Mtls
Quarter
003
208
004
208
011
210
012
219
013
225
014
223
021
228
022
236
023
237
024
234
031
236
032
242
033
244
034
243
041
245
042
251
043
252
044
246
051
243
052
249
053
247
054
244
061
244
062
251
063
257
064
252
071
248
072
258
073
259
074
251
081
253
082
269
083
267
084
258
091
255
092
273
093
268
094
268
101
272
102
284
CGR% Past 9yrs
4yrs
2yrs
1yr
#
Rooms
20,871
21,137
21,570
22,223
22,634
22,867
23,046
23,593
23,785
23,918
24,130
24,288
24,452
24,531
25,418
25,601
25,602
25,302
25,084
25,170
25,105
24,890
24,887
25,189
25,763
25,875
25,774
25,904
26,065
25,922
25,935
26,343
26,661
26,522
26,821
27,455
27,317
27,572
27,962
28,398
2.9%
2.7%
3.3%
3.5%
Room1
Total
nites
Rooms
sold Revenue %2
$3
$4
000's $000's
Occ.
Rate RevPar
1,277 115,500
66.5 90.44 60.15
1,243 110,384
63.9 88.81 56.76
1,315 117,375
67.7 89.25 60.46
1,291 117,995
63.8 91.44 58.35
1,144 96,260
54.9 84.16 46.23
1,087 83,887
51.7 77.15 39.87
1,143 94,198
55.1 82.44 45.42
1,256 110,095
58.5 87.64 51.28
1,098 91,966
50.2 83.78 42.03
1,137 88,913
51.7 78.23 40.41
1,230 101,080
56.6 82.18 46.54
1,244 103,830
56.3 83.44 46.98
1,184 96,721
52.6 81.71 43.00
1,082 84,327
47.9 77.94 37.36
1,247 97,386
54.5 78.07 42.57
1,409 114,500
60.5 81.26 49.15
1,315 109,409
55.8 83.18 46.45
1,242 98,018
53.4 78.91 42.11
1,413 115,872
62.6 82.00 51.33
1,494 132,608
65.2 88.74 57.90
1,405 125,602
60.8 89.40 54.38
1,425 120,368
62.2 84.49 52.57
1,551 139,023
69.2 89.64 62.07
1,544 155,762
67.3 100.92 67.95
1,585 156,078
66.9 98.45 65.85
1,506 141,312
63.2 93.86 59.36
1,702 171,764
73.4 100.89 74.05
1,643 180,521
69.7 109.89 76.58
1,608 170,467
67.0 106.03 71.09
1,527 153,132
64.0 100.26 64.21
1,649 175,341
70.6 106.34 75.12
1,657 190,461
69.1 114.98 79.45
1,592 180,730
64.9 113.55 73.68
1,477 156,131
60.5 105.69 63.99
1,569 163,751
65.0 104.38 67.84
1,544 162,095
61.8 105.00 64.88
1,440 148,120
57.3 102.86 58.94
1,403 138,012
55.3 98.38 54.41
1,657 160,668
65.9 96.95 63.84
1,673 171,899
64.7 102.78 66.52
2.1%
3.3% -0.8%
1.2%
0.4%
1.0%
3.4% -1.6%
2.4%
0.7%
-2.1%
-5.3% -5.2% -3.2% -8.3%
-0.1%
-6.6% -3.6% -6.5% -9.9%
% Growth Vs Yr Ago
Sply Real
ADR $ Rev
8.4 -10.4 -6.9 -16.7

8.2 -12.5 -13.1 -24.0
6.8 -13.1 -7.6 -19.7
6.2 -2.7 -4.2 -6.7
5.1 -4.0 -0.5 -4.5
4.6
4.5
1.4
6.0
4.7
7.6 -0.3
7.3
2.9 -0.9 -4.8 -5.7
2.8
7.8 -2.5
5.2
2.6 -4.8 -0.4 -5.2
5.3
1.4 -5.0 -3.7
5.4 13.2 -2.6 10.3
4.7 11.1
1.8 13.1
3.1 14.8
1.2 16.2
-1.3 13.3
5.0 19.0
-1.7
6.1
9.2 15.8
-1.9
6.8
7.5 14.8
-1.6 14.7
7.1 22.8
-0.8
9.8
9.3 20.0
0.1
3.3 13.7 17.5
2.6 12.8 10.1 24.3
4.0
5.7 11.1 17.4
3.6
9.8 12.6 23.6
2.8
6.4
8.9 15.9
1.2
1.4
7.7
9.2
0.2
1.4
6.8
8.4
0.6 -3.1
5.4
2.1
1.7
0.8
4.6
5.5
2.3 -1.0
7.1
6.0
2.3 -3.3
5.4
2.0
3.4 -4.9 -1.8 -6.6
4.2 -6.8 -8.7 -14.9
2.5 -9.5 -9.4 -18.0
4.0 -5.0 -6.9 -11.6
4.3
5.6 -7.1 -1.9
3.4
8.3 -2.1
6.0
Page 17 of 116
3. In the future, overall market occupancy is projected to return to the estimated long-term
equilibrium occupancy level of 61% by 2014. For the next nine years, real demand (room nights
sold) is projected at an average 3.2% growth rate, matching the projected net supply growth of
3.2%. With 2.9% average daily rate inflation, market gross revenues should gain 6.2% annually
during the nine year forecast.
These assumptions relative to demand, supply, and occupancy reflect the fact that over the past
20 years overall occupancy in Texas has averaged about 60%, a level considered to be
'Equilibrium Occupancy' state-wide. This fact considers that larger and more successful metro
area markets generate higher overall occupancy and REVPAR numbers than state averages,
while rural areas lag these averages (Source Strategies, Inc. database).
'Equilibrium Occupancy' is further explained by the fact that new investment money will
eventually be attracted to an under-supplied market until market occupancy falls and lower
returns on capital are the result. The equilibrium occupancy point is where net, new supply is
being added at about the same rate as growth in demand, and where return on investment is in
balance with the cost of capital.
Fueled by moderate, steady demand growth, the Austin Metro has room for appropriatelypositioned new development, added at similar rates to demand. Higher quality new lodging
products at or above mid-priced levels are performing very well in the market despite overall
performance numbers being moderated by the large number of older, obsolete, budget and
independent hotels. These older, existing competitors are highly vulnerable to the superior
attractiveness of newly-built lodging. This pattern can be seen in the success of chain operations
at or above the mid-priced levels. Given this growth scenario, room supply consequently grows
from 28,398 rooms currently to 37,779 in 2019, 33% higher and representing 9,381 net new
rooms (gross new openings, less closings).
Note that REVPAR growth for every individual hotel unit is well below the total revenue growth
of the market, with average REVPAR in our projection rising by 2.8% per annum over the next
five years (compared to the 0.4% average REVPAR gain of the past nine years). Revenues are
forecast to grow by 6.3% per year on the strength of 3.4% growth in real demand and 2.7%
Page 18 of 116
growth in price (room-rates). Occupancy over the next five years is expected to rise by 0.1% per
year, as supply rises 3.4% per year.
If supply should grow 3,800 rooms over forecast (+10%), without demand also growing faster
than forecast, average individual hotel REVPAR would decline by 9% versus forecast, dropping
from the forecast REVPAR of $73 to $67 by the last quarter of 2019. Real growth for hotel
rooms in the metro began to resume in the first quarter of 2010.
Page 19 of 116
LODGING MARKET: AUSTIN METRO PROJECTION
#
Htls
and
Mtls
280
280
284
297
293
293
297
310
306
306
311
325
320
320
325
338
333
333
338
351
347
347
352
365
361
361
366
380
375
375
381
396
390
390
396
412
406
406
412
428
422
422
429
446
Year &
Quarter
103
104
111
112
113
114
121
122
123
124
131
132
133
134
141
142
143
144
151
152
153
154
161
162
163
164
171
172
173
174
181
182
183
184
191
192
193
194
201
202
203
204
211
212
CGR% 9yrs
'5yrs
HISTORY
CGR% Past 9yrs
4yrs
1yr
Room1
Total
nites
Rooms
#
sold Revenue %2
$3
$4
% Growth Vs Yr Ago
Rooms 000's $000's
Occ.
Rate RevPar Sply Real
ADR $ Rev
28,273 1,512 152,414
58.1 100.80 58.60
3.5
5.0 -2.0
2.9
28,537 1,473 147,817
56.1 100.35 56.30
3.5
5.0
2.0
7.1
28,941 1,740 172,083
66.8 98.89 66.07
3.5
5.0
2.0
7.1
29,392 1,756 185,909
65.7 105.86 69.51
3.5
5.0
3.0
8.2
29,263 1,565 163,270
58.1 104.33 60.65
3.5
3.5
3.5
7.1
29,536 1,525 158,345
56.1 103.86 58.27
3.5
3.5
3.5
7.1
29,954 1,792 183,449
66.5 102.35 68.05
3.5
3.0
3.5
6.6
30,421 1,809 198,189
65.3 109.57 71.59
3.5
3.0
3.5
6.6
30,287 1,612 173,213
57.8 107.46 62.16
3.5
3.0
3.0
6.1
30,570 1,570 167,988
55.8 106.98 59.73
3.5
3.0
3.0
6.1
31,002 1,846 194,621
66.2 105.42 69.75
3.5
3.0
3.0
6.1
31,485 1,863 210,258
65.0 112.86 73.38
3.5
3.0
3.0
6.1
31,347 1,660 183,761
57.6 110.68 63.72
3.5
3.0
3.0
6.1
31,640 1,617 178,218
55.6 110.18 61.23
3.5
3.0
3.0
6.1
32,087 1,902 206,474
65.8 108.58 71.50
3.5
3.0
3.0
6.1
32,430 1,919 223,063
65.0 116.24 75.59
3.0
3.0
3.0
6.1
32,287 1,710 194,952
57.6 114.01 65.63
3.0
3.0
3.0
6.1
32,589 1,666 189,072
55.6 113.49 63.06
3.0
3.0
3.0
6.1
33,050 1,959 219,048
65.8 111.84 73.64
3.0
3.0
3.0
6.1
33,403 1,977 236,648
65.0 119.73 77.85
3.0
3.0
3.0
6.1
33,256 1,761 206,825
57.6 117.43 67.60
3.0
3.0
3.0
6.1
33,566 1,716 200,586
55.6 116.90 64.95
3.0
3.0
3.0
6.1
34,041 2,017 232,388
65.8 115.20 75.85
3.0
3.0
3.0
6.1
34,405 2,036 251,059
65.0 123.32 80.19
3.0
3.0
3.0
6.1
34,254 1,814 219,421
57.6 120.95 69.63
3.0
3.0
3.0
6.1
34,573 1,767 212,802
55.6 120.40 66.90
3.0
3.0
3.0
6.1
35,062 2,078 246,540
65.8 118.65 78.13
3.0
3.0
3.0
6.1
35,437 2,097 266,349
65.0 127.02 82.59
3.0
3.0
3.0
6.1
35,281 1,869 232,783
57.6 124.58 71.72
3.0
3.0
3.0
6.1
35,611 1,820 225,762
55.6 124.01 68.91
3.0
3.0
3.0
6.1
36,114 2,140 261,555
65.8 122.21 80.47
3.0
3.0
3.0
6.1
36,500 2,160 282,570
65.0 130.83 85.07
3.0
3.0
3.0
6.1
36,340 1,925 246,960
57.6 128.31 73.87
3.0
3.0
3.0
6.1
36,679 1,875 239,511
55.6 127.73 70.98
3.0
3.0
3.0
6.1
37,198 2,204 277,483
65.8 125.88 82.89
3.0
3.0
3.0
6.1
37,595 2,225 299,778
65.0 134.76 87.62
3.0
3.0
3.0
6.1
37,430 1,982 262,000
57.6 132.16 76.08
3.0
3.0
3.0
6.1
37,779 1,931 254,097
55.6 131.57 73.11
3.0
3.0
3.0
6.1
38,314 2,271 294,382
65.8 129.65 85.37
3.0
3.0
3.0
6.1
38,723 2,291 318,035
65.0 138.80 90.25
3.0
3.0
3.0
6.1
38,553 2,042 277,955
57.6 136.13 78.37
3.0
3.0
3.0
6.1
38,913 1,989 269,571
55.6 135.51 75.30
3.0
3.0
3.0
6.1
39,463 2,339 312,310
65.8 133.54 87.93
3.0
3.0
3.0
6.1
39,885 2,360 337,403
65.0 142.96 92.96
3.0
3.0
3.0
6.1
3.2%
3.2%
6.2%
0.0%
2.9%
2.9%
3.4%
3.4%
6.3%
0.1%
2.7%
2.8%
2.9%
2.7%
3.5%
2.1%
1.0%
-0.1%
3.3%
3.4%
-6.6%
-0.8%
-1.6%
-3.6%
1.2%
2.4%
-6.5%
0.4%
0.7%
-9.9%
Roomnights sold (derived from est. rate and actual revenues) 2. Occupancy nights sold divided by
nights available for sale. 3. Avg. price for roomnights sold; Directories, Surveys, &
experience. 4. $ Revenue per available room per day (room sales per day.
Page 20 of 116
LOCAL MARKET PERFORMANCE
4. The subject hotels local market area currently generates a REVPAR of $37
compared to the Texas average of $44.
This REVPAR difference is not a
performance shortfall, but rather, it is due to a lack of upscale and luxury

hotels locally:
LODGING MARKET:
BRAND
CHAINS
MARRIOTT
TOT UPSCALE
RESIDENCE
STAYBRIDG
TOT SUITES
COURTYARD
HILT GARD
HOLID INN
TOT MID/UPS
CANDLWOOD
COMFO STE
SPRNGHILL
TOT MIN STE
BEST WEST
CNTRY INN
FAIRFIELD
HAMPTON
HOLID EXP
LA QUINTA
SLEEP INN
WINGATE
TOT LTD SVE
EXT AMERI
INTOWN ST
VALUE PLC
TOT EXT STA
DAYS INN
HO JO
MOTEL 6
QUALITY
RAMADA
RED ROOF
SUPER 8
TOT BUDGET
TOT CHAINS
TOT INDEP
TOT MARKET
PERIOD: TWELVE MONTHS ENDING JUNE 30, 2010

I-35 CORRIDOR FROM FAR NORTH AUSTIN THROUGH GEORGETOWN
# *
#* RMS
HTL 000S
%
RMS
EST.
RNS
000S
%
RNS
5.9
5.9
3.7
1.6
5.3
4.8
4.8
1.8
11.3
2.0
3.9
4.7
10.6
3.7
1.2
3.0
1.9
4.3
6.0
.4
2.0
22.4
7.2
2.4
4.2
13.8
2.1
3.7
5.3
1.1
3.1
5.0
2.4
22.7
70
70
48
18
66
38
51
19
108
22
43
54
119
38
10
20
23
46
67
3
19
227
79
29
52
160
17
29
61
12
32
43
28
222
6.7
6.7
4.6
1.7
6.3
3.6
4.9
1.8
10.3
2.1
4.1
5.1
11.3
3.6
1.0
1.9
2.2
4.4
6.4
.3
1.8
21.6
7.5
2.8
4.9
15.2
1.6
2.8
5.8
1.1
3.0
4.1
2.7
21.1
1
1
2
1
3
2
2
1
5
1
3
2
6
2
1
1
1
3
3
0
1
12
3
1
2
6
2
1
2
1
1
2
1
10
.3
.3
.2
.1
.3
.2
.2
.1
.6
.1
.2
.2
.5
.2
.1
.2
.1
.2
.3
.0
.1
1.1
.4
.1
.2
.7
.1
.2
.3
.1
.2
.3
.1
1.1
43
7
50
4.6 91.9
.4
8.1
5.0 100.0
973 92.6
78
7.4
1,051 100.0
$
AMT.
000S
EST.
$
RATE
$
RPAR
65.3
65.3
71.7
61.2
68.5
43.8
58.8
56.5
52.1
61.9
60.6
62.2
61.5
55.6
45.2
37.0
66.6
58.9
61.3
50.5
53.2
55.3
60.2
66.5
67.0
63.4
44.6
42.5
62.5
59.9
56.1
47.4
62.2
53.2
120.22
120.22
117.09
94.59
110.94
95.82
96.48
74.71
92.47
57.73
82.18
82.01
77.56
57.69
54.35
78.90
110.53
81.24
65.21
58.22
65.82
72.44
38.85
33.74
28.96
34.72
47.21
34.37
37.60
56.63
34.40
43.65
42.85
40.30
78.51
78.51
83.95
57.93
75.99
41.92
56.73
42.25
48.19
35.72
49.83
50.97
47.73
32.08
24.55
29.19
73.67
47.88
39.98
29.40
35.02
40.09
23.39
22.43
19.41
22.00
21.05
14.62
23.48
33.92
19.29
20.70
26.66
21.46
65,992 96.7 57.7

2,280 3.3 53.0
68,272 100 57.3
67.83
29.12
64.94
39.16
15.42
37.25
8,454
8,454
5,638
1,713
7,351
3,659
4,949
1,403
10,011
1,278
3,565
4,391
9,233
2,166
547
1,598
2,501
3,758
4,392
198
1,278
16,438
3,073
991
1,498
5,562
799
1,003
2,289
668
1,098
1,889
1,197
8,944
%
EST.
AMT %OCC
12.4
12.4
8.3
2.5
10.8
5.4
7.2
2.1
14.7
1.9
5.2
6.4
13.5
3.2
.8
2.3
3.7
5.5
6.4
.3
1.9
24.1
4.5
1.5
2.2
8.1
1.2
1.5
3.4
1.0
1.6
2.8
1.8
13.1
1. Roomnights sold (derived from est. rate and actual revenues) 2. Occupancy nights sold divided by nights available for sale. 3. Avg. price for
roomnights sold; Directories, Surveys, & experience. 4. $ Revenue per available room per day (room sales per day).
Page 21 of 116
Local Market REVPAR History & Forecast:
5. Over the past nine years, the I-35 Corridor Market has shown an average annual real
growth of 2.3% (room-nights sold), annual growth of 3.2% in total room revenues, and a
0.4% annual decline in REVPAR; note that the severe recession of 2009 depressed the
long-term performance numbers. Occupancy dropped 1.2% per year over the nine years.
Supply rose by 3.6% per year, with room rates rising 0.9% annually.
Over the past four years, a gain of 0.2% per year in demand was coupled with supply
growth of 2.7% annually. Revenues over this period rose an average of 0.6% per year, while
REVPAR slipped 2.1% annually. Room rates rose 0.4% per year. Occupancy decreased over
the last four years by 2.4% per year.
Over the last two years, demand fell 3.1% annually. Average performance was further
hampered by a 4.6% annual increases in supply. These results caused occupancy to fall by
7.4% annually, followed by REVPAR losses averaging 12.6% per year. Rates dropped 5.6% per
year, and yearly revenues slipped 8.6%.
Most recent history, the 12 months ending June 30, 2010, shows poor results. Real demand
gained a modest 1.9%, rates fell 8.3%, revenues dropped by 6.7% and occupancy eroded
2.4%. With a supply increase of 4.4%, REVPAR dropped 10.6% for the average hotel.
For comparison, revenues fell 14% for all of Texas during the same period. Market occupancy
averaged 59% versus 53% for the state. Locally, demand resumed in the first quarter of 2010.
Page 22 of 116
LODGING MARKET: AUSTIN IH-35 CORRIDOR HISTORY
#
Htls
Year &
and
Mtls
Quarter
003
37
004
38
011
38
012
41
013
41
014
41
021
42
022
42
023
42
024
44
031
44
032
44
033
45
034
46
041
45
042
46
043
46
044
46
051
45
052
46
053
45
054
45
061
46
062
46
063
46
064
46
071
46
072
46
073
47
074
47
081
47
082
48
083
48
084
47
091
47
092
49
093
49
094
50
101
49
102
50
CGR% Past 9yrs
4yrs
2yrs
1yr
Wider Market
CGR% Past 9yrs
4yrs
#
Rooms
3,464
3,654
3,606
3,861
4,033
4,033
4,110
4,218
4,300
4,348
4,399
4,399
4,409
4,506
4,549
4,563
4,563
4,563
4,524
4,540
4,480
4,479
4,548
4,548
4,548
4,536
4,535
4,535
4,557
4,557
4,557
4,679
4,778
4,763
4,763
4,933
4,906
5,063
5,023
5,097
3.6%
2.7%
4.6%
4.4%
History
2.9%
2.7%
Room1
Total
nites
Rooms
sold Revenue %2
000's $000's
Occ.
204 12,327
64.0
211 12,144
62.8
217 12,821
66.8
222 13,978
63.3
203 12,289
54.6
184 10,021
49.7
199 11,409
53.8
221 13,554
57.5
201 12,418
50.7
196 10,948
49.0
209 11,938
52.9
225 13,246
56.2
208 11,966
51.2
189 10,389
45.5
216 11,735
52.6
243 13,753
58.6
226 13,121
53.9
213 11,637
50.7
249 13,790
61.1
267 16,389
64.7
249 15,476
60.3
245 14,561
59.5
267 16,529
65.3
281 20,160
67.9
283 19,483
67.5
274 17,922
65.7
302 20,715
73.9
291 22,256
70.4
283 20,590
67.6
269 18,643
64.2
284 20,769
69.2
283 21,706
66.5
273 20,893
62.0
245 17,418
56.0
248 16,357
57.8
266 18,521
59.3
244 16,280
54.0
236 15,011
50.6
284 17,584
62.8
288 19,396
62.1
2.3%
3.2% -1.2%
0.2%
0.6% -2.4%
-3.1%
-8.6% -7.4%
1.9%
-6.7% -2.4%
2.1%
1.0%
3.3%
3.4%
-0.8%
-1.6%
$3
$4
Rate RevPar
60.40 38.68
57.55 36.12
59.13 39.51
62.87 39.78
60.65 33.12
54.38 27.01
57.37 30.84
61.39 35.31
61.86 31.39
55.86 27.37
57.05 30.15
58.93 33.09
57.58 29.50
55.10 25.06
54.45 28.66
56.50 33.12
57.97 31.26
54.67 27.72
55.43 33.87
61.29 39.67
62.23 37.55
59.35 35.34
61.88 40.38
71.72 48.71
68.96 46.56
65.33 42.95
68.69 50.75
76.62 53.93
72.66 49.11
69.25 44.47
73.18 50.64
76.65 50.98
76.66 47.53
71.00 39.75
65.98 38.16
69.60 41.26
66.85 36.07
63.67 32.23
61.90 38.90
67.36 41.82
0.9% -0.4%
0.4% -2.1%
-5.6% -12.6%
-8.3% -10.6%
1.2%
2.4%
% Growth Vs Yr Ago
Sply Real
ADR $ Rev
16.4 -0.7
0.4 -0.3
10.4 -12.7 -5.5 -17.5
14.0 -8.3 -3.0 -11.0
9.2 -0.7 -2.4 -3.0
6.6 -0.9
2.0
1.0
7.8
6.3
2.7
9.3
7.0
5.2 -0.6
4.6
4.3
1.8 -4.0 -2.3
2.5
3.5 -6.9 -3.6
3.6 -3.8 -1.4 -5.1
3.4
3.0 -4.6 -1.7
3.7
8.3 -4.1
3.8
3.5
8.9
0.7
9.7
1.3 12.9 -0.8 12.0
-0.5 15.5
1.8 17.5
-0.5
9.9
8.5 19.2
-1.8
9.9
7.3 17.9
-1.8 15.3
8.6 25.1
0.5
7.4 11.6 19.9
0.2
5.1 17.0 23.0
1.5 13.6 10.8 25.9
1.3 11.8 10.1 23.1
-0.3 12.9 11.0 25.3
-0.3
3.3
6.8 10.4
0.2
0.3
5.4
5.7
0.5 -1.9
6.0
4.0
0.5 -5.9
6.5
0.3
3.2 -2.5
0.0 -2.5
4.8 -3.8
5.5
1.5
4.5 -8.9
2.5 -6.6
4.5 -12.6 -9.8 -21.2
5.4 -6.0 -9.2 -14.7
2.7 -10.6 -12.8 -22.1
6.3 -3.9 -10.3 -13.8
5.5 14.6 -6.2
7.5
3.3
8.2 -3.2
4.7
0.4%
0.7%
Page 23 of 116
6. Overall market occupancy is projected to recover as the economy rebounds. This
translates to a gradual gain in occupancies to the long-term equilibrium occupancy level of
60% over the next 4 years (by 2014). REVPAR should grow at 3.9% annually in the
period, coupled with room revenue growth of 7.3% annually, 3.4% annual rate increases
and 0.5% annual occupancy gains. Over the next nine years, real demand (room nights sold)
is projected at an average 3.7% growth rate, with supply rising 3.2%.
These assumptions relative to demand, supply, and occupancy reflect the fact that over the past
20 years overall occupancy in Texas has averaged about 59%, a level considered to be
'Equilibrium Occupancy' state-wide. This fact considers that larger and more successful metro
area markets generate higher overall occupancy and REVPAR numbers than state averages,
while rural and Interstate highways areas lag these averages (Source Strategies, Inc. database).
'Equilibrium Occupancy' is further explained by the fact that new investment money will
eventually be attracted to an under-supplied market until market occupancy falls and lower
returns on capital are the result. The equilibrium occupancy point is where net, new supply is
being added at about the same rate as growth in demand, and where return on investment is in
balance with the cost of capital.
The IH-35 Corridor market has room for selectively-positioned new development, in pockets of
high demand and/or aged and weak competitors. Higher quality new lodging products at or
above mid-priced levels are performing very well in the market despite overall performance
numbers being moderated by the large number of older, obsolete, budgets. These older, existing
competitors are highly vulnerable to the superior attractiveness of newly-built, major-branded
lodging. This pattern can be seen in the success of chain operations at or above the mid-priced
levels.
Given our growth assumptions, room supply consequently grows from 5,022 rooms currently to
6,754 in 2019, 34% higher and representing 1,731 net new rooms (gross new openings, less
closings).
Page 24 of 116
Note that REVPAR growth for every individual hotel unit is well below the total revenue
growth of the market, with average REVPAR in our projection rising by 4.7% per annum
over the next five years (compared to a 0.4% average annual REVPAR decline over the
past nine years). Revenues are forecast to grow at 8.6% per year on the strength of 4.7%
growth in real demand starting from the trough of 2009 - and 3.7% growth in price (roomrates). Occupancy over the next five years is expected to gain 1% annually, as supply rises by
3.7% per year.
If supply should grow 680 rooms over forecast (+10%), without demand also growing faster than
forecast, average individual hotel REVPAR would decline by 9% versus forecast, dropping from
the forecast REVPAR of $48 to $44 in the last quarter of 2019.
Page 25 of 116
LODGING MARKET: AUSTIN IH-35 CORRIDOR PROJECTION
#
Htls
and
Mtls
50
51
51
52
53
54
54
55
56
57
58
58
58
60
60
60
61
62
62
63
63
65
65
65
65
67
67
67
68
69
70
70
70
72
72
72
72
74
75
75
75
77
77
77
Year &
Quarter
103
104
111
112
113
114
121
122
123
124
131
132
133
134
141
142
143
144
151
152
153
154
161
162
163
164
171
172
173
174
181
182
183
184
191
192
193
194
201
202
203
204
211
212
CGR% 9yrs
'5yrs
HISTORY
CGR% Past 9yrs
4yrs
1yr
Room1
Total
nites
Rooms
#
sold Revenue %2
Rooms 000's $000's
Occ.
5,102
268 17,906
57.1
5,190
259 17,010
54.3
5,199
313 19,925
66.8
5,275
317 22,193
66.0
5,306
281 19,553
57.6
5,397
272 18,575
54.8
5,459
328 21,758
66.8
5,539
333 24,468
66.0
5,572
291 21,249
56.8
5,667
282 20,186
54.1
5,732
340 23,645
65.8
5,733
344 26,337
66.0
5,739
300 22,762
56.8
5,837
290 21,520
54.1
5,904
348 25,085
65.5
5,905
353 27,941
65.7
5,911
307 24,148
56.5
6,012
298 22,830
53.8
6,081
357 26,612
65.2
6,082
362 29,642
65.4
6,088
315 25,618
56.2
6,193
305 24,103
53.5
6,263
366 28,095
64.9
6,234
371 31,294
65.4
6,240
323 27,046
56.2
6,347
313 25,446
53.5
6,420
375 29,662
64.9
6,390
380 33,039
65.4
6,397
331 28,554
56.2
6,506
320 26,865
53.5
6,580
384 31,315
64.9
6,550
390 34,881
65.4
6,556
339 30,146
56.2
6,669
328 28,363
53.5
6,745
394 33,061
64.9
6,714
399 36,825
65.4
6,720
348 31,826
56.2
6,835
337 29,944
53.5
6,913
404 34,904
64.9
6,881
409 38,878
65.4
6,888
356 33,601
56.2
7,006
345 31,613
53.5
7,086
414 36,850
64.9
7,053
419 41,046
65.4
3.2%
3.7%
7.3%
0.5%
3.7%
4.7%
8.6%
1.0%
3.6%
2.7%
4.4%
2.3%
0.2%
1.9%
3.2%
0.6%
-6.7%
-1.2%
-2.4%
-2.4%
$3
$4
% Growth Vs
Rate RevPar Sply Real
66.85 38.15
4.0 10.0
65.58 35.63
2.5 10.0
63.76 42.58
3.5 10.0
70.05 46.23
3.5 10.0
69.52 40.05
4.0
5.0
68.20 37.41
4.0
5.0
66.31 44.29
5.0
5.0
73.56 48.54
5.0
5.0
73.00 41.45
5.0
3.5
71.61 38.72
5.0
3.5
69.62 45.84
5.0
3.5
76.50 50.48
3.5
3.5
75.92 43.11
3.0
3.0
74.12 40.07
3.0
3.0
72.06 47.21
3.0
2.5
79.18 52.00
3.0
2.5
78.58 44.41
3.0
2.5
76.71 41.27
3.0
2.5
74.58 48.63
3.0
2.5
81.95 53.56
3.0
2.5
81.33 45.74
3.0
2.5
79.02 42.31
3.0
2.5
76.82 49.84
3.0
2.5
84.41 55.16
2.5
2.5
83.77 47.11
2.5
2.5
81.39 43.58
2.5
2.5
79.12 51.34
2.5
2.5
86.94 56.82
2.5
2.5
86.28 48.52
2.5
2.5
83.83 44.88
2.5
2.5
81.50 52.88
2.5
2.5
89.55 58.52
2.5
2.5
88.87 49.98
2.5
2.5
86.34 46.23
2.5
2.5
83.94 54.46
2.5
2.5
92.23 60.28
2.5
2.5
91.53 51.48
2.5
2.5
88.93 47.62
2.5
2.5
86.46 56.10
2.5
2.5
95.00 62.09
2.5
2.5
94.28 53.02
2.5
2.5
91.60 49.05
2.5
2.5
89.05 57.78
2.5
2.5
97.85 63.95
2.5
2.5
3.4%
3.9%
3.7%
4.7%
Yr Ago
ADR $ Rev
0.0 10.0
3.0 13.3
3.0 13.3
4.0 14.4
4.0
9.2
4.0
9.2
4.0
9.2
5.0 10.3
5.0
8.7
5.0
8.7
5.0
8.7
4.0
7.6
4.0
7.1
3.5
6.6
3.5
6.1
3.5
6.1
3.5
6.1
3.5
6.1
3.5
6.1
3.5
6.1
3.5
6.1
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
3.0
5.6
0.9% -0.4%
0.4% -2.1%
-8.3% -10.6%
Page 26 of 116
7. The local market REVPAR index history has fluctuated widely versus the metro, with a low
point of 61% versus the wider metro market REVPAR recorded in the latest year:
MARKET REVPAR HISTORY
Year &
Quarter
003
004
011
012
013
014
021
022
023
024
031
032
033
034
041
042
043
044
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
CGR% 9yrs
4yrs
2yrs
1yr
Total
Mkt Area
60.15
56.76
60.46
58.35
46.23
39.87
45.42
51.28
42.03
40.41
46.54
46.98
43.00
37.36
42.57
49.15
46.45
42.11
51.33
57.90
54.38
52.57
62.07
67.95
65.85
59.36
74.05
76.58
71.09
64.21
75.12
79.45
73.68
63.99
67.84
64.88
58.94
54.41
63.84
66.52
0.4%
0.7%
-8.3%
-9.9%
Local/Total Market
Local Quarter
Year
Market
Index
Index
38.68
64
36.12
64
39.51
65
39.78
68
65
33.12
72
27.01
68
30.84
68
35.31
69
69
31.39
75
27.37
68
30.15
65
33.09
70
69
29.50
69
25.06
67
28.66
67
33.12
67
68
31.26
67
27.72
66
33.87
66
39.67
69
67
37.55
69
35.34
67
40.38
65
48.71
72
68
46.56
71
42.95
72
50.75
69
53.93
70
71
49.11
69
44.47
69
50.64
67
50.98
64
67
47.53
65
39.75
62
38.16
56
41.26
64
62
36.07
61
32.23
59
38.90
61
41.82
63
61
-0.4%
-2.1%
-12.6%
-10.6%
Page 27 of 116
8. The REVPAR forecast calls for the local market REVPAR index to rise to a level of 67 in the
early years of our projection:
Year &
Quarter
103
104
111
112
113
114
121
122
123
124
131
132
133
134
141
142
143
144
151
152
153
154
161
162
163
164
171
172
173
174
181
182
183
184
191
192
193
194
201
202
203
204
211
212
213
214
CGR% 9Yrs
First 5Yrs
Total
Market
58.60
56.30
66.07
69.51
60.65
58.27
68.05
71.59
62.16
59.73
69.75
73.38
63.72
61.23
71.50
75.59
65.63
63.06
73.64
77.85
67.60
64.95
75.85
80.19
69.63
66.90
78.13
82.59
71.72
68.91
80.47
85.07
73.87
70.98
82.89
87.62
76.08
73.11
85.37
90.25
78.37
75.30
87.93
92.96
80.52
77.37
2.9%
2.8%
MARKET REVPAR PROJECTION

Local/Total Market
Local
Quarter Year
Market
Index
Index
38.15
65
35.63
63
42.58
64
46.23
67
65
40.05
66
37.41
64
44.29
65
48.54
68
66
41.45
67
38.72
65
45.84
66
50.48
69
67
43.11
68
40.07
65
47.21
66
52.00
69
67
44.41
68
41.27
65
48.63
66
53.56
69
67
45.74
68
42.31
65
49.84
66
55.16
69
67
47.11
68
43.58
65
51.34
66
56.82
69
67
48.52
68
44.88
65
52.88
66
58.52
69
67
49.98
68
46.23
65
54.46
66
60.28
69
67
51.48
68
47.62
65
56.10
66
62.09
69
67
53.02
68
49.05
65
57.78
66
63.95
69
67
54.48
68
50.39
65
3.9%
4.7%
Page 28 of 116
9. A graph of the REVPAR history and projection for the local and metro markets shows
that REVPAR will only return to the levels of recent history by about 2016.
Page 29 of 116
10. The occupancy projection for the IH-35 market is below the level of much of the past
ten years. Our projection is for the local market to recover to the 60% equilibrium level by
2014:
Page 30 of 116
11. Graphing the Room Nights Sold history and projection also shows the reasonable
nature of the expectations for the local market, given a normal level of population growth and
investment expected in the area and a national economic recovery:
Page 31 of 116
PROJECT REVPAR - DEVELOPMENT OF INDICES
Within the above market REVPAR forecast, the expected performance of the proposed
hotel is based on six factors. All six factors are independent and modify the market's projected
REVPAR average to reflect the subject property's particular characteristics.
First, what is the Base Value? It is the effect of the Brand, including specified product quality
levels. Second, what is the effect of the brand's overall Age on its average performance?
Third, what is the effect of the project's Size, or room-count, on results? Fourth, are there any
Other adjustments needed to account for various factors, including under- or over-supply in
the product's Segment in which the project will compete? Fifth, what is the effect of the normal
Life Cycle patterns on the project (e.g. the effect of the project's Newness compared to older
competition on its unstoppable way to obsolescence)? And sixth, what is the likely influence of
the selected Site on results?
1. The Base Value factor sets property type/brand/product quality for a Holiday Inn
Express at 145%, the average level for Holiday Inn Express in the Exhibit IV hotel
market.9 This valuation is based on the REVPAR performance of the 200 Holiday Express
properties currently operating in the Exhibit IV market. These hotels produced a REVPAR of
$53 in the year ending June 30, 2010, compared to the Exhibit IV market average REVPAR of
$36.46, as follows:
$53/ $36.45 = 1.45 or 145%
This large sample of Texas Holiday Inn Express properties firmly grounds the basic REVPAR
performance that can be expected when operating a Holiday Inn Express hotel in a comparable
market, such as the proposed location. It should be noted that a 'Limited Service' hotel like the
proposed subject offers a higher consumer value than traditional Full Service hotels because of
high efficiency and lower operational costs. It operates without the economic losses from
generally unsuccessful hotel Food and Beverage operations and high overhead.
9
The Exhibit IV hotel market here incorporates all Texas hotels except for the Luxury and
Upscale Segments. This large market was selected to closely mimic the local market situation/mix
and to provide a wider body of information from which to draw the characteristics of specific
brand performance.
Page 32 of 116
2. The second adjustment factor, Brand Aging, is set at 0.91 (91%), an effective decrease in
performance projections because of the 200 Holiday Express inherent newness in the
market. These hotels were built in 2004 on average, and consequently outperformed older
hotels in part due to their average physical age.
This factor adjusts for the effect of the average age of the existing hotels on the brand's current
performance.10 The brand age adjustment, or life-cycle adjustment, for this and other brands
examined includes:
BRAND AGING: TEXAS MARKETS

Brand
Candlewood Suites
Comfort Suites
La Quinta
Best Western
Days Inn
Average
Opening
2004
2004
1999
1994
1986
Brand Aging
Adjustment
.91
.91
.99
1.07
1.23
3. The property Size factor - reflecting room count - calls for a +2% performance
adjustment for this property, or 102% (1.02). The average Holiday Inn Express hotel in the
Exhibit IV market has 77 rooms, slightly more than the 74 unit subject.
The size factor assigns a premium if the property is smaller than average and a penalty to the
property if it is larger than average. The size adjustment is necessary because demand is not
affected by the number of rental rooms offered, as the individual consumer only needs one room:
customers do not care whether a hotel offers 100, 125 or 150 rooms and their purchasing
behavior will be the same regardless of how many rooms the property offers. Keeping a project
conservatively sized assures a higher per-unit revenue yield, particularly in very competitive
markets like the local area. The highly-positive effect on revenues and return on capital due to
building small, and not 'over-sizing' projects is best explained by the following study, a study
that can be replicated with any brand, in almost any situation. The net effect of building small is
to run higher occupancy and rate, thereby increasing brand REVPAR by building a belowaverage number of rental units.
10
Point #5, below, adjusts for the physical life-cycle of the subject property, a different and additional consideration.
Page 33 of 116
A STUDY OF THE EFFECT OF HOTEL SIZE ON PERFORMANCE

IN THE TEXAS HOTEL INDUSTRY
THE CASE FOR DOWNSIZING NEW HOTELS11
Source Strategies, Inc., has long contended that the number of rooms a developer offers in a new
property is one of the key factors in determining a venture's relative success or failure. It is
every bit as important to size a hotel project properly as it is to select the appropriate brand, and
to have chosen to develop in a suitable market and location.
For the purposes of this study, we analyzed two separate samplings of hotels. We first looked at
Comfort Inns across Texas as a selected brand sampling; then we examined all branded hotels
built during a set period of time for a wider sampling.
1) COMFORT INN - ANALYSIS OF SIZING AND ITS IMPACT ON PERFORMANCE
In our initial analysis, we selected a group [55 properties] of Texas Comfort Inn branded
properties ranging in size from 36 to 75 rooms. The following chart of performance statistics
clearly illustrates the fact that on average, the smaller property will perform better, in terms of
REVPAR and occupancy, than a larger property of the same brand:
12 Months Ending September 30, 1999
Rooms Occupancy
Rate
REVPAR
36-40
66.9
55.25
36.95
41-45
65.3
57.34
37.45
46-50
66.5
57.38
38.17
51-55
62.8
56.02
35.20
56-60
61.8
54.26
33.55
61-65
56.6
55.33
31.33
66-70
44.6
45.71
20.41
71-75
43.8
44.20
19.38
Combined:
52
63.2
55.46
35.03
Further, properties with lower room counts were clearly able to sustain a higher level of
occupancy. Average occupancy ranged from 66.9% for properties of 36-40 rooms, downward to
a much lower 43.8% average occupancy for properties in the 71-75 room size bracket.
11
Analyzed and compiled by Douglas W. Sutton and Bruce H. Walker.
Page 34 of 116
The above chart and graph clearly illustrate that developers often miss the mark, building more
rooms than 'optimum'. 'Optimum' is defined as generating the highest return on invested capital,
and is closely tied to occupancy and REVPAR. Analyzing the above data provides a measure of
the effect of over-building. For the typical range of rooms for Comfort Inn projects occupancy
dropped 23 points (a full 35%) from 67% to 44% as room counts escalated. The key question is,
'how to apply this principle to a given hotel project.' Naturally, each project would have to be
judged on its individual merits, but looking at an 'average' project for a single brand and product
is very revealing.
BRANDED HOTELS - ANALYSIS OF SIZING AND ITS IMPACT ON
PERFORMANCE
In our second analysis, we looked at a sampling [91 properties] of Texas branded hotels of less
than 135 rooms which were constructed from 1970-1975. For our analysis we examined
performance results from the year 1985 when all subject hotels were 10 to 15 years old, to well
into their aging life cycles. The following table of performance statistics from 1985 for branded
properties throughout Texas clearly illustrates the downward curve, with a pronounced and
methodical erosion of performance as room counts increased:
# of Hotels
Rooms Occupancy Rate REVPAR
2
00-44
70.0 37.88
26.50
3
45-59
73.9 36.13
26.71
7
60-74
66.8 31.10
20.77
14
75-89
62.7 31.65
19.86
29 90-104
60.9 32.42
19.75
16 105-119
57.8 26.25
15.18
20 120-134
55.5 29.35
16.28
Combined: 91
98
59.8 30.34
18.14
Page 35 of 116
The following graph provides a clear picture of descending performance as room counts
increase. Average occupancy ranged from 70% for properties of 44 rooms or less, downward to
a much lower 55.5% average occupancy for properties in the 120-134 size bracket, after peaking
at 73.9% in the 45-59 size range.
The data is clear: in almost every case small hotels outperform larger ones. Common sense
explains this occurrence: a successful 100 room hotel will inevitably prompt the development of
one or more new, small hotels of similar quality in the immediate area. In a competitive market
environment, the smaller hotel has a distinct advantage and wins - almost every time. The fact
remains that if one builds a smaller than average property for a given brand, results should be
improved over the average: the converse of this fact is also true.
4. Fourth, the Segment or Other adjustment factor is set at 105% (1.05), or above average,
due to the inclusion of mini-suites in the project. Mini-suites average about 400 square feet,
compared to the industry standard room size of 324 square feet (the average for a Holiday Inn
sized room bay). The mini-suite rooms in the subject property will be a very strong attraction to
travelers looking for comfort and value in their hotel.
The attractiveness of the extra space in suite and mini-suite product offers consumers greater
value and comfort. The family appreciates the higher 'sleeping' capacity of a suite unit and its
inherent economy, including a free breakfast. With microwave kitchen facilities, coffeemaker
Page 36 of 116
and a small refrigerator, preparation of both snacks and dinners is an option, creating extra value
and convenience.
All this is an equally valuable asset to the business traveler. The dual attraction of mini-suite
hotels to both leisure and business travelers is what keeps the occupancy high on both weekends
and weekdays; it is the most appropriate product type of all to build in today's lodging market,
especially where high-priced demand is strong.
5. Fifth, the Aging Adjustment factor reflects the standard hotel life cycle: 92% (-8%) in
Year I; 107% for Year II; 112% for Years III through V; followed by a 1.67% annual
decline in the REVPAR index starting in Year VI. The aging factor also mirrors extensive
studies of hotel life-cycles conducted by Source Strategies, Inc.'s principal, Bruce Walker, when
heading the Holiday Inn Corporation's strategic planning department (1979-83).
It also reflects recent research on the life cycles of 25,000 Texas hotel rooms, developed from
1980 through 1982, and then again in 1990 through 1992, with each group's performance versus
the market tracked to the present (MarketShare newsletter, "The Hotel Life Cycle - It's Very
Real" published September 1994).
6. The last factor, Site, is set at 1.15 (115%), or above average for the local market. The site
values for this property, as well as for nearby existing competitors have been developed by
quantifying the influence site has had on their performance. Applying known adjustment factors
to existing properties, except for a site factor, lets us solve for the site value itself. Source
Strategies' site methodology 'backs into' the value of the site by matching actual performance
against known factors, using the site factor as the 'plugged number.'
The differences between the closest key competitors appear to be both explainable and
reasonable. The site value is 'plugged' so that projected REVPAR versus market approaches the
actual REVPAR over the past 12 months. Overall, current performances would indicate that
a 115% site value for the Holiday Express would be a responsible estimate with the
addition of new supply pressure in the market:
Page 37 of 116
SITE & PROPERTY DERIVATION
Quality
Inn
.71
1.23
1.25
1.17
.90
.79
91%
Days/
G-town
Inn
.61
1.23
1.22
1.07
.75
.68
50%
$37.25
$41.61
$37.25
$33.83
$37.25
$18.61
$67.54
100
$41.73
100
$33.94
100
$18.66
100
Units in Above Subject

Average Units
69
68
99
99
54
81
55
67
Size Adjustment (33%)
17
2006
1985
1984
1975
Comfort
Data in 2010 $
Suites
1.12
.91
1.27
x Size Adjustment
1.00
x Other Adjustments
1.25
1.12
181%
La
Quinta
1.05
1.09
1.22
1.00
1.00
.80
112%
x Market REVPAR
$37.25
$67.50
Actual Yr End 2nd 10

Index (Proj. Vs Actual)
Year Built
Combining all six factors that affect a hotel's REVPAR performance, we calculate that the
proposed hotel's REVPAR will achieve 182% of the market average REVPAR in Years IIIV, declining slowly thereafter:
Holiday Inn Express Georgetown

Year II Year III
Data in 2010 $
Year I
1.45
1.45
1.45
.91
.91
.91
1.15
1.15
1.15
x Size Adjustment
1.02
1.02
1.02
x Other Adjustments
1.05
1.05
1.05
1.07
1.12
.92
150%
174%
182%
x Market REVPAR
$37.25
$55.69
$37.25
$64.77
$37.25
$67.80
Page 38 of 116
COMBINING THE ABOVE MARKET REVPAR PROJECTION AND THE HOTEL'S
REVPAR INDEX TO DEVELOP REVENUES, OCCUPANCY, AND RATE
Using the projected Year III REVPAR index of 182%, the above process generates a
theoretical REVPAR of $67.80 (in latest year market dollars). This is the result of the Year
III performance index of 182% (1.82) multiplied by the current market average REVPAR of
$37.25.
Therefore, if the property were open today and were in its third year of operation, it should
theoretically be operating at the following level against the latest year's market results: a
$67.80 REVPAR computes to gross room revenues of approximately $1,831,278 ($67.80 times
74 units times 365 days). Please note that the actual effect on the market due to the introduction
of this project and other new hotels is fully reflected in subsequent pro forma market projections
and financials.
In the latest year's dollars, this projection for the project's Year III revenue breaks down
seasonally as follows:
Quarter
Room Revenues
% of Year
Seasonal Index
REVPAR$
Fourth
$401,481
21.9%
87
$58.97
First
$464,966
25.4%
103
$69.81
Second
$517,782
28.3%
113
$76.89
Third
Year III
$447,048 $1,831,278
24.4%
100
97
100
$65.67
$67.80
Source Strategies, Inc.'s projections of a reasonable rate and occupancy mix, a split of the
Holiday Inn Express Hotel & Suites' REVPAR for occupancy and rate, in latest year dollars,
would be as follows:
Quarter
ADR - $
Occupancy %
REVPAR$
Fourth
$81.85
72.0%
$58.97
First
$95.96
72.8%
$69.81
Second
$105.10
73.2%
$76.89
Third
$89.65
73.2%
$65.67
Year III
$93.13
72.8%
$67.80
Page 39 of 116
Tests For REASONABILITY
Comparisons can be made to assess the reasonable nature of the above market and subject
projections:
1. Individual property projections depend importantly on the projection of local market
REVPAR - forecast to rise at a reasonable, conservative rate through 2020, starting at the
current, highly-depressed level. Over the next nine years market REVPAR is projected to
grow 3.9% per year (versus the 0.4% annual REVPAR decrease of the past nine years).
REVPAR encompasses the net effects of supply and demand. Over the next nine years, we are
comfortable with the 3.7% real compound growth projected for the local market, higher than the
projected net supply growth of 3.2% annually, and resulting in the return to the expected
equilibrium occupancy level of 60% in the early years of our projection.
2. The derived Base Value of 1.45 (145%) for a Holiday Inn Express in the Exhibit IV
market area is reasonable when compared to the Base Values of other hotels in these same
markets. The hierarchy of REVPAR indices for selected brands is shown below:
REVPAR Index Comparison12
Residence Inn
Hampton Inn
Courtyard by Marriott
Holiday Express
Comfort Suites
Candlewood Suites
La Quinta Inn
Best Western
Comfort Inn
Quality Inn
Super 8
Motel 6
Days Inn
201
165
164
145
112
108
105
99
92
71
70
65
64
3. Developing actual adjustment factors for the existing properties - so that their projected
REVPAR equals actual REVPAR - indicates why the REVPAR index projection has a high
probability of being achieved. The REVPAR differences between the closest key competitors
appear to be both explainable and reasonable, using the standard, Source Strategies' adjustment
12
Unadjusted for physical aging of each brand.
Page 40 of 116
factor quantification. For each property, revenues are driven first by chain name affiliation and
product type, and are further adjusted for size, segment, hotel age and site location. The
REVPAR Index is then multiplied by the actual local area market average to generate dollar
REVPAR. We also include the theoretical Year III performance of the subject hotel, as follows:
REVPAR COMPARISON
Holiday
Express
Data in 2010 $
Yr III
1.45
.91
1.15
x Size Adjustment
1.02
x Other Adjustments
1.05
1.12
182%
Comfort
Suites
1.12
.91
1.27
1.00
1.25
1.12
181%
La Quality
Quinta
Inn
1.05
.71
1.09
1.23
1.22
1.25
1.00
1.17
1.00
.90
.80
.79
112%
91%
Days/
G-town
Inn
.61
1.23
1.22
1.07
.75
.68
50%
x Market REVPAR
$37.25
$67.80
37.25
67.50
37.25
41.61
37.25
33.83
37.25
18.61
Actual Past Year

Index (Proj. Vs. Actual
n/a
n/a
67.54
100
41.73
100
33.94
100
18.66
100
4. The projected REVPAR performance of the Holiday Inn Express Hotel & Suites versus
the local market average reflects the fact that this hotels physical quality will be
reasonably high, and will carry a popular brand name in a strong location.
Page 41 of 116
5. The graphically projected Occupancy performance of the Holiday Inn Express versus
the local market average reflects the fact that this hotel will be well above the overall
market average because of its brand, its product offering, its location, and its age. The
Holiday Express Occupancy gradually declines toward the market average after several years.
6. In the overall market, any new hotel will have an inordinate advantage over the old; the
playing field here is not level as the lodging consumer almost always votes for 'new' versus
old. From Holiday Inn consumer research, 'new' means 'clean,' and 'old' means 'dirty' to the
consumer. Cleanliness is the number one consumer selection factor in lodging.
The average hotel room in the local market is 15 years old, about half of the way through its life
cycle, and past its peak performing years. The typical hotel building becomes stylistically and
structurally obsolete after 30 years. Of the 52 hotels in the local market, 14 were built before
1986, and 21 were built since 2000. There is typically a wide and dramatic gap between the
performance of new and older properties, with the typical hotel in the area either being relatively
new and competitive, or older and on its way to closure.
Page 42 of 116
I-35 CORRIDOR MARKET PROPERTIES
Year
Open
2009
2009
2009
2009
2008
2008
2007
2006
2005
2004
2003
2003
2002
2002
2002
2001
2001
2001
2000
2000
2000
1999
1999
1999
1999
1999
1999
1998
1998
1998
1998
1997
1997
1996
1996
1987
1986
1986
1985
1984
1984
1983
1983
1982
1981
1981
1980
1979
1975
1973
1971
1967
#
Rooms Local Hotel
121
145
150
64
117
121
22
69
16
121
104
61
132
98
91
93
295
81
88
104
63
84
101
79
100
96
122
86
118
138
113
68
49
123
107
117
156
116
99
46
54
33
150
143
111
141
156
15
55
18
120
188
VALUE PLACE - AUSTIN BRAKER

COURTYARD AUSTIN NORTH PARK
FAIRFIELD INN AND SUITES
COMFORT SUITES
HILTON GARDEN INN-AUSTIN
VALUE PLACE HOTEL
BUDGET INN
COMFORT SUITES
ECONOMY INN
INTOWN SUITES
EXTENDED STAY AMERICA 6197 CH
COUNTRY INN & SUITES
SPRINGHILL SUITES
CANDLEWOOD SUITES
HOLIDAY I & S FMR AMERISUITES
HAMPTON INN ROUND ROCK
MARRIOTT LA FRONTERA
STAYBRIDGE SUITES
RESIDENCE INN-AUSTIN NORT
SPRINGHILL SUITES BY MARRIOTT
COMFORT SUITES
HOLIDAY EXPRESS FMR QUALITY ST
HOLIDAY EXPRESS FMR WINGATE 3/
HOLIDAY EXPRESS
STIL
WINGATE INN
RESIDENCE INN - ROUND ROC
HILTON GARDEN INN
LA QUINTA INN FMR BAYMT CHG RO
EXTENDED STAY DELUXE FMR WELLE
EXTENDED STAY AMERICA FMR CROS
COURTYARD BY MARRIOTT
BEST WESTERN EXECUTIVE IN
DAYS INN INN & SUITES FMR RODE
SUPER 8 FMR TRAVELERS
RED ROOF INN #302 FMR SLEEP
BEST WESTERN ATRIUM NORTH
RAMADA LTD FMR HOJO/RALTD/HERI
LA QUINTA INN #905
LA QUINTA INN #926
AUSTIN MOTOR INN
QUALITY INN FMR COMFORT INN
AUSTIN VILLAGE MOTOR INN FMR R
BUDGET MOTEL FMR HOMESTYLE INN
RED ROOF INN #210
N
MOTEL 6 #1344
AUSTIN SUITES FMR TRAVL 3/09 N
MOTEL 6 #360
SAN GABRIEL MOTEL
DAY'S INN-GEORGETOWN
WALNUT FOREST MOTEL POOJA BUS
BUDGET INN
HOW JOHNSON PLAZA FMR 4PTS 3/0
Page 43 of 116
PRO FORMA: Applying the project derivation factor (182% Year III-V) to the quarterly
local market REVPAR forecast results in the following progression:
PROJECT REVPAR PROJECTION
Subject/
Year &
Local Subject
Market Index
Qtr Year
Quarter Market Hotel
104
35.63
53.44
111
42.58
63.88
112
46.23
69.35
113
40.05
60.08
114
37.41
65.09
121
44.29
77.06
122
48.54
84.46
123
41.45
72.13
124
38.72
70.47
131
45.84
83.42
132
50.48
91.88
133
43.11
78.47
134
40.07
72.93
141
47.21
85.92
142
52.00
94.63
143
44.41
80.82
144
41.27
75.12
151
48.63
88.50
152
53.56
97.47
153
45.74
83.24
154
42.31
75.71
161
49.84
89.20
162
55.16
98.72
163
47.11
84.31
164
43.58
76.68
171
51.34
90.34
172
56.82
99.98
173
48.52
85.38
174
44.88
77.66
181
52.88
91.50
182
58.52
101.26
183
49.98
86.48
184
46.23
78.66
191
54.46
92.67
192
60.28
102.56
193
51.48
87.58
194
47.62
79.66
201
56.10
93.85
202
62.09
103.87
203
53.02
88.71
204
49.05
80.68
211
57.78
95.05
212
63.95
105.20
213
54.48
89.62
214
50.39
81.52
221
59.37
96.04
CGR% 9 Yrs
3.2%
4.5%
First 5 Yrs 3.4%
7.1%
-CGR% measured from open date-
150
150
150
150
174
174
174
174
182
182
182
182
182
182
182
182
182
182
182
182
179
179
179
179
176
176
176
176
173
173
173
173
170
170
170
170
167
167
167
167
165
165
165
165
162
162
150
174
182
182
182
179
176
173
170
167
165
Page 44 of 116
This REVPAR forecast is then extended to room revenues - multiplying REVPAR by the
number of days in each quarter and by the number of rooms in the project - and to
occupancy, estimated rate and to roomnights sold:
Year&
Quarter
104
111
112
113
114
121
122
123
124
131
132
133
134
141
142
143
144
151
152
153
154
161
162
163
164
171
172
173
174
181
182
183
184
191
192
193
194
201
202
203
204
211
212
213
214
221
222
223
224
231
232
233
CGR%9Yr
First5Y
RESULTING PROJECTION: Holiday Inn Express Hotel & Suites

Resulting
Aver. RoomRoom
Annual
%
Daily nghts
Annual Basis
Revenues
Basis
Occ Rate
Sold RMNTES
Occ.
Rate
$363,831
$425,413
$466,970
$409,020
$443,146
$513,219
$568,769
$491,069
$479,744
$555,604
$618,716
$534,193
$496,535
$572,258
$637,262
$550,206
$511,419
$589,412
$656,365
$566,699
$515,450
$594,058
$664,766
$573,952
$522,048
$601,661
$673,274
$581,298
$528,729
$609,362
$681,891
$588,738
$535,496
$617,161
$690,619
$596,273
$542,350
$625,060
$699,458
$603,905
$549,292
$633,061
$708,410
$610,150
$554,972
$639,607
$715,736
$616,459
$560,711
$646,221
$723,137
$622,834
4.5%
7.1%
$1,665,234
$2,016,203
$2,188,257
$2,256,262
$2,323,895
$2,348,226
$2,378,281
$2,408,721
$2,439,550
$2,470,774
$2,500,912
$2,526,774
$2,552,903
59.4 $90.00
60.8 $105.00
60.3 $115.00
60.1 $100.00
68.9 $94.50
69.9 $110.25
69.9 $120.75
69.4 $104.00
71.7 $98.28
72.8 $114.66
73.2 $125.58
73.3 $107.12
72.0 $101.23
72.8 $118.10
73.2 $129.35
73.2 $110.33
72.0 $104.27
72.8 $121.64
73.2 $133.23
73.2 $113.64
70.5 $107.39
71.2 $125.29
71.9 $137.22
72.0 $117.05
69.3 $110.62
70.0 $129.05
70.7 $141.34
70.8 $120.56
68.2 $113.93
68.8 $132.92
69.6 $145.58
69.6 $124.18
67.0 $117.35
67.7 $136.91
68.4 $149.95
68.5 $127.91
65.9 $120.87
66.6 $141.02
67.3 $154.45
67.3 $131.74
64.8 $124.50
65.4 $145.25
66.1 $159.08
66.0 $135.70
63.6 $128.23
64.2 $149.61
64.9 $163.85
64.8 $139.77
62.4 $132.08
63.0 $154.09
63.6 $168.77
63.5 $143.96
1.2%
3.3%
3.5%
3.5%
4,043
4,052
4,061
4,090
4,689
4,655
4,710
4,722
4,881
4,846
4,927
4,987
4,905
4,846
4,927
4,987
4,905
4,845
4,927
4,987
4,800
4,741
4,844
4,903
4,719
4,662
4,763
4,821
4,641
4,584
4,684
4,741
4,563
4,508
4,606
4,662
4,487
4,433
4,529
4,584
4,412
4,358
4,453
4,496
4,328
4,275
4,368
4,411
4,245
4,194
4,285
4,326
1.2%
3.5%
16,245
60.1% $102.51
18,777
69.5% $107.38
19,641
72.7% $111.41
19,664
72.8% $114.74
19,664
72.8% $118.18
19,289
71.4% $121.74
18,967
70.2% $125.39
18,650
69.0% $129.15
18,338
67.9% $133.03
18,032
66.8% $137.02
17,720
65.6% $141.13
17,382
64.4% $145.37
17,050
63.1% $149.73
Page 45 of 116
OPERATING COSTS13
Profitability and returns reflect the above revenue projections and the following other critical
assumptions: operating costs per occupied room approximate Limited Service hotels of similar
size, rate, and occupancy and include appropriate fixed, semi-fixed and variable costs (Smith
Travel Research's 2009 Host Report for year 2008 data, and Source Strategies, Inc.).
Estimates of operating costs take into account the lower costs of the West South Central United
States, which had an average Per Occupied Room Cost of $43.51 (including 5% royalties) in
2008 in Limited Service hotels - versus a national average of $53.72 - or 81% of the U.S.
average. The following cost comparisons have all been adjusted to reflect this 19% lower-cost
environment that may be expected in operating a hotel in the West South Central Region.
Rooms only Operating Costs per Occupied Room (before Fixed Charges) are estimated at $43.00
For Year I ($698,568 divided by 16,246 roomnights sold); $43.92 for Year II ($824,746 divided
by 18,777), and $45.18 for Year III ($887,440 divided by 19,641). These numbers compare to
industry-wide data as follows:
a) $52.54 in the Host Report for Upscale hotels in 2008 (average rate of $126.29), adjusted to
Southwest. This POR cost translates to $59.13 when inflated to Year 2012 dollars.
b) $48.32 in the Host Report for Larger hotels (125+ rooms) in 2008 (average rate of $117.17),
adjusted to Southwest. This POR cost translates to $54.38 when inflated to Year 2012 dollars.
c) $35.66 in the Host Report for Suburban hotels in 2008 (average rate of $89.48), adjusted to
d) $34.98 in the Host Report for Mid-Priced hotels in 2008 (average rate of $84.99), adjusted to
- Versus room revenues: a necessary marketing expense of 7% in Year I and thereafter.

Marketing includes reservation and advertising fees, sales expense, local advertising and the
always important outdoor billboards. An annual royalty fee of 6% has been applied, and no
annual management fee has been charged.
13
The calculation of the statistic of Operating Costs Per Occupied Room (before fixed/capital costs are deducted) is typically the important cost
to examine carefully because it is highly stable and predictable, regardless of occupancy and rate. Looking at costs on a percentage basis can be
highly misleading because of the high variability in average room revenues.
Page 46 of 116
A reserve for renovations is taken and subtracted from projected cash flows annually; such
renovation reserves amount to $1,132,822 in the first ten years ($15,308 per unit). Reserves
insure that future revenue streams continue by maintaining product quality at excellent levels as
required by the franchisor. Reserves are based on an extensive 2001 study, CapEx, by the
International Society of Hospitality Consultants. The study shows that required reserves average
5.5% over a 20 year period.
- Total capital of $5,600,000 is allocated for the development of the project. The estimated turnkey cost of $64,865 per unit is below average for the development of a hotel of this size and
quality, in our experience. Land is valued at $800,000. Should capital needs prove to be greater,
then returns would change proportionately. The developers estimates of necessary capital
include:
Investment
Est. Land Investment
Improvements
Total Investment
$ 800,000 for 2 acres

$ 4,800,000 @$64,865 per unit
$ 5,600,000
The pro forma profit and cash flow statements are shown overleaf:
Page 47 of 116
open Oct 1, 2010
# Rooms:
QUARTER:
Rmnites Sold
Rmnites Avail
Occupancy %
Avg Rate
REVPAR
Room Revenues
Other
Total Sales
74
Fourth
4,043
6,808
59.4%
$90.00
$53.45
Land Value: 800,000

Investment per room excluding land: $64,865
First
4,052
6,660
60.8%
$105.00
$63.88
Second
4,061
6,734
60.3%
$115.00
$69.35
Third
4,090
6,808
60.1%
$100.00
$60.74
Year
16,246
27,010
60.1%
$102.51
$61.66
$409,000 1,665,345
16,360
66,614
$425,360 $1,731,959
%
Revenues
96.2%
3.8%
100.0%
$363,870
14,555
$378,425
$425,460
17,018
$442,478
$467,015
18,681
$485,696
15,137
15,161
6,065
16,172
7,568
7,212
67,316
17,699
15,195
6,078
16,208
8,850
7,684
71,713
19,428
15,229
6,092
16,244
9,714
8,005
74,711
17,014
15,338
6,135
16,360
8,507
7,602
70,957
69,278
60,923
24,369
64,984
34,639
30,503
284,696
4.0%
3.5%
1.4%
3.8%
2.0%
1.8%
16.4%
6,065
8,086
14,151
6,078
8,104
14,182
6,092
8,122
14,214
6,135
8,180
14,315
24,369
32,492
56,861
1.4%
1.9%
3.3%
Operating Expense
Administration
Housekeeping
Laundry
Front Desk
Miscellaneous
Taxes/Benefits
Total Payroll
-Room Expense
S:Linen & Laundry
Comp. F & B
Total Room
-Other Expense
Phone Lines
Elec/Utility
Maint. & Repair
Total Other
-Gen & Admin
Marketing & Adver
Franchise Fee
Credit Card
Tot Admin & Gen
-Total Op Expense
2,031
18,194
5,676
25,901
2,031
18,234
6,637
26,902
2,031
18,275
7,285
27,591
2,031
18,405
6,380
26,816
8,123
73,107
25,979
107,209
0.5%
4.2%
1.5%
6.2%
25,471
21,832
7,277
54,581
161,947
29,782
25,528
8,509
63,819
176,616
32,691
28,021
9,340
70,052
186,567
28,630
24,540
8,180
61,350
173,438
116,574
99,921
33,307
249,802
698,568
6.7%
5.8%
1.9%
14.4%
40.3%
Gross Op Profit
216,478
265,862
299,128
251,922
1,033,390
59.7%
12,990
15,137
30,769
58,896
12,990
17,699
30,769
61,458
12,990
19,428
30,769
63,187
12,990
17,014
30,769
60,773
51,959
69,278
123,077
244,314
3.0%
4.0%
7.1%
14.1%
157,582
204,404
235,942
191,149
789,076
45.6%
30,769
(15,137)
30,769
(17,699)
30,769
(19,428)
30,769
(17,014)
123,077
(69,278)
7.1%
-4.0%
217,474
247,283
204,904
842,875
48.7%
-Fixed Charges
Insurance
Property Tax
Deprec SL 39 Yrs.
Tot Capital Expen
Net Income Before
Tax & Financing
Depreciat. AddBac
Renovation Reserv
Cash Flow Before

173,214
Tax & Financing
-see following 2 pages for the next 9 years-
Page 48 of 116
# Rooms:
Year
Rmnites Sold
Rmnites Avail
Occupancy %
Avg Rate*
REVPAR
74
2
18,777
27,010
69.5%
$107.38
$74.65
3
19,641
27,010
72.7%
$111.41
$81.02
4
19,664
27,010
72.8%
$114.74
$83.53
5
19,664
27,010
72.8%
$118.18
$86.04
6
19,289
27,010
71.4%
$121.74
$86.94
7
18,967
27,010
70.2%
$125.39
$88.05
8
18,650
27,010
69.0%
$129.15
$89.18
9
18,338
27,010
67.9%
$133.03
$90.32
Compound
Growth
10 Yr 2-10
18,032
1.2%
27,010
0.0%
66.8%
1.2%
$137.02
3.3%
$91.48
4.5%
RoomRevenues
2,016,203 2,188,257 2,256,262 2,323,895 2,348,226 2,378,281 2,408,721 2,439,550 2,470,774
Other
80,648
87,530
90,250
92,956
93,929
95,131
96,349
97,582
98,831
Total Revenues 2,096,851 2,275,787 2,346,512 2,416,851 2,442,155 2,473,412 2,505,070 2,537,132 2,569,605
4.5%
4.5%
4.5%
Operating Expense - Payroll

Administration
71,357
73,497
Housekeeping
72,526
78,139
Laundry
29,010
31,256
Front Desk
77,361
83,349
Miscellaneous
41,237
44,428
Taxes/Benefits
34,979
37,280
Total Payroll
326,470
347,949
-Room
Linen
Comp.
Total
75,702
80,578
32,231
85,950
45,815
38,433
358,708
77,973
82,995
33,198
88,528
47,189
39,586
369,470
80,313
83,855
33,542
89,445
47,678
40,180
375,012
82,722
84,928
33,971
90,590
48,288
40,860
381,361
85,204
86,014
34,406
91,749
48,906
41,553
387,831
87,760
87,113
34,845
92,920
49,530
42,260
394,428
90,393
88,229
35,292
94,111
50,165
42,983
401,171
3.0%
4.2%
4.2%
4.2%
4.2%
3.9%
3.9%
Expense
& Laundry
F & B
Room
29,010
38,681
67,691
31,256
41,674
72,930
32,231
42,975
75,206
33,198
44,264
77,462
33,542
44,722
78,264
33,971
45,295
79,267
34,406
45,874
80,280
34,845
46,460
81,305
35,292
47,055
82,347
4.2%
4.2%
4.2%
-Other Expense
Phone Lines
Electric
Repairs & Maint
Total Other
9,670
87,031
31,453
128,154
10,419
93,767
34,137
138,322
10,744
96,693
35,198
142,635
11,066
99,594
36,253
146,913
11,181
100,626
36,632
148,439
11,324
101,914
37,101
150,339
11,469
103,217
37,576
152,262
11,615
104,535
38,057
154,207
11,764
105,875
38,544
156,182
4.2%
4.2%
4.5%
4.3%
-Gen & Admin

Marketing & Adv
Franchise Fee
Credit Card
Total G & A
-TotOperExp.
141,134
120,972
40,324
302,430
824,746
153,178
131,295
43,765
328,239
887,440
157,938
135,376
45,125
338,439
914,988
162,673
139,434
46,478
348,584
942,429
164,376
140,894
46,965
352,234
953,949
166,480
142,697
47,566
356,742
967,709
168,610
144,523
48,174
361,308
981,681
170,769
172,954
146,373
148,246
48,791
49,415
365,933
370,616
995,873 1,010,316
4.5%
4.5%
4.5%
4.5%
4.2%
1,272,105 1,388,347 1,431,524 1,474,422 1,488,207 1,505,704 1,523,388 1,541,259 1,559,289
4.7%
GrossOpProfit
Page 49 of 116
# Rooms:
Year
Rmnites Sold
Rmnites Avail
Occupancy %
Avg Rate*
REVPAR
74
2
18,777
27,010
69.5%
$107.38
$74.65
3
19,641
27,010
72.7%
$111.41
$81.02
4
19,664
27,010
72.8%
$114.74
$83.53
5
19,664
27,010
72.8%
$118.18
$86.04
6
19,289
27,010
71.4%
$121.74
$86.94
7
18,967
27,010
70.2%
$125.39
$88.05
8
18,650
27,010
69.0%
$129.15
$89.18
9
18,338
27,010
67.9%
$133.03
$90.32
Compound
Growth
10 Yr 2-10
18,032
1.2%
27,010
0.0%
66.8%
1.2%
$137.02
3.3%
$91.48
4.5%
RoomRevenues
2,016,203 2,188,257 2,256,262 2,323,895 2,348,226 2,378,281 2,408,721 2,439,550 2,470,774
Other
80,648
87,530
90,250
92,956
93,929
95,131
96,349
97,582
98,831
Total Revenues 2,096,851 2,275,787 2,346,512 2,416,851 2,442,155 2,473,412 2,505,070 2,537,132 2,569,605
4.5%
4.5%
4.5%
Income BefFixe 1,272,105 1,388,347 1,431,524 1,474,422 1,488,207 1,505,704 1,523,388 1,541,259 1,559,289
4.7%
-Fixed Charges
Insurance
Land Lease
Property Tax
Depr. SL 39 Yrs
Total Fixed Ch.
4.5%
ERR
4.5%
0.0%
2.4%
62,906
68,274
70,395
72,506
73,265
74,202
75,152
76,114
77,088
83,874
123,077
269,857
91,031
123,077
282,382
93,860
123,077
287,333
96,674
123,077
292,256
97,686
123,077
294,028
98,936
123,077
296,216
100,203
123,077
298,432
101,485
123,077
300,676
102,784
123,077
302,949
Income Before 1,002,248 1,105,965 1,144,192 1,182,166 1,194,179 1,209,488 1,224,957 1,240,583 1,256,339
Tax & Financing
Depr. AddBack
123,077
123,077
123,077
123,077
123,077
123,077
123,077
123,077
123,077
RenovReserve
(52,421) (54,619) (56,316) (103,925) (146,529) (106,357) (77,657) (152,228) (313,492)
Cash Before
1,072,904 1,174,423 1,210,952 1,201,318 1,170,726 1,226,208 1,270,376 1,211,432 1,065,924
Tax & Financing
5.3%
0.0%
18.3%
2.6%
Page 50 of 116
October 11, 2010
OPINION
This report is based on independent opinion, surveys and research from

sources considered reliable.
No representation is made as to accuracy
or completeness and no contingent liability of any kind can be

accepted.
The study projections are dependent on the developer building and

operating the hotel as a Holiday Inn Express Hotel & Suites,
including certain amenities, and spending the appropriate operating
funds necessary to generate projected revenues, most especially
budgeted funds for aforementioned amenities and for marketing,
including a listing in the American Automobile Association Texas
Tourbook.
It is our opinion that this report fairly and conservatively represents

the room revenues, profitability and return on investment performance
that can be achieved by developing and operating a 74 unit Holiday Inn
Express Hotel & Suites at the aforementioned site in Georgetown, Texas.
Please contact us with any questions at (210) 734-3434.
Respectfully submitted,
Douglas W. Sutton,
Executive Vice President
Bruce H. Walker,
President
Page 51 of 116
EXHIBITS:
Metro & Local Market History, Aggregated Basis:
II
Local Market: By Segment and Brand, Past Five

Years, Annual Basis
III
Individual Hotel/Motel Histories For

Local Market
IV
Texas Excluding and Luxury & Upscale Segments
The Case For Downsizing Hotels
VI
Start-up Performance of New Hotels
VII
CAPEX Study of Capital Expenditures
VIII
2nd Quarter 2010 Texas Hotel Report
IX
Preparer Qualifications and Client List
Source Strategies Database Methodology
XI
Hotel Brand Report Newsletter
Page 52 of 116
EXHIBIT I
HOTEL MARKET: AUSTIN METRO AREA
#
Hotels
YRQ Motels
--- -----001
204
002
207
003
208
004
208
*TOTAL 2000
#
Rooms
-----20,146
20,544
20,871
21,137
Rnights
sold 1
(000s)
------1,216.4
1,291.4
1,277.2
1,243.0
5,028.0
$ Rooms
Revenues
(000 s)
---------105,747
120,891
115,500
110,384
452,522
%
OCC2
---67.1
69.1
66.5
63.9
66.6
$
Rate3
----86.93
93.61
90.44
88.81
90.00
$
RPAR4
----58.32
64.66
60.15
56.76
59.96
011
012
013
014
*TOTAL 2001
210
219
225
223
21,570
22,223
22,634
22,867
1,315.1
1,290.5
1,143.8
1,087.4
4,836.7
117,375
117,995
96,260
83,887
415,517
67.7
63.8
54.9
51.7
59.3
89.25
91.44
84.16
77.15
85.91
60.46
58.35
46.23
39.87
50.99
021
022
023
024
*TOTAL 2002
228
236
237
234
23,046
23,593
23,785
23,918
1,142.6
1,256.2
1,097.7
1,136.6
4,633.1
94,198
110,095
91,966
88,913
385,172
55.1
58.5
50.2
51.7
53.8
82.44
87.64
83.78
78.23
83.14
45.42
51.28
42.03
40.41
44.74
031
032
033
034
*TOTAL 2003
236
242
244
243
24,130
24,288
24,452
24,531
1,230.0
1,244.4
1,183.8
1,081.9
4,740.1
101,080
103,830
96,721
84,327
385,957
56.6
56.3
52.6
47.9
53.3
82.18
83.44
81.71
77.94
81.42
46.54
46.98
43.00
37.36
43.42
041
042
043
044
*TOTAL 2004
245
251
252
246
25,418
25,601
25,602
25,302
1,247.4
1,409.0
1,315.4
1,242.1
5,213.9
97,386
114,500
109,409
98,018
419,313
54.5
60.5
55.8
53.4
56.1
78.07
81.26
83.18
78.91
80.42
42.57
49.15
46.45
42.11
45.09
051
052
053
054
*TOTAL 2005
243
249
247
244
25,084
25,170
25,105
24,890
1,413.0
1,494.3
1,404.9
1,424.7
5,736.9
115,872
132,608
125,602
120,368
494,450
62.6
65.2
60.8
62.2
62.7
82.00
88.74
89.40
84.49
86.19
51.33
57.90
54.38
52.57
54.05
061
062
063
064
*TOTAL 2006
244
251
257
252
24,887
25,189
25,763
25,875
1,551.0
1,543.5
1,585.4
1,505.6
6,185.5
139,023
155,762
156,078
141,312
592,174
69.2
67.3
66.9
63.2
66.6
89.64
100.92
98.45
93.86
95.74
62.07
67.95
65.85
59.36
63.79
071
072
073
074
*TOTAL 2007
248
258
259
251
25,774
25,904
26,065
25,922
1,702.4
1,642.8
1,607.8
1,527.3
6,480.2
171,764
180,521
170,467
153,132
675,885
73.4
69.7
67.0
64.0
68.5
100.89
109.89
106.03
100.26
104.30
74.05
76.58
71.09
64.21
71.45
Page 53 of 116
HOTEL MARKET: AUSTIN METRO AREA
#
Hotels
YRQ Motels
--- -----081
253
082
269
083
267
084
258
*TOTAL 2008
091
092
093
094
*TOTAL 2009
#
Rooms
-----25,935
26,343
26,661
26,522
Rnights
sold 1
(000s)
------1,648.8
1,656.5
1,591.6
1,477.3
6,374.2
$ Rooms
Revenues
(000 s)
---------175,341
190,461
180,730
156,131
702,661
%
OCC2
---70.6
69.1
64.9
60.5
66.2
$
Rate3
----106.34
114.98
113.55
105.69
110.24
$
RPAR4
----75.12
79.45
73.68
63.99
73.01
255
273
268
268
26,821
27,455
27,317
27,572
1,568.8
1,543.8
1,440.0
1,402.9
5,955.4
163,751
162,095
148,120
138,012
611,979
65.0
61.8
57.3
55.3
59.8
104.38
105.00
102.86
98.38
102.76
67.84
64.88
58.94
54.41
61.43
101
272
102
284
*TOTAL 2010 YTD
27,962
28,398
1,657.3
1,672.5
3,329.8
160,668
171,899
332,567
65.9
64.7
65.3
96.95
102.78
99.88
63.84
66.52
65.20
58,513.6
5,468,199
61.5
93.45
57.52
*TOTAL
1.
2.
3.
4.
Roomnights sold (derived from est. rate and actual room revenues)
Occupancy: nights sold divided by nights available for sale(x 100)
Average price for each roomnight sold;from Directories and surveys
$ Revenue per available room per day (room sales per day)
Page 54 of 116
LODGING MARKET:
#
Hotels
YRQ Motels
--- -----001
34
002
34
003
37
004
38
*TOTAL 2000
#
ROOMS
-----3,254
3,311
3,464
3,654
RNIGHTS
SOLD 1
(000S)
------185.2
199.6
204.1
211.0
799.9
$ ROOMS
REVENUES
(000 S)
---------10,217
12,604
12,327
12,144
47,292
%
OCC2
---63.3
66.2
64.0
62.8
64.0
$
Rate3
----55.15
63.14
60.40
57.55
59.12
$
RPAR4
----34.89
41.83
38.68
36.12
37.86
011
012
013
014
*TOTAL 2001
38
41
41
41
3,606
3,861
4,033
4,033
216.8
222.3
202.6
184.3
826.0
12,821
13,978
12,289
10,021
49,108
66.8
63.3
54.6
49.7
58.3
59.13
62.87
60.65
54.38
59.45
39.51
39.78
33.12
27.01
34.63
021
022
023
024
*TOTAL 2002
42
42
42
44
4,110
4,218
4,300
4,348
198.9
220.8
200.8
196.0
816.4
11,409
13,554
12,418
10,948
48,328
53.8
57.5
50.7
49.0
52.7
57.37
61.39
61.86
55.86
59.20
30.84
35.31
31.39
27.37
31.19
031
032
033
034
*TOTAL 2003
44
44
45
46
4,399
4,399
4,409
4,506
209.2
224.8
207.8
188.5
830.4
11,938
13,246
11,966
10,389
47,538
52.9
56.2
51.2
45.5
51.4
57.05
58.93
57.58
55.10
57.25
30.15
33.09
29.50
25.06
29.41
041
042
043
044
*TOTAL 2004
45
46
46
46
4,549
4,563
4,563
4,563
215.5
243.4
226.3
212.8
898.2
11,735
13,753
13,121
11,637
50,248
52.6
58.6
53.9
50.7
54.0
54.45
56.50
57.97
54.67
55.95
28.66
33.12
31.26
27.72
30.19
051
052
053
054
*TOTAL 2005
45
46
45
45
4,524
4,540
4,480
4,479
248.8
267.4
248.7
245.3
1,010.2
13,790
16,389
15,476
14,561
60,216
61.1
64.7
60.3
59.5
61.4
55.43
61.29
62.23
59.35
59.61
33.87
39.67
37.55
35.34
36.62
061
062
063
064
*TOTAL 2006
46
46
46
46
4,548
4,548
4,548
4,536
267.1
281.1
282.5
274.3
1,105.0
16,529
20,160
19,483
17,922
74,094
65.3
67.9
67.5
65.7
66.6
61.88
71.72
68.96
65.33
67.05
40.38
48.71
46.56
42.95
44.66
071
072
073
074
*TOTAL 2007
46
46
47
47
4,535
4,535
4,557
4,557
301.6
290.5
283.4
269.2
1,144.6
20,715
22,256
20,590
18,643
82,204
73.9
70.4
67.6
64.2
69.0
68.69
76.62
72.66
69.25
71.82
50.75
53.93
49.11
44.47
49.54
Page 55 of 116
LODGING MARKET:
YRQ
--081
082
083
#
Hotels
Motels
-----47
48
48
#
ROOMS
-----4,557
4,679
4,778
RNIGHTS
SOLD 1
(000S)
------283.8
283.2
272.5
$ ROOMS
REVENUES
(000 S)
---------20,769
21,706
20,893
%
OCC2
---69.2
66.5
62.0
$
Rate3
----73.18
76.65
76.66
$
RPAR4
----50.64
50.98
47.53
084
*TOTAL 2008
47
4,763
245.3
1,084.9
17,418
80,787
56.0
63.3
71.00
74.47
39.75
47.14
091
092
093
094
*TOTAL 2009
47
49
49
50
4,763
4,933
4,906
5,063
247.9
266.1
243.5
235.8
993.3
16,357
18,521
16,280
15,011
66,169
57.8
59.3
54.0
50.6
55.3
65.98
69.60
66.85
63.67
66.61
38.16
41.26
36.07
32.23
36.87
101
49
102
50
*TOTAL 2010 YTD
5,023
5,097
284.1
288.0
572.0
17,584
19,396
36,980
62.8
62.1
62.5
61.90
67.36
64.65
38.90
41.82
40.38
10,080.9
642,963
59.7
63.78
38.08
*TOTAL
1.
2.
3.
4.
Roomnights sold (derived from est. rate and actual room revenues)
Occupancy: nights sold divided by nights available for sale(x 100)
Average price for each roomnight sold;from Directories and surveys
$ Revenue per available room per day (room sales per day)
Page 56 of 116
EXHIBIT II
LODGING MARKET:
BRAND
----CHAINS
MARRIOTT
TOT UPSCALE

# *
#* RMS
HTL 000S
--- ----
EST.
%
RNS
RMS 000S
---- ------
%
RNS
----
$
AMT.
% EST.
000S
AMT %OCC
-------- ---- ----
EST.
$
RATE
-----
$
RPAR
----
1
1
.3
.3
5.9
5.9
70
70
6.7
6.7
8,454 12.4 65.3 120.22

8,454 12.4 65.3 120.22
78.51
78.51
RESIDENCE
STAYBRIDG
TOT SUITES
2
1
3
.2
.1
.3
3.7
1.6
5.3
48
18
66
4.6
1.7
6.3
5,638 8.3 71.7 117.09

1,713 2.5 61.2 94.59
7,351 10.8 68.5 110.94
83.95
57.93
75.99
COURTYARD
HILT GARD
HOLID INN
TOT MID/UPS
2
2
1
5
.2
.2
.1
.6
4.8
4.8
1.8
11.3
38
51
19
108
3.6
4.9
1.8
10.3
3,659 5.4
4,949 7.2
1,403 2.1
10,011 14.7
43.8
58.8
56.5
52.1
95.82
96.48
74.71
92.47
41.92
56.73
42.25
48.19
CANDLWOOD
COMFO STE
SPRNGHILL
TOT MIN STE
1
3
2
6
.1
.2
.2
.5
2.0
3.9
4.7
10.6
22
43
54
119
2.1
4.1
5.1
11.3
1,278 1.9
3,565 5.2
4,391 6.4
9,233 13.5
61.9
60.6
62.2
61.5
57.73
82.18
82.01
77.56
35.72
49.83
50.97
47.73
BEST WEST
CNTRY INN
FAIRFIELD
HAMPTON
HOLID EXP
LA QUINTA
SLEEP INN
WINGATE
TOT LTD SVE
2
1
1
1
3
3
0
1
12
.2
.1
.2
.1
.2
.3
.0
.1
1.1
3.7
1.2
3.0
1.9
4.3
6.0
.4
2.0
22.4
38
10
20
23
46
67
3
19
227
3.6
1.0
1.9
2.2
4.4
6.4
.3
1.8
21.6
2,166 3.2
547
.8
1,598 2.3
2,501 3.7
3,758 5.5
4,392 6.4
198
.3
1,278 1.9
16,438 24.1
55.6 57.69
45.2 54.35
37.0 78.90
66.6 110.53
58.9 81.24
61.3 65.21
50.5 58.22
53.2 65.82
55.3 72.44
32.08
24.55
29.19
73.67
47.88
39.98
29.40
35.02
40.09
EXT AMERI
INTOWN ST
VALUE PLC
TOT EXT STA
3
1
2
6
.4
.1
.2
.7
7.2
2.4
4.2
13.8
79
29
52
160
7.5
2.8
4.9
15.2
3,073
991
1,498
5,562
4.5
1.5
2.2
8.1
60.2
66.5
67.0
63.4
38.85
33.74
28.96
34.72
23.39
22.43
19.41
22.00
DAYS INN
HO JO
MOTEL 6
QUALITY
RAMADA
RED ROOF
SUPER 8
TOT BUDGET
2
1
2
1
1
2
1
10
.1
.2
.3
.1
.2
.3
.1
1.1
2.1
3.7
5.3
1.1
3.1
5.0
2.4
22.7
17
29
61
12
32
43
28
222
1.6
2.8
5.8
1.1
3.0
4.1
2.7
21.1
799 1.2
1,003 1.5
2,289 3.4
668 1.0
1,098 1.6
1,889 2.8
1,197 1.8
8,944 13.1
44.6
42.5
62.5
59.9
56.1
47.4
62.2
53.2
47.21
34.37
37.60
56.63
34.40
43.65
42.85
40.30
21.05
14.62
23.48
33.92
19.29
20.70
26.66
21.46
TOT CHAINS
43
4.6
91.9
973
92.6
65,992 96.7 57.7
67.83
39.16
.4
8.1
78
7.4
2,280
3.3 53.0
29.12
15.42
1,051 100.0
68,272
100 57.3
64.94
37.25
TOT INDEP
TOT MARKET
50
5.0 100.0
* All figures annualized. Includes taxed and est non-tax room revenues.
Page 57 of 116
LODGING MARKET:
BRAND
----CHAINS
MARRIOTT
TOT UPSCALE

# *
#* RMS
HTL 000S
--- ----
EST.
%
RNS
RMS 000S
---- ------
%
RNS
----
$
AMT.
% EST.
000S
AMT %OCC
-------- ---- ----
EST.
$
RATE
-----
$
RPAR
----
1
1
.3
.3
6.1
6.1
67
67
6.5
6.5
8,576 11.7 62.2 128.14

8,576 11.7 62.2 128.14
79.65
79.65
RESIDENCE
STAYBRIDG
TOT SUITES
2
1
3
.2
.1
.3
3.8
1.7
5.5
47
20
67
4.6
1.9
6.5
6,005 8.2 70.3 127.17

1,918 2.6 66.0 98.31
7,923 10.8 69.0 118.73
89.41
64.88
81.91
COURTYARD
HILT GARD
HOLID INN
TOT MID/UPS
1
2
1
4
.1
.2
.1
.4
2.3
5.0
1.9
9.2
24
50
18
93
2.4
4.9
1.8
9.0
2,584 3.5
5,395 7.4
1,579 2.2
9,557 13.1
59.2 105.75
57.7 107.26
55.5 85.62
57.6 102.58
62.65
61.84
47.53
59.11
CANDLWOOD
COMFO STE
SPRNGHILL
TOT MIN STE
1
2
2
5
.1
.1
.2
.5
2.0
2.8
4.9
9.8
22
31
54
108
2.1
3.0
5.3
10.4
1,392 1.9
2,662 3.6
5,300 7.2
9,354 12.8
61.3
62.7
63.0
62.6
63.52
84.91
97.61
86.96
38.91
53.23
61.53
54.41
BEST WEST
CNTRY INN
FAIRFIELD
HAMPTON
HOLID EXP
LA QUINTA
WINGATE
TOT LTD SVE
2
1
0
1
3
3
1
11
.2
.1
.0
.1
.3
.3
.1
1.0
3.8
1.3
.8
1.9
5.5
6.3
2.1
21.7
36
12
4
21
59
68
22
222
3.5
1.2
.4
2.1
5.7
6.6
2.1
21.5
2,286 3.1
785 1.1
344
.5
2,510 3.4
5,387 7.4
4,724 6.5
1,482 2.0
17,519 23.9
53.8 62.98
53.6 65.84
26.5 95.01
62.4 118.55
60.8 91.99
62.1 69.28
60.0 67.66
58.3 79.03
33.86
35.27
25.23
73.95
55.90
43.00
40.59
46.09
EXT AMERI
INTOWN ST
OTHER EXT
TOT EXT STA
3
1
2
6
.4
.1
.3
.7
7.5
2.5
5.4
15.4
79
32
51
162
7.7
3.1
4.9
15.7
4.8
1.7
2.5
8.9
60.3
73.2
53.2
59.9
44.22
37.99
35.51
40.25
26.65
27.80
18.90
24.11
DAYS INN
HO JO
MOTEL 6
QUALITY
RED ROOF
SUPER 8
TOT BUDGET
2
2
2
1
2
1
10
.1
.3
.3
.1
.3
.1
1.1
2.2
7.2
5.6
1.1
5.2
2.6
23.7
15
58
66
11
49
33
231
1.5
5.6
6.4
1.0
4.8
3.2
22.4
864 1.2
2,428 3.3
2,834 3.9
675
.9
2,469 3.4
1,689 2.3
10,961 15.0
40.4
45.9
67.6
53.7
54.1
72.7
55.5
56.31
42.12
43.02
63.76
50.05
51.75
47.36
22.77
19.34
29.08
34.26
27.06
37.63
26.30
TOT CHAINS
40
4.4
91.5
950
92.1
70,427 96.2 59.1
74.14
43.85
.4
8.5
82
7.9
2,762
3.8 54.9
33.74
18.51
1,032 100.0
73,189
100 58.8
70.93
41.70
TOT INDEP
TOT MARKET
48
4.8 100.0
3,502
1,228
1,807
6,537
Page 58 of 116
LODGING MARKET:
BRAND
----CHAINS
MARRIOTT
TOT UPSCALE

# *
#* RMS
HTL 000S
--- ----
EST.
%
RNS
RMS 000S
---- ------
%
RNS
----
$
AMT.
% EST.
000S
AMT %OCC
-------- ---- ----
EST.
$
RATE
-----
$
RPAR
----
10,079 12.3 68.3 136.96

10,079 12.3 68.3 136.96
93.61
93.61
1
1
.3
.3
6.4
6.4
74
74
6.6
6.6
RESIDENCE
STAYBRIDG
TOT SUITES
2
1
3
.2
.1
.3
4.0
1.8
5.8
54
19
73
4.8
1.7
6.5
7,009 8.6 79.9 130.60 104.37

1,939 2.4 65.6 100.02 65.57
8,948 11.0 75.5 122.49 92.51
COURTYARD
HILT GARD
HOLID INN
TOT MID/UPS
1
1
1
3
.1
.1
.1
.3
2.5
2.7
2.0
7.1
29
31
22
81
2.6
2.7
2.0
7.3
2,898 3.5
3,277 4.0
2,017 2.5
8,192 10.0
69.9 100.48
68.5 107.43
66.5 91.28
68.4 100.59
70.27
73.60
60.72
68.85
CANDLWOOD
COMFO STE
SPRNGHILL
TOT MIN STE
1
2
2
5
.1
.1
.2
.5
2.1
2.9
5.1
10.2
23
33
64
120
2.1
3.0
5.7
10.8
1,611 2.0
2,872 3.5
6,567 8.0
11,049 13.5
65.6 68.65
69.3 86.07
73.9 103.18
70.8 91.72
45.03
59.61
76.23
64.96
BEST WEST
CNTRY INN
HAMPTON
HOLID EXP
LA QUINTA
WINGATE
TOT LTD SVE
2
1
1
3
3
1
11
.2
.1
.1
.3
.3
.1
1.0
4.1
1.3
2.0
5.7
6.6
2.2
22.0
42
15
25
66
72
24
244
3.8
1.3
2.2
5.9
6.4
2.1
21.8
2,833 3.5
1,064 1.3
2,891 3.5
5,974 7.3
5,121 6.3
1,716 2.1
19,598 24.0
60.7 67.24
65.6 72.81
73.6 115.76
69.1 90.01
65.7 70.94
64.9 72.46
66.3 80.34
40.84
47.77
85.17
62.17
46.61
47.02
53.25
EXT AMERI
INTOWN ST
OTHER EXT
TOT EXT STA
3
1
1
5
.4
.1
.2
.7
7.9
2.6
3.7
14.2
93
35
43
171
8.3
3.1
3.8
15.3
5.2
1.6
2.1
8.9
70.8
79.1
68.2
71.7
45.54
38.17
39.75
42.59
32.23
30.20
27.12
30.51
DAYS INN
HO JO
MOTEL 6
QUALITY
RED ROOF
SUPER 8
TOT BUDGET
2
2
2
1
2
1
10
.1
.3
.3
.1
.3
.1
1.1
2.3
7.5
5.8
1.2
5.4
2.7
24.9
25
59
69
13
56
38
262
2.2
5.3
6.2
1.2
5.0
3.4
23.4
1,512 1.9
2,772 3.4
3,089 3.8
909 1.1
2,862 3.5
2,005 2.5
13,148 16.1
66.2
46.9
71.3
67.3
61.6
85.7
62.7
60.16
47.07
44.45
68.50
50.89
52.10
50.28
39.82
22.08
31.69
46.11
31.36
44.66
31.54
TOT CHAINS
38
4.2
90.6
1,025
91.5
78,289 95.8 67.6
76.39
51.62
.4
9.4
95
8.5
3,419
4.2 60.0
36.13
21.68
1,119 100.0
81,708
100 66.9
72.99
48.80
TOT INDEP
TOT MARKET
47
4.6 100.0
4,247
1,334
1,694
7,275
* All figures annualized. Includes taxed and est non-tax rooms revenues.
Page 59 of 116
LODGING MARKET:
BRAND
----CHAINS
MARRIOTT
TOT UPSCALE

# *
#* RMS
HTL 000S
--- ----
EST.
%
RNS
RMS 000S
---- ------
%
RNS
----
$
AMT.
% EST.
000S
AMT %OCC
-------- ---- ----
EST.
$
RATE
-----
$
RPAR
----
1
1
.3
.3
6.5
6.5
78
78
6.8
6.8
10,161 12.6 72.6 129.95

10,161 12.6 72.6 129.95
94.36
94.36
RESIDENCE
STAYBRIDG
TOT SUITES
2
1
3
.2
.1
.3
4.1
1.8
5.8
56
22
77
4.9
1.9
6.7
6,493 8.1 83.1 116.38

2,062 2.6 72.8 95.88
8,556 10.6 79.9 110.68
96.68
69.76
88.45
COURTYARD
HILT GARD
HOLID INN
TOT MID/UPS
1
1
1
3
.1
.1
.1
.3
2.5
2.7
2.0
7.2
30
32
23
85
2.6
2.8
2.0
7.4
2,614
3,139
2,027
7,780
CANDLWOOD
COMFO STE
SPRNGHILL
TOT MIN STE
1
2
2
5
.1
.1
.2
.5
2.2
2.9
5.2
10.3
27
33
66
126
BEST WEST
CNTRY INN
HAMPTON
HOLID EXP
LA QUINTA
WINGATE
TOT LTD SVE
2
1
1
3
3
1
11
.2
.1
.1
.3
.3
.1
1.0
4.2
1.3
2.0
5.8
6.6
2.2
22.2
EXT AMERI
INTOWN ST
OTHER EXT
TOT EXT STA
3
1
1
5
.4
.1
.1
.6
DAYS INN
HO JO
MOTEL 6
QUALITY
RAMADA
RED ROOF
SUPER 8
TOT BUDGET
2
1
2
1
1
2
1
10
TOT CHAINS
TOT INDEP
TOT MARKET
3.3
3.9
2.5
9.7
72.0
72.8
70.3
71.8
88.04
96.76
86.81
91.01
63.39
70.49
61.02
65.38
2.3
2.9
5.7
10.9
1,701 2.1
2,707 3.4
6,489 8.1
10,897 13.6
74.2
69.5
76.4
73.9
64.11
80.88
98.67
86.64
47.56
56.19
75.33
64.07
46
16
26
64
74
25
250
4.0
1.4
2.3
5.5
6.4
2.2
21.8
3,064 3.8
1,108 1.4
2,667 3.3
5,412 6.7
5,036 6.3
1,725 2.1
19,013 23.7
65.7 67.24
72.5 68.66
76.2 103.11
66.2 85.04
67.0 68.40
69.4 68.08
68.0 75.99
44.19
49.78
78.58
56.27
45.84
47.27
51.65
8.0
2.7
3.1
13.7
99
35
31
166
8.6
3.1
2.7
14.4
5.5
1.7
1.6
8.7
75.4
80.3
60.4
72.9
44.66
37.46
40.21
42.29
33.66
30.09
24.29
30.84
.1
.2
.3
.1
.2
.3
.1
1.1
2.3
4.1
5.9
1.2
3.4
5.5
2.7
25.2
26
40
72
13
33
58
32
274
2.3
3.5
6.3
1.1
2.8
5.1
2.8
23.9
1,441 1.8
1,996 2.5
3,169 3.9
869 1.1
1,645 2.0
2,926 3.6
1,624 2.0
13,670 17.0
68.2
58.5
73.9
66.8
57.4
63.9
71.6
65.8
55.63
49.72
44.01
65.97
50.30
50.15
50.55
49.82
37.96
29.08
32.52
44.10
28.90
32.06
36.18
32.80
38
4.1
90.9
1,057
92.0
77,091 95.9 70.2
72.92
51.20
.4
9.1
92
8.0
3,285
4.1 60.8
35.87
21.79
1,149 100.0
80,375
100 69.3
69.97
48.52
46
4.5 100.0
4,435
1,329
1,250
7,014
* All figures annualized. Included taxed and est non-tax rooms revenues.
Page 60 of 116
LODGING MARKET:
BRAND
----CHAINS
MARRIOTT
TOT UPSCALE

# *
#* RMS
HTL 000S
--- ----
EST.
%
RNS
RMS 000S
---- ------
%
RNS
----
$
AMT.
% EST.
000S
AMT %OCC
-------- ---- ----
EST.
$
RATE
-----
$
RPAR
----
1
1
.3
.3
6.5
6.5
75
75
7.2
7.2
8,652 13.0 69.8 115.04

8,652 13.0 69.8 115.04
80.35
80.35
RESIDENCE
STAYBRIDG
TOT SUITES
2
1
3
.2
.1
.3
4.1
1.8
5.9
55
20
74
5.2
1.9
7.1
5,870 8.8 81.2 107.59

1,719 2.6 67.3 86.43
7,589 11.4 77.0 101.93
87.40
58.13
78.46
COURTYARD
HILT GARD
HOLID INN
TOT MID/UPS
1
1
1
3
.1
.1
.1
.3
2.5
2.7
2.0
7.2
26
29
22
76
2.5
2.8
2.1
7.3
2,051
2,461
1,604
6,116
CANDLWOOD
COMFO STE
SPRNGHILL
TOT MIN STE
1
1
2
4
.1
.1
.2
.4
2.2
2.2
5.2
9.6
24
21
62
107
BEST WEST
CNTRY INN
HAMPTON
HOLID EXP
LA QUINTA
WINGATE
TOT LTD SVE
2
1
1
3
2
1
10
.2
.1
.1
.3
.2
.1
.9
4.2
1.4
2.1
5.8
4.8
2.2
20.4
EXT AMERI
INTOWN ST
OTHER EXT
TOT EXT STA
3
1
1
5
.4
.1
.1
.6
BAYMONT
DAYS INN
MOTEL 6
QUALITY
RAMADA
RED ROOF
SUPER 8
TOT BUDGET
1
2
2
1
1
2
1
10
TOT CHAINS
TOT INDEP
TOT MARKET
3.1
3.7
2.4
9.2
62.3
64.7
65.1
64.0
79.82
85.49
74.20
80.37
49.72
55.27
48.29
51.40
2.3
2.0
5.9
10.2
1,350 2.0
1,541 2.3
5,563 8.3
8,454 12.7
67.3
58.7
71.9
67.8
56.13
73.99
89.87
79.17
37.75
43.43
64.58
53.71
42
13
24
54
49
23
204
4.1
1.2
2.3
5.2
4.7
2.2
19.6
2,668 4.0
772 1.2
2,274 3.4
4,329 6.5
3,027 4.5
1,420 2.1
14,490 21.7
61.2
57.8
71.5
55.7
61.8
62.1
60.7
62.84
59.99
93.72
80.62
62.38
62.68
70.87
38.47
34.68
66.99
44.93
38.57
38.91
43.01
8.0
2.7
3.1
13.8
89
32
29
151
8.6
3.1
2.8
14.5
5.0
1.7
1.6
8.3
67.9
72.6
56.7
66.3
37.37
35.34
37.49
36.96
25.38
25.65
21.26
24.50
.1
.1
.3
.1
.2
.3
.1
1.0
1.9
2.3
5.9
1.2
3.5
5.5
2.7
23.0
21
24
72
12
33
54
25
241
2.0
2.3
6.9
1.1
3.1
5.2
2.4
23.2
1,280 1.9
1,239 1.9
2,776 4.2
757 1.1
1,592 2.4
2,540 3.8
1,173 1.8
11,357 17.0
67.8
63.9
73.7
60.5
57.1
59.6
55.8
63.5
60.34
51.08
38.60
63.42
48.93
46.71
46.87
47.07
40.88
32.63
28.43
38.40
27.96
27.83
26.14
29.91
36
3.9
86.5
929
89.1
62,229 93.3 65.2
66.98
43.68
.6
13.5
113
10.9
4,498
6.7 50.8
39.76
20.20
1,042 100.0
66,727
100 63.3
64.03
40.50
45
4.5 100.0
3,344
1,133
1,094
5,571
* All figures annualized. Included taxed and est non-tax rooms revenues.
Page 61 of 116
EXHIBIT III
LODGING MARKET:
CITY
----
ADDR
----
#
YRQ RMS
--- ---AUSTIN
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
46
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
141
141
141
141
141
141
141
141
141
141
141
141
141
141
141
141
141
141
051
33
BRAND
-----
TAXABLE
REVENUE
-------
11400 N IH 35
39,684
73,301
76,906
49,051
43,610
61,530
80,105
71,442
73,799
70,309
67,134
64,279
60,030
68,648
61,906
44,668
47,801
62,738
52,673
66,485
58,981
48,825
8300
X.STE
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
X.EXT
N IH 35
172,615
225,956
194,880
145,554
142,568
213,802
198,586
127,535
142,917
129,193
134,305
84,359
103,428
129,635
176,339
150,000
37,834
44,922
601 MIDDLE LN
53,888
ZIP
--GROSS
ADJ 1
REVENUE FACTOR
-------- ------
E
S
T
3
EST
AVG.
DAILY
2 RATE
- -----
YR
4
OP
%
-OCC $ 5
EST REVPAR
--- ------
AVG
ADJ 1
-----
78753 AUSTIN MOTOR INN

83,302 2.099
31.53
102,139 1.393
35.91
106,461 1.384
38.90
88,302 1.800
32.01
88,166 2.022
32.75
104,906 1.705
38.90
114,563 1.430
39.20
108,687 1.521
38.42
106,105 1.438
38.42
102,264 1.454
39.50
104,259 1.553
38.71
104,269 1.622
37.94
103,462 1.724
37.26
108,080 1.574
39.28
112,183 1.812
41.92
104,550 2.341
37.57
98,427 2.059
35.69
103,752 1.654
36.89
96,193 1.826
35.89
110,340 1.778
34.44
96,204 1.631
33.06
96,290 1.972
34.88
84
1.800
64
68
65
65
65
64
69
67
67
62
64
65
67
66
63
66
67
67
63
76
70
66
78753 AUSTIN SUITES FMR

195,175 1.131
34.22
273,235 1.209
37.98
258,609 1.327
38.89
233,077 1.601
35.35
251,407 1.763
35.35
351,048 1.642
39.74
354,239 1.784
41.69
216,265 2.014
38.80
337,302 2.360
38.80
342,221 2.649
41.12
370,816 2.761
41.67
343,451 4.071
40.84
339,402 3.282
40.11
263,708 2.034
37.99
255,828 1.451
38.37
217,500
.000
35.27
67,263
.000
28.26
68,706 1.529
28.26
TRAVL 51 81
45 15.38
56 21.29
51 19.94
51 17.97
56 19.81
69 27.36
65 27.31
43 16.67
69 26.58
65 26.67
69 28.59
65 26.48
67 26.75
54 20.55
51 19.72
48 16.77
19
5.30
19
5.35
1.450
78753 AUSTIN VILLAGE MOTOR INN F 83

118,554
.000
42.91
93 39.92
2.200
20.12
24.40
25.16
20.87
21.30
25.06
27.07
25.68
25.63
24.43
24.64
24.64
24.99
25.82
26.51
24.70
23.77
24.79
22.73
26.07
23.24
23.00
Page 62 of 116
CITY
----
E
3
YR
ZIP
S EST
4
OP
--T AVG.
%
-GROSS
ADJ 1
DAILY OCC $ 5
REVENUE FACTOR 2 RATE EST REVPAR
-------- ------ - ----- --- -----78753 AUSTIN VILLAGE MOTOR INN F 83
40,735 1.509
44.63
30 13.56
51,962 1.699
46.28
37 17.12
44,986 1.465
42.63
35 14.82
67,923 1.520
42.23
54 22.87
77,320 2.025
44.70
58 25.75
73,145 2.552
45.57
53 24.09
68,390 2.185
41.16
55 22.53
72,536 2.371
41.16
59 24.42
71,433 2.564
43.75
54 23.79
74,906 2.211
44.83
55 24.67
71,219 2.194
41.29
57 23.46
70,485 2.171
40.56
58 23.73
66,515 2.947
42.08
53 22.15
56,618 2.288
40.48
46 18.65
50,694 2.482
40.22
42 16.70
50,182 2.271
37.05
46 16.90
55,334 1.983
37.05
50 18.43
51,356 2.240
35.56
48 16.92
45,395 3.318
33.11
45 14.95
48,477 2.176
33.71
48 16.32
56,547 2.215
33.54
56 18.83
AVG
ADJ 1
-----
GESSNER DR 78753 BEST WESTERN ATRIUM NORTH

87
270,842
306,756 1.133
48.55
58 27.94
338,464
390,877 1.155
55.69
63 35.21
266,627
297,461 1.116
54.64
49 26.50
251,348
355,715 1.415
52.05
61 31.69
324,031
364,818 1.126
53.55
62 33.23
368,846
410,662 1.113
61.97
60 36.99
352,296
380,730 1.081
60.73
56 33.92
308,253
327,087 1.061
53.90
54 29.14
375,358
443,128 1.181
55.50
73 40.36
385,036
447,052 1.161
61.68
65 40.27
363,274
377,805 1.040
59.47
57 33.66
321,953
348,765 1.083
56.32
55 31.07
326,296
376,726 1.155
55.32
62 34.31
344,705
395,251 1.147
60.28
59 35.60
294,372
355,685 1.208
59.87
55 33.04
221,348
250,704 1.133
53.81
43 23.29
265,735
306,393 1.153
51.12
57 29.10
250,523
313,053 1.250
51.12
58 29.40
232,342
248,444 1.069
49.73
46 23.08
205,862
220,695 1.072
45.60
45 20.50
319,050
363,239 1.139
48.58
71 34.50
316,278
353,624 1.118
55.30
60 33.21
1.120
ADDR
----
#
YRQ RMS
--- ---AUSTIN
052
33
053
33
054
33
061
33
062
33
063
33
064
33
071
33
072
33
073
33
074
33
081
33
082
33
083
33
084
33
091
33
092
33
093
33
094
33
101
33
102
33
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
122
122
122
122
122
122
122
122
122
122
122
122
122
122
117
117
117
117
117
117
117
117
051
120
TAXABLE
BRAND
REVENUE
----------601 MIDDLE LN
26,991
30,576
30,704
44,690
38,176
28,667
31,305
30,597
27,859
33,879
32,463
32,472
22,568
24,747
20,422
22,093
27,904
22,926
13,682
22,279
25,524
7928
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
9106 I-35 NORTH 78753 BUDGET INN

69,034
136,663 1.980
28.13
71
45
12.65
2.200
1.450
Page 63 of 116
CITY
----
E
3
ZIP
S EST
--T AVG.
TAXABLE
GROSS
ADJ 1
DAILY
BRAND
REVENUE
REVENUE FACTOR 2 RATE
------------------ ------ - ----9106 I-35 NORTH 78753 BUDGET INN
96,884
191,795 1.980
30.30
112,170
220,274 1.964
33.70
118,428
169,892 1.435
29.55
146,834
187,824 1.279
29.55
185,458
248,940 1.342
36.57
184,500
234,508 1.271
35.84
147,299
201,048 1.365
33.85
192,209
227,670 1.184
33.85
192,266
237,467 1.235
37.88
177,636
223,821 1.260
35.85
157,937
207,015 1.311
33.17
168,961
223,336 1.322
32.58
191,188
233,721 1.222
32.58
164,521
206,343 1.254
32.91
142,230
187,681 1.320
31.91
132,290
187,665 1.419
29.55
173,182
239,106 1.381
29.55
109,005
164,702 1.511
27.39
105,204
153,621 1.460
26.28
109,637
159,951 1.459
25.23
105,505
158,613 1.503
25.10
ADDR
----
#
YRQ RMS
--- ---AUSTIN
052 120
053 120
054 120
061 120
062 120
063 120
064 120
071 120
072 120
073 120
074 120
081 120
082 120
083 120
084 120
091 120
092 120
093 120
094 120
101 120
102 120
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
150
093
70
9220 N I H 35
142,603
144,838
125,000
115,054
179,778
186,755
170,148
152,832
160,300
181,406
168,905
163,402
17,000
174,459
148,086
88,782
69,453
91,647
73,524
49,770
60,250
90,357
YR
4
OP
%
-OCC $ 5
EST REVPAR
--- -----71
58 17.56
59 19.95
52 15.39
59 17.39
62 22.80
59 21.24
54 18.21
62 21.08
57 21.75
57 20.27
57 18.75
63 20.68
66 21.40
57 18.69
53 17.00
59 17.38
74 21.90
54 14.92
53 13.91
59 14.81
58 14.53
AVG
ADJ 1
-----
1.450
78753 BUDGET MOTEL FMR HOMESTYLE 83

165,830
.000 3 22.57
54 12.28
168,499
.000
22.53
55 12.34
175,000 1.400 1 25.00
51 12.68
149,296 1.298
25.00
43 10.82
211,862 1.178
25.00
63 15.69
250,223 1.340
31.23
59 18.33
241,922 1.422
30.63
57 17.53
230,963 1.511
26.98
62 16.74
258,502 1.613
27.58
69 19.15
280,654 1.547
32.46
63 20.56
281,565 1.667
31.81
64 20.40
288,110 1.763
32.34
65 20.88
290,000
.000 1 31.77
68 21.48
240,390 1.548
31.77
55 17.61
272,060 1.837
32.09
61 19.71
195,565 2.203
29.18
49 14.17
151,213 2.177
27.15
41 11.20
153,552 1.675
27.15
41 11.25
151,098 2.055
25.83
42 10.95
129,269 2.597
23.99
39
9.37
127,045 2.109
22.55
42
9.41
164,591 1.822
22.44
54 12.06
2.300
12330 N INTERST 78753 COURTYARD AUSTIN NORTH PAR 09

COURT
238,110
249,780 1.049
120.02
32 38.79
1.050
Page 64 of 116
CITY
----
E
3
ZIP
S EST
--T AVG.
TAXABLE
GROSS
ADJ 1
DAILY
BRAND
REVENUE
REVENUE FACTOR 2 RATE
------------------ ------ - ----12330 N INTERST 78753 COURTYARD AUSTIN
COURT
309,489
326,201 1.054
100.77
COURT
477,924
493,044 1.032
96.74
COURT
506,528
535,757 1.058
87.11
YR
4
OP
%
-OCC $ 5
EST REVPAR
--- -----NORTH PAR 09
24 24.45
39 37.78
47 40.60
AVG
ADJ 1
-----
05
1.150
78753 EXTENDED STAY DELUXE FMR W 98

248,568 1.634
40.15
58 23.21
328,078 1.675
41.76
73 30.30
302,968 2.404
44.13
63 27.67
263,201 3.097
38.94
62 24.04
254,706 1.591
37.54
63 23.78
312,959 1.449
39.73
73 28.90
327,003 1.447
41.68
72 29.87
304,058 1.582
41.65
67 27.77
429,459 1.771
49.55
81 40.10
401,098 1.739
50.94
73 37.04
351,961 1.458
48.55
66 32.15
269,901 1.713
40.72
61 24.65
357,579 1.411
43.92
76 33.39
334,088 1.500
43.92
70 30.85
336,927 1.605
44.36
70 31.04
327,142 2.269
43.02
70 30.13
222,975 1.478
40.87
51 21.00
253,359 1.840
39.55
60 23.59
203,015 2.262
36.54
51 18.70
2.100
ADDR
----
#
YRQ RMS
--- ---AUSTIN
094 145
101 145
102 145
052
053
054
061
062
16
16
16
16
16
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
16
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
119
119
119
119
119
119
119
119
119
119
119
119
119
119
118
118
118
118
118
700 MIDDLE LN
32,795
24,945
33,403
22,481
24,236
26,398
21,132
29,051
24,415
14,567
21,274
28,479
41,147
25,055
43,839
38,270
34,904
36,015
28,616
32,327
36,275
8221
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
N IH 35
152,106
195,841
126,027
84,987
160,051
215,914
225,960
192,255
242,510
230,631
241,400
157,583
253,509
222,715
209,949
137,047
146,518
137,726
89,767
78753 ECONOMY INN

40,531 1.236
50.00
33,516 1.344
51.85
38,413
.000
50.09
25,853
.000
40.09
27,871
.000
42.42
56
44
52
45
45
27.84
22.77
26.10
17.95
19.14
29,011
24,302
33,409
28,077
21,268
24,465
32,751
47,319
42,833
53,839
44,011
40,140
41,417
32,908
39,814
41,716
47
43
57
46
37
34
57
62
61
78
71
64
66
56
66
69
19.71
16.51
23.20
19.28
14.45
16.62
22.74
32.50
29.10
36.58
30.56
27.57
28.14
22.36
27.65
28.65
1.099
.000
.000
.000
1.460
.000
.000
.000
1.710
1.228
.000
.000
.000
.000
1.232
.000
41.57
38.78
40.78
41.92
38.71
48.72
39.99
52.22
48.00
47.03
42.78
42.78
42.59
39.81
41.77
41.56
1.050
Page 65 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---AUSTIN
094 118
101 118
102 118
BRAND
----8221
EXTSA
EXTSA
EXTSA
TAXABLE
REVENUE
------N IH 35
100,097
117,662
124,628
E
3
YR
ZIP
S EST
4
OP
--T AVG.
%
-GROSS
ADJ 1
DAILY OCC $ 5
-------- ------ - ----- --- -----78753 EXTENDED STAY DELUXE FMR W 98
189,788 1.896
34.54
51 17.48
232,730 1.978
33.16
66 21.91
280,330 2.249
37.36
70 26.11
AVG
ADJ 1
-----
2.100
150
150
150
150
150
12536 N INTERST
FAIRF
320,488
FAIRF
260,057
FAIRF
330,053
FAIRF
465,487
FAIRF
473,348
78753 FAIRFIELD INN AND

344,331 1.074
95.00
274,893 1.057
92.43
346,191 1.049
82.03
486,406 1.045
76.83
490,896 1.037
72.88
SUITES
09
27 25.23
22 19.92
31 25.09
47 36.03
49 35.96
1.040
092
093
094
101
102
117
117
117
117
117
117
117
117
12400 N INTERST
HILTG
601,513
HILTG
469,323
HILTG
528,503
HILTG
625,759
HILTG
440,021
HILTG
463,715
HILTG
681,497
HILTG
683,620
78753 HILTON GARDEN INN-AUSTIN

08
654,436 1.088
116.15
52 60.80
562,596 1.199
101.95
51 52.27
614,480 1.163
96.85
60 58.36
633,572 1.012
102.85
58 59.51
448,532 1.019
96.17
43 41.67
495,674 1.069
90.63
51 46.05
700,332 1.028
90.00
74 66.51
712,305 1.042
94.53
71 66.90
1.045
083
084
091
092
093
094
101
102
101
101
101
101
101
101
101
101
100
100
100
100
100
101
101
101
101
101
101
101
101
101
8500
WINGT
WINGT
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
HIEXP
78753 HOLIDAY EXPRESS FMR WINGAT 99

154,430 1.035
50.57
34 16.99
124,471 1.026
56.75
24 13.54
174,047 1.452
78.85
24 18.73
228,998 1.325
75.70
33 24.64
209,651 1.032
80.70
29 23.06
411,415
.000
82.13
54 44.76
296,025
.000
74.49
43 31.86
253,093
.000
73.00
37 27.24
461,492
.000
77.50
66 51.28
578,643
.000
84.81
75 63.59
402,500
.000 1 73.95
59 43.75
438,111
.000
72.47
66 47.62
608,215
.000
83.57
81 67.58
623,175
.000
90.61
75 67.80
436,257
.000
97.58
48 46.95
462,468
.000
84.92
59 49.77
354,028
.000
80.67
48 38.95
433,443
.000
80.67
58 47.16
330,373
.000
73.62
48 35.55
264,875
.000
70.64
40 28.51
433,229
.000
67.81
70 47.66
493,435
.000
74.14
72 53.69
1.150
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
188
7800 N INTERSTA 78753 HOW JOHNSON PLAZA FMR 4PTS 67

4 PTS
479,164
572,526 1.195
62.57
54 33.84
2.450
051
N I H 35
149,137
119,899
119,891
172,791
203,122
357,752
257,413
220,081
401,297
503,168
350,000
380,966
528,883
623,175
379,354
402,146
307,850
376,907
287,281
230,326
376,721
429,074
Page 66 of 116
CITY
----
E
3
ZIP
S EST
4
--T AVG.
%
TAXABLE
GROSS
ADJ 1
DAILY OCC $ 5
BRAND
REVENUE
------------------ ------ - ----- --- -----7800 N INTERSTA 78753 HOW JOHNSON PLAZA FMR 4PTS
4 PTS
485,268
571,495 1.178
66.11
51 33.41
188,916
345,036 1.826
60.00
33 19.95
189,384
300,502 1.587
59.10
29 17.37
HO JO
290,786
346,071 1.190
60.10
34 20.45
HO JO
417,318
524,181 1.256
58.31
53 30.64
HO JO
289,010
329,825 1.141
54.20
35 19.07
HO JO
288,066
705,762
.000
48.51
84 40.80
HO JO
413,815
457,950 1.107
48.51
56 27.07
HO JO
441,974
502,008 1.136
49.87
59 29.34
HO JO
353,571
404,132 1.143
48.87
48 23.37
HO JO
264,304
293,202 1.109
46.59
36 16.95
HO JO
345,871
371,726 1.075
46.75
47 21.97
HO JO
345,280
364,114
.000
46.75
46 21.28
HO JO
243,409
256,012
.000
47.22
31 14.80
HO JO
111,234
121,881
.000
45.78
15
7.05
HO JO
125,000
306,250
.000 1 38.49
47 18.10
HO JO
200,000
490,000
.000 2 38.49
74 28.64
HO JO
200,000
490,000
.000 3 37.45
76 28.33
HO JO
73,112
185,192 2.533
35.94
30 10.71
HO JO
85,949
211,667 2.463
30.00
42 12.51
HO JO
97,664
116,393 1.192
29.85
23
6.80
YR
OP
--
AVG
ADJ 1
-----
67
2.450
04
4.000
81
1.030
ADDR
----
#
YRQ RMS
--- ---AUSTIN
052 188
053 188
054 188
061 188
062 188
063 188
064 188
071 188
072 188
073 188
074 188
081 188
082 188
083 188
084 188
091 188
092 188
093 188
094 188
101 188
102 188
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
121
121
121
121
121
121
121
121
121
121
121
121
121
121
121
121
121
121
121
121
121
121
9909 N LAMAR BL 78753 INTOWN SUITES

INTOW
54,164
237,613 4.387
30.58
INTOW
61,183
265,409 4.338
33.88
INTOW
69,836
267,206 3.826
34.74
INTOW
47,995
280,731 5.849
33.98
INTOW
71,723
276,148 3.850
33.98
INTOW
63,382
308,563 4.868
38.72
INTOW
93,499
332,649 3.558
37.95
INTOW
52,786
321,313 6.087
35.82
INTOW
39,522
339,125 8.581
37.52
INTOW
77,247
335,728 4.346
38.57
INTOW
98,285
335,938 3.418
38.78
INTOW
79,322
339,257 4.277
37.78
INTOW
85,342
337,395 3.953
37.11
INTOW
89,648
321,308 3.584
39.13
INTOW
80,657
318,301 3.946
39.52
INTOW
62,316
296,925 4.765
38.32
INTOW
60,728
303,638 5.000
36.40
INTOW
74,318
308,942 4.157
37.80
INTOW
57,619
225,753 3.918
34.83
INTOW
48,020
244,314 5.088
33.42
INTOW
69,104
271,033 3.922
34.00
INTOW
61,817
249,452 4.035
32.83
71
71
69
74
75
72
79
81
83
79
78
81
83
75
72
70
77
74
58
66
73
69
21.82
24.10
24.00
25.22
25.36
28.02
29.88
28.86
31.14
30.49
30.18
30.48
30.98
29.18
28.59
26.67
27.88
28.06
20.28
21.95
24.89
22.65
051
111
8010 N INTERSTA 78753 MOTEL 6 #1344

MTL 6
217,656
219,792 1.010
33.20
66
22.00
Page 67 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---AUSTIN
052 111
053 111
054 111
061 111
062 111
063 111
064 111
071 111
072 111
073 111
074 111
081 111
082 111
083 111
084 111
091 111
092 111
093 111
094 111
101 111
102 111
ZIP
--TAXABLE
GROSS
ADJ 1
BRAND
REVENUE
REVENUE FACTOR
------------------ -----8010 N INTERSTA 78753 MOTEL 6
MTL 6
273,262
274,714 1.005
MTL 6
273,185
278,885 1.021
MTL 6
231,979
241,829 1.042
MTL 6
268,913
273,825 1.018
MTL 6
329,657
330,191 1.002
MTL 6
341,210
343,737 1.007
MTL 6
277,412
283,305 1.021
MTL 6
333,812
349,335 1.047
MTL 6
352,328
358,906 1.019
MTL 6
346,053
354,358 1.024
MTL 6
283,497
290,953 1.026
MTL 6
335,880
346,343 1.031
MTL 6
312,431
319,204 1.022
MTL 6
337,621
353,336 1.047
MTL 6
224,137
237,986 1.062
MTL 6
295,212
300,319 1.017
MTL 6
322,199
325,371 1.010
MTL 6
286,931
290,953 1.014
MTL 6
205,719
208,231 1.012
MTL 6
231,835
242,948 1.048
MTL 6
278,115
279,977 1.007
N I H 35
303,177
360,630
380,939
346,085
401,565
492,264
488,553
406,649
452,312
448,761
480,751
352,883
420,886
480,576
451,885
336,879
320,690
437,077
368,846
264,371
282,767
323,759
E
S
T
3
EST
AVG.
DAILY
2 RATE
- ----#1344
35.88
37.21
35.02
37.02
46.07
45.15
40.42
42.52
47.82
46.86
42.63
43.95
45.17
47.47
40.29
41.13
43.13
41.38
36.82
35.35
38.46
78753 MOTEL 6 #360

304,672 1.005
32.25
364,043 1.009
35.93
392,367
.000
37.88
356,468
.000
34.06
407,064 1.014
36.56
495,584 1.007
45.04
493,635 1.010
45.61
416,802 1.025
41.66
465,308 1.029
42.56
458,238 1.021
46.26
487,962 1.015
45.33
365,629 1.036
40.18
430,574 1.023
42.78
493,620 1.027
48.25
473,829 1.049
48.13
367,780 1.092
40.84
336,373 1.049
38.00
439,410 1.005
44.00
370,946 1.006
40.86
273,913 1.036
36.99
292,145 1.033
35.51
329,495 1.018
35.33
YR
4
OP
%
-OCC $ 5
EST REVPAR
--- -----81
76 27.20
73 27.31
68 23.68
74 27.41
71 32.69
75 33.66
69 27.74
82 34.97
74 35.53
74 34.70
67 28.49
79 34.67
70 31.60
73 34.60
58 23.30
73 30.06
75 32.21
69 28.49
55 20.39
69 24.32
72 27.72
AVG
ADJ 1
-----
1.030
1.030
158
158
158
156
156
156
156
156
156
156
156
156
156
156
156
156
156
156
156
156
156
156
9420
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
MTL 6
80
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
156
9121 NORTH DR # 78753 RAMADA LTD FMR HOJO/RALTD/ 86

RALTD
325,900
349,071 1.071
43.52
57 24.86
1.100
051
66
70
71
73
79
78
75
70
78
70
75
63
72
72
69
63
63
70
63
52
59
66
21.43
25.32
26.99
24.84
28.99
34.91
34.39
29.04
33.14
32.28
34.00
25.48
30.67
34.77
33.01
25.63
23.96
30.95
25.85
19.09
20.81
23.21
Page 68 of 116
CITY
----
E
3
ZIP
S EST
4
--T AVG.
%
TAXABLE
GROSS
ADJ 1
DAILY OCC $ 5
BRAND
REVENUE
------------------ ------ - ----- --- -----9121 NORTH DR # 78753 RAMADA LTD FMR HOJO/RALTD/
RALTD
364,803
392,784 1.077
47.34
58 27.67
RALTD
391,053
421,688 1.078
50.34
58 29.38
RALTD
293,355
378,816 1.291
49.58
53 26.39
RALTD
345,685
373,141 1.079
46.50
57 26.58
RALTD
372,705
418,417 1.123
49.22
60 29.47
RALTD
389,998
430,629 1.104
50.49
59 30.00
RALTD
339,064
365,168 1.077
49.48
51 25.44
HO JO
417,331
458,943 1.100
49.48
66 32.69
HO JO
366,323
390,619 1.066
51.89
53 27.52
HO JO
355,569
369,081 1.038
49.58
52 25.72
HO JO
247,495
274,118 1.108
44.10
43 19.10
HO JO
338,035
367,397 1.087
47.00
56 26.17
HO JO
309,368
328,660 1.062
46.09
50 23.15
HO JO
349,582
395,239 1.131
48.57
57 27.54
HO JO
245,629
274,514 1.118
43.22
44 19.13
RALTD
282,177
310,278 1.100
41.06
54 22.10
RALTD
259,584
273,983 1.055
40.06
48 19.30
RALTD
268,139
279,462 1.042
38.98
50 19.47
RALTD
156,096
212,805 1.363
33.11
45 14.83
RALTD
280,654
322,530 1.149
33.71
68 22.97
RALTD
272,455
283,329 1.040
32.35
62 19.96
YR
OP
--
AVG
ADJ 1
-----
86
1.100
82
1.050
12401 N LAMAR B 78753 RESIDENCE INN-AUSTIN NORT

00
RESID
615,145
679,677 1.105
97.06
88 85.82
1.300
ADDR
----
#
YRQ RMS
--- ---AUSTIN
052 156
053 156
054 156
061 156
062 156
063 156
064 156
071 156
072 156
073 156
074 156
081 156
082 156
083 156
084 156
091 156
092 156
093 156
094 156
101 156
102 156
051
052
053
054
061
062
063
064
143
143
143
143
143
143
143
143
8210
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
N I H 35
244,636
309,882
321,417
242,426
283,794
307,040
326,918
284,235
78753 RED ROOF INN #210

247,587 1.012
37.53
313,350 1.011
40.56
328,761 1.023
42.06
247,380 1.020
39.46
290,653 1.024
39.46
309,641 1.008
41.76
329,232 1.007
40.92
285,431 1.004
41.67
51
59
59
48
57
57
61
52
19.24
24.08
24.99
18.80
22.58
23.79
25.03
21.70
071
072
073
074
081
082
083
084
091
092
093
094
101
102
143
143
143
143
143
143
143
143
143
143
143
143
143
143
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
REDRF
373,243
359,149
319,921
267,407
356,453
365,879
309,234
263,057
258,169
225,190
197,018
147,257
189,447
231,654
377,781
366,734
323,440
270,014
360,423
373,913
321,842
311,686
271,077
236,450
206,869
154,620
198,919
243,237
70
66
61
54
66
61
55
52
55
48
43
34
47
54
29.35
28.18
24.58
20.52
28.00
28.73
24.46
23.69
21.06
18.17
15.72
11.75
15.46
18.69
051
88
1.012
1.021
1.011
1.010
1.011
1.022
1.041
1.185
.000
.000
.000
.000
.000
.000
41.67
42.84
40.42
37.78
42.73
47.10
44.79
45.37
38.64
37.64
36.48
35.01
33.12
34.35
Page 69 of 116
CITY
----
E
3
ZIP
S EST
4
--T AVG.
%
TAXABLE
GROSS
ADJ 1
DAILY OCC
BRAND
REVENUE
REVENUE FACTOR 2 RATE EST
------------------ ------ - ----- --12401 N LAMAR B 78753 RESIDENCE INN-AUSTIN
RESID
639,069
739,914 1.158
110.51
84
RESID
563,685
694,024 1.231
112.69
76
RESID
422,538
697,271 1.650
105.65
82
RESID
574,125
776,567 1.353
107.22
91
RESID
721,979
827,707 1.146
127.11
81
RESID
694,891
794,090 1.143
124.57
79
RESID
669,692
727,159 1.086
114.05
79
RESID
718,386
821,081 1.143
114.97
90
RESID
705,885
760,499 1.077
134.64
71
RESID
737,627
893,266 1.211
133.81
82
RESID
644,814
854,081 1.325
131.13
80
RESID
716,210
903,942 1.262
134.10
85
RESID
780,534
897,880 1.150
142.20
79
RESID
690,913
841,227 1.218
143.62
72
RESID
459,830
805,677 1.752
136.35
73
RESID
373,579
611,851 1.638
120.98
64
RESID
549,816
675,716 1.229
125.98
67
RESID
508,786
592,580 1.165
112.84
65
RESID
373,570
578,968 1.550
108.27
66
RESID
537,110
650,431 1.211
110.66
74
RESID
570,592
770,393 1.350
125.03
77
YR
OP
--
ADDR
----
#
YRQ RMS
--- ---AUSTIN
052
88
053
88
054
88
061
88
062
88
063
88
064
88
071
88
072
88
073
88
074
88
081
88
082
88
083
88
084
88
091
88
092
88
093
88
094
88
101
88
102
88
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
132
132
132
132
132
132
132
132
132
132
132
132
132
132
132
132
132
132
132
132
132
132
12520 N IH 35
SPRNG
705,953
SPRNG
849,430
SPRNG
716,428
SPRNG
706,575
SPRNG
848,736
SPRNG 1,033,204
SPRNG
931,647
SPRNG
859,880
SPRNG 1,055,694
SPRNG 1,086,711
SPRNG
950,998
SPRNG
901,157
SPRNG
999,419
SPRNG 1,001,973
SPRNG
826,793
SPRNG
756,038
SPRNG
727,986
SPRNG
717,396
SPRNG
578,264
SPRNG
551,769
SPRNG
639,667
SPRNG
670,194
051
123
8128 N I H 35
SUPR8
221,644
78753 SPRINGHILL SUITES

719,455 1.019
77.50
864,302 1.018
94.12
768,231 1.072
92.83
824,271 1.167
91.44
923,962 1.089
95.44
1,097,348 1.062
122.18
981,849 1.054
109.94
885,925 1.030
100.45
1,096,274 1.038
107.55
1,139,170 1.048
121.87
993,793 1.045
113.55
944,838 1.048
107.36
1,046,381 1.047
111.54
1,060,187 1.058
128.15
907,414 1.098
120.85
861,879 1.140
107.48
775,190 1.065
100.21
755,586 1.053
100.21
594,332 1.028
87.77
573,840
.000
81.12
663,732 1.038
81.72
734,922 1.097
88.56
$ 5
REVPAR
-----NORT
00
92.40
85.72
86.13
98.05
103.36
98.08
89.82
103.67
94.97
110.33
105.49
114.13
112.12
103.91
99.52
77.25
84.38
73.19
71.51
82.13
96.20
AVG
ADJ 1
-----
1.300
02
1.040
78753 SUPER 8 FMR TRAVELERS

96
240,207 1.084
41.29
53 21.70
1.150
78
76
68
74
81
75
74
73
86
78
72
72
79
69
62
66
65
63
56
58
68
69
60.56
71.95
63.26
67.87
77.77
91.35
80.85
72.95
92.28
94.84
81.83
77.80
88.08
88.26
74.72
70.97
65.25
62.90
48.94
47.25
55.87
61.18
Page 70 of 116
CITY
----
YR
OP
--
AVG
ADJ 1
-----
96
1.150
N INTERST 78753 VALUE PLACE - AUSTIN BRAKE 09

76,806
156,321 4.330
27.27
51 14.04
60,147
234,853 3.905
28.82
75 21.57
82,112
195,727 2.384
27.38
65 17.78
2.600
ADDR
----
#
YRQ RMS
--- ---AUSTIN
052 123
053 123
054 123
061 123
062 123
063 123
064 123
071 123
072 123
073 123
074 123
081 123
082 123
083 123
084 123
091 123
092 123
093 123
094 123
101 123
102 123
094
101
102
121
121
121
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
18
BRAND
----8128
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
SUPR8
11105
VALUP
VALUP
VALUP
TAXABLE
REVENUE
------N I H 35
284,104
293,492
257,662
309,882
240,032
349,685
276,714
362,342
423,589
423,048
423,048
434,533
462,667
452,831
313,430
347,657
355,198
281,739
265,900
281,331
211,622
ZIP
--GROSS
ADJ 1
REVENUE FACTOR
-------- -----78753 SUPER 8
304,955
.000
310,318 1.057
276,298 1.072
333,330 1.076
253,469 1.056
402,138
.000
318,221
.000
416,693
.000
487,127
.000
486,505
.000
486,505
.000
499,713
.000
532,067
.000
520,756
.000
360,445
.000
399,806
.000
408,478
.000
324,000
.000
305,785
.000
323,531
.000
243,365
.000
11506 IH 35 NOR
14,895
21,479
18,856
14,487
18,460
21,774
20,378
17,938
17,531
25,645
27,814
22,127
25,063
32,050
28,608
27,077
21,697
26,255
26,896
E
S
T
3
EST
4
AVG.
%
DAILY OCC $ 5
2 RATE EST REVPAR
- ----- --- -----FMR TRAVELERS
46.06
59 27.25
47.76
57 27.42
44.33
55 24.42
46.53
65 30.11
49.25
46 22.65
48.26
74 35.54
46.61
60 28.12
48.51
78 37.64
58.09
75 43.52
51.05
84 42.99
46.79
92 42.99
52.64
86 45.14
58.71
81 47.54
64.35
72 46.02
46.88
68 31.85
47.20
77 36.12
48.65
75 36.49
47.33
60 28.63
42.74
63 27.02
41.80
70 29.23
39.30
55 21.74
78753 WALNUT FOREST MOTEL POOJA 73

32,560 2.186
34.63
58 20.10
39,559 1.842
39.03
62 24.15
38,937 2.065
39.96
59 23.51
34,769 2.400
34.73
60 21.00
35,287 1.912
35.23
62 21.78
49,319 2.265
41.52
72 30.11
48,894 2.399
42.65
69 29.53
54,409 3.033
44.74
73 32.86
50,952 2.906
44.74
70 31.45
55,075 2.148
49.90
67 33.62
57,130 2.054
48.90
71 34.50
49,163 2.222
47.92
62 29.69
47,216 1.884
45.70
64 29.15
55,243 1.724
50.76
66 33.73
56,938 1.990
53.29
64 34.38
43,966 1.624
47.08
56 26.55
48,778 2.248
44.73
67 30.11
50,535 1.925
45.73
67 30.85
49,103 1.826
44.49
67 29.65
1.500
Page 71 of 116
CITY
----
E
3
YR
ZIP
S EST
4
OP
--T AVG.
%
-TAXABLE
GROSS
ADJ 1
DAILY OCC $ 5
BRAND
REVENUE
------------------ ------ - ----- --- -----11506 IH 35 NOR 78753 WALNUT FOREST MOTEL POOJA 73
24,377
39,578 1.624
41.73
57 23.90
29,649
43,734 1.475
42.94
63 27.00
30,135
45,152 1.498
42.73
64 27.57
ADDR
----
#
YRQ RMS
--- ---AUSTIN
094
18
101
18
102
18
GEORGETOWN
073
22
074
22
081
22
082
22
083
22
084
22
091
22
092
22
093
22
094
22
101
22
102
22
1908 S AUSTIN A
31,667
23,032
31,939
25,831
23,162
25,742
22,236
23,163
17,659
18,908
16,121
18,620
78626 BUDGET INN

38,855 1.227
37.13
39,512 1.716
37.76
45,133 1.413
38.64
42,511 1.646
38.64
35,181 1.519
38.02
32,819 1.275
36.87
25,559 1.149
31.89
33,209 1.434
35.50
32,620 1.847
34.54
33,930 1.794
32.87
36,137 2.242
31.56
33,949 1.823
31.10
52
52
59
55
46
44
40
47
47
51
58
54
19.20
19.52
22.79
21.23
17.38
16.21
12.91
16.59
16.12
16.76
18.25
16.96
44
61
66
68
72
75
74
69
68
70
64
67
68
66
65
68
72
81
35.01
50.42
53.84
56.10
60.13
67.97
65.89
60.01
64.04
70.16
61.18
60.72
58.27
64.43
61.50
61.73
65.93
80.99
AVG
ADJ 1
-----
1.500
07
1.800
78626 COMFORT SUITES

217,393 1.068
80.00
316,612 1.025
83.09
341,756 1.039
81.43
356,103 1.025
81.98
373,419 1.044
83.50
426,800 1.014
90.98
418,271 1.020
89.16
380,972 1.049
87.38
397,675 1.042
93.62
440,515 1.044
99.83
388,374 1.092
95.95
385,454 1.051
90.66
361,863 1.074
86.13
404,574 1.058
97.65
390,400 1.031
95.00
391,865 1.057
91.15
409,455 1.052
91.34
508,551 1.058
99.84
1.050
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
69
11 WATERS EDGE
COMFS
203,465
COMFS
308,780
COMFS
328,960
COMFS
347,342
COMFS
357,515
COMFS
420,955
COMFS
410,070
COMFS
363,215
COMFS
381,753
COMFS
422,087
COMFS
355,661
COMFS
366,778
COMFS
337,026
COMFS
382,281
COMFS
378,624
COMFS
370,634
COMFS
389,328
COMFS
480,617
06
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
55
55
55
55
55
55
55
55
209 N IH 35
DAYS
96,372
DAYS
145,801
DAYS
145,114
DAYS
103,258
DAYS
140,139
DAYS
158,586
DAYS
168,617
DAYS
153,640
78626 GEORGETOWN INN FMR DAYS

75
96,978 1.006
43.34
45 19.59
153,091
.000
47.15
65 30.59
152,370
.000
48.89
62 30.11
108,421
.000
44.91
48 21.43
140,832 1.005
46.51
61 28.45
160,520 1.012
50.28
64 32.07
177,048
.000
51.53
68 34.99
161,322
.000
48.54
66 31.88
1.050
051
052
053
054
061
062
063
064
Page 72 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---GEORGETOWN
071
55
072
55
073
55
074
55
081
55
082
55
083
55
084
55
091
55
092
55
093
55
094
55
101
55
102
55
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
15
15
15
15
15
15
15
15
15
15
15
15
15
15
15
051
052
053
054
061
062
063
064
071
072
073
074
081
082
79
79
79
79
79
79
79
79
79
79
79
79
79
79
TAXABLE
BRAND
REVENUE
----------209 N IH 35
DAYS
169,547
DAYS
197,732
DAYS
204,357
DAYS
160,691
DAYS
162,624
DAYS
185,141
DAYS
143,471
DAYS
130,445
DAYS
63,181
DAYS
104,379
DAYS
89,931
DAYS
75,447
90,094
100,710
E
3
ZIP
S EST
4
--T AVG.
%
GROSS
ADJ 1
DAILY OCC $ 5
-------- ------ - ----- --- -----78626 GEORGETOWN INN FMR DAYS
178,024
.000
50.54
71 35.96
207,619
.000
57.10
73 41.48
206,809 1.012
59.88
68 40.87
168,726
.000
52.51
63 33.34
170,755
.000
55.78
62 34.50
194,398
.000
60.84
64 38.84
149,821 1.044
60.14
49 29.61
135,203 1.036
50.55
53 26.72
68,003 1.078
48.02
29 13.74
109,849 1.052
48.02
46 21.95
94,849 1.055
46.13
41 18.74
80,047 1.061
41.76
38 15.82
93,726 1.040
40.86
46 18.93
105,904 1.052
40.66
52 21.16
103 N AUSTIN AV
26,349
31,876
31,702
34,562
34,015
40,186
35,718
32,841
27,020
37,138
35,894
22,390
25,651
26,976
27,789
200 IH-35
HIEXP
265,112
HIEXP
350,863
HIEXP
324,252
HIEXP
294,023
HIEXP
285,144
HIEXP
336,936
HIEXP
353,095
HIEXP
329,016
HIEXP
325,456
HIEXP
356,225
HIEXP
372,330
HIEXP
326,785
HIEXP
314,816
HIEXP
395,320
YR
OP
--
AVG
ADJ 1
-----
75
1.050
79
1.650
78628 COUNTRY INN & SUITES FMR H 99

293,203 1.106
64.56
64 41.24
381,835 1.088
77.54
68 53.11
379,031 1.169
77.30
67 52.15
339,063 1.153
72.40
64 46.65
306,948 1.076
68.50
63 43.17
357,157 1.060
79.91
62 49.68
379,717 1.075
78.31
67 52.25
360,550 1.096
75.96
65 49.61
378,386 1.163
77.56
69 53.22
413,487 1.161
82.24
70 57.52
405,095 1.088
81.87
68 55.74
355,376 1.087
79.25
62 48.90
355,671 1.130
81.08
62 50.02
414,788 1.049
86.15
67 57.70
1.060
78626 SAN GABRIEL MOTEL

32,867 1.247
40.07
42,563 1.335
42.71
39,324 1.240
44.29
48,426 1.401
43.63
39,020 1.147
43.63
51,556 1.283
52.53
47,188 1.321
52.46
46,505 1.416
49.45
46,140 1.708
49.45
52,176 1.405
58.03
43,970 1.225
54.91
31,697 1.416
48.52
33,011 1.287
49.65
32,407 1.201
49.65
28,956 1.042
50.15
61
73
64
80
66
72
65
68
69
66
58
47
49
48
42
24.35
31.18
28.50
35.09
28.90
37.77
34.19
33.70
34.18
38.22
31.86
22.97
24.45
23.74
20.98
Page 73 of 116
E
CITY
----
ADDR
----
#
YRQ RMS
--- ---GEORGETOWN
083
79
084
79
091
79
092
79
093
79
094
40
TAXABLE
BRAND
REVENUE
----------200 IH-35
HIEXP
352,172
HIEXP
325,848
HIEXP
317,579
HIEXP
355,596
HIEXP
309,054
HIEXP
115,481
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
333 I-35 NORTH

LAQUN
259,825
LAQUN
319,929
LAQUN
307,263
LAQUN
259,946
LAQUN
260,000
LAQUN
367,209
LAQUN
347,119
LAQUN
334,636
LAQUN
311,517
LAQUN
349,640
LAQUN
377,557
LAQUN
364,491
LAQUN
324,689
LAQUN
372,187
LAQUN
288,051
LAQUN
280,905
LAQUN
249,523
LAQUN
326,918
LAQUN
324,910
LAQUN
344,505
LAQUN
328,953
LAQUN
346,223
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
54
54
54
54
54
54
54
54
54
54
54
54
54
54
54
1005
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
ZIP
--GROSS
ADJ 1
REVENUE FACTOR
-------- -----78628 COUNTRY
404,287 1.148
360,073 1.105
335,936 1.058
382,617 1.076
319,974 1.035
121,676 1.054
YR
S
T
EST
4
OP
AVG.
%
-DAILY OCC $ 5
2 RATE EST REVPAR
- ----- --- -----INN & SUITES FMR H 99
86.00
65 55.63
79.99
62 49.54
74.24
64 47.25
88.24
60 53.22
82.93
53 44.03
76.76
43 33.06
78628 LA QUINTA
281,897 1.085
334,966 1.047
334,800 1.090
290,267 1.117
290,000 1.115 1
389,892 1.062
377,939 1.089
358,458 1.103
341,288 1.096
361,288 1.033
409,272 1.084
378,245 1.038
347,763 1.071
389,318 1.046
337,820 1.173
314,274 1.119
275,316 1.103
342,538 1.048
333,627 1.027
364,979 1.059
376,953 1.146
431,632 1.247
INN #926
55.84
57
59.84
62
62.05
59
59.15
54
59.15
55
68.96
63
66.60
62
63.31
62
60.31
64
71.25
56
69.82
64
64.21
65
65.69
59
70.40
61
70.36
53
62.41
55
55.62
56
65.62
58
63.84
57
62.22
64
61.94
68
67.31
71
AVG
ADJ 1
-----
1.060
85
1.200
LEANDER RD 78628 QUALITY INN FMR COMFORT IN 84

133,090
141,253 1.061
53.84
54 29.06
196,795
202,621 1.030
65.04
63 41.23
194,015
211,360 1.089
67.45
63 42.54
131,910
140,660 1.066
56.59
50 28.31
169,585
182,569 1.077
58.59
64 37.57
212,873
222,209 1.044
69.42
65 45.22
213,900
226,534 1.059
69.01
66 45.60
182,370
187,546 1.028
62.47
60 37.75
206,255
215,534 1.045
63.57
70 44.35
230,919
239,507 1.037
68.43
71 48.74
236,823
245,437 1.036
67.06
74 49.40
222,889
231,406 1.038
68.66
68 46.58
216,461
219,216 1.013
69.23
65 45.11
209,969
212,851 1.014
69.23
63 43.32
184,643
197,147 1.068
68.21
58 39.68
1.055
31.64
37.18
36.76
31.87
32.55
43.28
41.50
39.36
38.30
40.10
44.94
41.53
39.03
43.21
37.09
34.51
30.90
38.02
36.63
40.07
42.31
47.91
Page 74 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---GEORGETOWN
084
54
091
54
092
54
093
54
094
54
101
54
102
54
051
052
053
054
061
062
063
064
071
072
073
074
081
082
24
24
24
24
24
24
24
12
12
12
12
12
12
12
BRAND
----1005
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
QUALY
TAXABLE
REVENUE
------LEANDER
143,693
145,659
176,324
159,133
130,688
154,031
200,411
ZIP
--GROSS
ADJ 1
REVENUE FACTOR
-------- -----RD 78628 QUALITY
145,994 1.016
148,083 1.017
184,021 1.044
161,778 1.017
134,334 1.028
163,105 1.059
209,255 1.044
1501 SUN CITY B

55,994
60,257
62,484
57,603
79,666
63,532
54,154
34,169
20,745
23,190
17,449
18,936
21,373
24,485
E
S
T
3
EST
4
AVG.
%
DAILY OCC $ 5
2 RATE EST REVPAR
- ----- --- -----INN FMR COMFORT IN
62.26
47 29.39
59.15
52 30.47
64.50
58 37.45
59.83
54 32.56
53.57
50 27.04
51.43
65 33.56
61.12
70 42.58
78628 SUN CITY GEORGETOWN

58,794
.000
46.41
59
63,270
.000
48.27
60
65,608
.000
50.06
59
60,483
.000
49.31
56
83,649
.000
49.31
79
66,709
.000
52.20
58
56,862
.000
51.16
50
35,877
.000
47.59
68
21,782
.000
49.00
41
24,350
.000
50.37
44
18,321
.000
48.58
34
19,883
.000
47.61
38
22,442
.000
48.72
43
25,709
.000
48.72
48
YR
OP
--
AVG
ADJ 1
-----
84
1.055
97
1.050
27.22
28.97
29.71
27.39
38.73
30.54
25.75
32.50
20.17
22.30
16.60
18.01
20.78
23.54
PFLUGERVILLE 15112 FM 1825

092
20 COMFS
69,262
093
64 COMFS
200,606
094
64 COMFS
195,056
101
64 COMFS
263,201
102
64 COMFS
296,920
78660 COMFORT SUITES

76,188
.000
85.00
220,667
.000
82.70
214,562
.000
79.35
289,521
.000
72.34
326,612
.000
84.91
09
1.100
ROUND ROCK
1851
051
68 BWEST
052
68 BWEST
053
68 BWEST
054
68 BWEST
061
68 BWEST
062
68 BWEST
063
68 BWEST
064
68 BWEST
071
68 BWEST
072
68 BWEST
073
68 BWEST
074
68 BWEST
081
68 BWEST
082
68 BWEST
083
68 BWEST
78664 BEST WESTERN EXECUTIVE IN

97
204,172 1.160
57.51
58 33.36
286,747 1.060
71.25
65 46.34
307,005 1.122
75.23
65 49.07
289,936 1.363
71.44
65 46.35
296,554 1.154
67.54
72 48.46
345,640 1.052
82.07
68 55.86
383,769 1.121
83.37
74 61.34
337,994 1.156
76.02
71 54.03
356,040 1.289
78.52
74 58.18
388,502 1.070
87.91
71 62.78
330,978 1.027
83.30
64 52.91
324,892 1.029
78.69
66 51.93
324,362 1.157
80.51
66 53.00
353,731 1.078
86.59
66 57.16
306,332 1.252
84.43
58 48.97
1.070
N IH 35
176,077
270,596
273,614
212,732
256,994
328,483
342,496
292,320
276,131
363,117
322,277
315,716
280,358
328,288
244,715
49
45
46
69
66
41.86
37.48
36.44
50.26
56.08
Page 75 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---ROUND ROCK
084
68
091
68
092
68
093
68
094
68
101
68
102
68
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
98
051
052
053
054
061
062
063
064
071
072
073
074
081
082
138
138
138
138
138
138
138
138
138
138
138
138
138
138
BRAND
----1851
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
BWEST
TAXABLE
REVENUE
------N IH 35
229,977
201,697
260,346
238,933
197,599
198,429
252,739
E
3
ZIP
S EST
4
--T AVG.
%
GROSS
ADJ 1
DAILY OCC $ 5
-------- ------ - ----- --- -----78664 BEST WESTERN EXECUTIVE IN
251,896 1.095
76.04
53 40.26
218,295 1.087
72.24
49 35.67
283,962 1.091
78.24
59 45.89
249,216 1.043
73.21
54 39.84
255,562 1.293
70.25
58 40.85
210,412 1.060
64.85
53 34.38
265,182 1.049
74.48
58 42.85
521 S I H 35
CANDL
178,090
CANDL
187,350
CANDL
174,811
CANDL
141,318
CANDL
193,358
CANDL
219,220
CANDL
231,171
CANDL
219,058
CANDL
265,473
CANDL
240,252
CANDL
201,428
CANDL
169,856
CANDL
226,129
CANDL
227,539
CANDL
238,425
CANDL
143,803
CANDL
192,094
CANDL
241,634
CANDL
151,597
CANDL
120,921
CANDL
187,202
CANDL
215,533
78664 CANDLEWOOD SUITES

284,468 1.597
50.00
327,884 1.750
52.00
354,167 2.026
57.03
288,796 2.044
54.70
301,999 1.562
55.37
405,471 1.850
56.99
410,841 1.777
58.80
394,862 1.803
60.27
428,022 1.612
64.50
467,419 1.946
73.50
464,694 2.307
72.03
379,554 2.235
65.69
419,692 1.856
69.16
346,620 1.523
67.13
385,190 1.616
69.82
353,311 2.457
63.82
330,356 1.720
58.90
322,957 1.337
61.50
246,066 1.623
54.97
312,309 2.583
55.18
360,503 1.926
56.24
358,852 1.665
64.22
5555
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
78664 EXTENDED STAY AMERICA

253,936 1.685
29.50
69
305,953 1.992
30.68
79
271,366 2.200
31.82
67
275,000 2.200 1 31.34
69
196,238 1.441
29.54
53
337,200 1.413
36.56
73
398,732 1.519
39.75
79
314,088 1.532
34.84
71
405,019 1.547
39.84
82
459,361 1.664
48.15
76
417,505 1.466
44.25
74
372,106 1.351
40.42
73
399,230 1.646
44.56
72
403,553 1.325
46.59
69
S. IH 35
150,682
153,589
123,358
125,000
136,151
238,632
262,540
204,983
261,886
276,082
284,792
275,530
242,473
304,472
65
71
69
59
62
80
77
73
75
71
72
64
69
58
61
61
64
59
50
63
73
63
YR
OP
--
AVG
ADJ 1
-----
97
1.070
02
1.900
FMR
98
20.45
24.36
21.37
21.66
15.80
26.85
31.41
24.74
32.61
36.58
32.88
29.31
32.14
32.14
1.900
32.25
36.77
39.28
32.03
34.24
45.47
45.57
43.80
48.53
52.41
51.54
42.10
47.58
38.87
42.72
39.19
37.46
36.21
27.29
34.64
40.87
40.24
Page 76 of 116
CITY
----
ADDR
----
#
YRQ RMS
BRAND
--- ---- ----ROUND ROCK
5555
083 138 EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
EXTSA
TAXABLE
REVENUE
------S. IH 35
189,261
132,968
178,306
156,848
127,207
141,166
140,159
172,814
E
3
ZIP
S EST
4
--T AVG.
%
GROSS
ADJ 1
DAILY OCC $ 5
-------- ------ - ----- --- -----78664 EXTENDED STAY AMERICA FMR
365,210 1.930
44.03
65 28.77
1.817
.000
2.191
2.304
1.796
1.900
1.780
42.69
40.56
46.56
42.38
38.74
35.08
39.88
44
54
59
54
52
61
61
AVG
ADJ 1
-----
98
1.900
084
091
092
093
094
101
102
138
138
138
138
138
138
138
93
93
93
93
93
93
93
93
93
93
93
93
93
93
93
93
93
93
93
93
93
93
100 DELL WAY

HAMPT
452,398
HAMPT
552,385
HAMPT
491,597
HAMPT
470,970
HAMPT
543,264
HAMPT
644,606
HAMPT
648,368
HAMPT
540,705
HAMPT
640,536
HAMPT
727,679
HAMPT
686,675
HAMPT
642,587
HAMPT
712,426
HAMPT
780,414
HAMPT
685,466
HAMPT
616,711
HAMPT
432,210
HAMPT
665,361
HAMPT
563,265
HAMPT
591,238
HAMPT
599,775
HAMPT
652,228
78664 HAMPTON INN ROUND

473,957 1.048
78.59
567,593 1.028
91.09
524,358 1.067
89.70
525,492 1.116
91.11
565,051 1.040
91.11
658,908 1.022
102.15
655,767 1.011
103.05
589,016 1.089
94.13
672,703 1.050
101.13
749,998 1.031
113.62
701,095 1.021
109.39
662,411 1.031
105.44
725,766 1.019
119.25
801,828 1.027
129.38
739,378 1.079
130.67
640,615 1.039
117.00
446,094 1.032
104.50
684,029 1.028
118.50
579,933 1.030
108.48
608,684 1.030
108.98
623,001 1.039
104.62
688,977 1.056
120.02
ROCK
01
72 56.63
74 67.07
68 61.29
67 61.42
74 67.51
76 77.86
74 76.64
73 68.84
79 80.37
78 88.62
75 81.94
73 77.42
73 86.71
73 94.75
66 86.42
64 74.87
51 53.30
68 80.83
62 67.78
65 71.14
71 74.43
68 81.41
1.055
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
96
96
96
96
96
96
96
96
96
96
96
96
96
2505
RESID
RESID
RESID
RESID
RESID
RESID
RESID
RESID
RESID
RESID
RESID
RESID
RESID
78664 RESIDENCE INN - ROUND ROC

99
618,924 1.346
86.97
82 71.63
764,240 1.210
101.93
86 87.48
678,060 1.215
98.06
78 76.77
722,971 1.962
96.59
85 81.86
787,905 1.412
102.11
89 91.19
685,571 1.139
115.44
68 78.48
862,836 1.111
113.13
86 97.69
821,452 1.267
107.74
86 93.01
758,830 1.130
107.74
82 87.83
947,082 1.170
118.98
91 108.41
898,038 1.233
123.46
82 101.68
796,196 1.180
116.62
77 90.15
904,371 1.113
132.49
79 104.67
1.200
051
052
053
054
061
062
063
064
071
072
073
074
081
S IH 35
459,764
631,473
558,260
368,413
557,984
609,321
776,786
648,488
671,452
809,410
728,336
675,020
812,579
240,585
273,774
343,672
293,118
253,560
266,317
307,573
YR
OP
--
18.95
22.04
27.37
23.09
19.97
21.44
24.49
Page 77 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---ROUND ROCK
082
96
083
96
084
96
091
96
092
96
093
96
094
96
101
96
102
96
BRAND
----2505
RESID
RESID
RESID
RESID
RESID
RESID
RESID
RESID
RESID
TAXABLE
REVENUE
------S IH 35
756,529
705,924
527,242
559,528
698,792
624,644
588,619
613,420
716,333
1209
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
WINGT
N I H 35
251,243
279,384
324,286
220,321
295,598
390,694
394,306
314,347
411,093
449,468
398,891
364,631
360,950
455,507
363,892
311,175
313,501
338,352
331,559
247,329
248,143
376,764
E
3
ZIP
S EST
4
--T AVG.
%
GROSS
ADJ 1
DAILY OCC $ 5
-------- ------ - ----- --- -----78664 RESIDENCE INN - ROUND ROC
861,498 1.139
132.49
74 98.61
840,681 1.191
129.88
73 95.19
729,829 1.384
119.14
69 82.63
688,385 1.230
113.18
70 79.67
811,533 1.161
127.65
73 92.90
735,799 1.178
121.27
69 83.31
698,585 1.187
116.36
68 79.10
757,476 1.235
111.71
78 87.67
853,554 1.192
128.07
76 97.71
YR
OP
--
AVG
ADJ 1
-----
99
1.200
99
1.060
78681 CLSD SUPER 8 7/05 FMR RALT 86

90,000 1.059 7 36.33
46 16.67
90,000 1.059 8 37.78
44 16.48
1.050
78664 WINGATE INN

284,222 1.131
51.96
312,933 1.120
59.24
372,572 1.149
64.85
259,032 1.176
53.68
340,994 1.154
57.58
447,566 1.146
72.59
430,461 1.092
65.26
355,981 1.132
59.05
444,670 1.082
69.05
494,360 1.100
78.69
419,234 1.051
71.14
385,124 1.056
66.89
405,317 1.123
70.48
506,431 1.112
80.61
408,127 1.122
73.34
331,761 1.066
64.52
345,097 1.101
61.29
396,624 1.172
71.29
349,608 1.054
66.73
259,539 1.049
61.91
269,408 1.086
57.60
399,734 1.061
75.22
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
051
052
60
60
1400 INTERSTATE
SUPR8
85,000
SUPR8
85,000
051
052
053
054
061
062
063
064
63
63
63
63
63
63
63
63
609 CHISHOLM TR 78681 COMFORT SUITES

COMFS
210,925
224,598 1.065
59.58
COMFS
272,107
278,806 1.025
72.36
COMFS
233,939
253,869 1.085
72.13
COMFS
172,168
200,621 1.165
66.12
COMFS
222,514
236,483 1.063
65.12
COMFS
252,692
316,170 1.251
76.76
COMFS
286,467
290,890 1.015
75.22
COMFS
259,980
266,398 1.025
72.05
61
58
62
52
66
68
72
66
72
69
64
63
64
69
60
56
63
61
57
46
52
58
31.58
34.39
40.50
28.16
37.89
49.18
46.79
38.69
49.41
54.33
45.57
41.86
45.04
55.65
44.36
36.06
38.34
43.59
38.00
28.21
29.93
43.93
00
66
67
61
52
64
72
67
64
39.61
48.63
43.80
34.61
41.71
55.15
50.19
45.96
1.100
Page 78 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---ROUND ROCK
071
63
072
63
073
63
074
63
081
63
082
63
083
63
084
63
091
63
092
63
093
63
094
63
101
63
102
63
TAXABLE
BRAND
REVENUE
----------609 CHISHOLM
COMFS
303,934
COMFS
321,226
COMFS
286,911
COMFS
274,457
COMFS
274,715
COMFS
294,812
COMFS
255,371
COMFS
219,291
COMFS
246,123
COMFS
232,840
COMFS
185,785
COMFS
160,902
COMFS
186,813
COMFS
223,569
ZIP
--GROSS
ADJ 1
REVENUE FACTOR
-------- -----TR 78681 COMFORT
320,063 1.053
331,758 1.033
298,674 1.041
282,820 1.030
316,404 1.152
336,816 1.142
306,315 1.199
230,554 1.051
259,302 1.054
249,048 1.070
197,152 1.061
167,818 1.043
201,170 1.077
246,949 1.105
E
S
T
3
EST
AVG.
DAILY
2 RATE
- ----SUITES
76.55
82.39
76.98
73.99
80.51
83.55
80.35
73.06
72.26
76.50
70.54
64.80
60.05
71.69
YR
4
OP
%
-OCC $ 5
EST REVPAR
--- -----00
74 56.45
70 57.87
67 51.53
66 48.80
69 55.80
70 58.75
66 52.85
54 39.78
63 45.73
57 43.44
48 34.02
45 28.95
59 35.48
60 43.08
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
61
61
61
61
61
61
61
61
61
61
61
61
61
61
61
61
61
61
61
61
61
61
1560
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
CTRYI
N IH 35
119,223
175,123
153,776
140,192
164,541
270,550
209,709
209,270
300,099
311,109
265,502
233,780
243,829
254,553
220,434
144,126
147,720
167,499
130,850
91,190
132,475
155,547
78681 COUNTRY INN & SUITES

125,739 1.055
54.50
42
186,755 1.066
58.76
57
159,103 1.035
56.58
50
147,257 1.050
51.71
51
176,043 1.070
54.71
59
289,663 1.071
72.52
72
232,995 1.111
66.17
63
228,296 1.091
58.80
69
312,105 1.040
68.80
83
334,880 1.076
79.67
76
272,671 1.027
72.03
67
248,119 1.061
68.63
64
257,173 1.055
71.24
66
285,663 1.122
79.35
65
267,052 1.211
76.10
63
176,431 1.224
63.51
50
155,963 1.056
59.38
48
185,759 1.109
61.65
54
134,947 1.031
58.37
41
97,595 1.070
50.44
34
139,430 1.053
49.49
51
174,731 1.123
58.30
54
22.90
33.64
28.35
26.24
32.07
52.18
41.52
40.68
56.85
60.33
48.59
44.21
46.84
51.46
47.59
31.44
28.41
33.46
24.05
17.39
25.40
31.48
051
052
053
054
061
062
063
113
113
113
113
113
113
113
2700
COURT
COURT
COURT
COURT
COURT
COURT
COURT
HOPPE TRAI
424,448
488,196
446,054
399,795
535,632
612,151
571,774
78681 COURTYARD BY MARRIOTT

438,573 1.033
71.30
60
521,103 1.067
79.56
64
451,564 1.012
78.36
55
412,148 1.031
73.44
54
558,007 1.042
77.44
71
629,100 1.028
88.43
69
574,284 1.004
81.86
67
43.12
50.68
43.44
39.64
54.87
61.18
55.24
AVG
ADJ 1
-----
1.100
03
1.100
98
1.111
Page 79 of 116
E
3
ZIP
S EST
4
--T AVG.
%
#
TAXABLE
GROSS
ADJ 1
DAILY OCC $ 5
YRQ RMS
BRAND
REVENUE
--- ---- ------------------ ------ - ----- --- -----ROUND ROCK
2700 HOPPE TRAI 78681 COURTYARD BY MARRIOTT
064 113 COURT
556,583
564,875 1.015
78.95
69 54.34
071 113 COURT
659,331
679,913 1.031
88.55
75 66.85
072 113 COURT
762,004
795,348 1.044
101.31
76 77.35
073 113 COURT
687,835
715,348 1.040
99.28
69 68.81
074 113 COURT
608,202
631,133 1.038
93.37
65 60.71
081 113 COURT
706,635
737,187 1.043
101.17
72 72.49
082 113 COURT
762,679
814,439 1.068
107.25
74 79.20
083 113 COURT
668,626
749,955 1.122
103.68
70 72.14
084 113 COURT
585,786
635,457 1.078
120.53
51 61.13
091 113 COURT
525,141
574,928 1.095
95.50
59 56.53
092 113 COURT
572,404
623,488 1.089
105.50
57 60.63
093 113 COURT
439,235
466,127 1.061
99.72
45 44.84
094 113 COURT
399,511
424,075 1.061
92.61
44 40.79
101 113 COURT
478,932
537,717 1.123
86.40
61 52.87
102 113 COURT
563,437
625,880 1.111
101.89
60 60.87
CITY
----
ADDR
----
YR
OP
--
AVG
ADJ 1
-----
98
1.111
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
49
1802
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
DAYS
S I H 35
77,870
153,795
156,454
129,075
135,535
198,320
185,670
118,325
164,257
198,518
176,150
179,703
169,319
182,904
161,739
48,247
74,297
96,287
61,948
105,183
112,483
124,674
78681 DAYS INN INN & SUITES

80,613 1.035
40.37
45
155,992 1.014
50.51
69
176,497 1.128
57.56
68
160,260 1.242
55.65
64
140,209 1.034
42.65
75
199,426 1.006
61.02
73
197,612 1.064
58.82
75
126,654 1.070
53.90
52
176,994 1.078
58.50
69
215,614 1.086
66.31
73
196,583 1.116
61.26
71
194,996 1.085
60.03
72
187,446 1.107
63.98
66
191,924 1.049
68.03
63
171,088 1.058
64.97
58
53,456 1.108
59.68
20
74,821 1.007
56.70
30
102,064
.000
62.50
37
65,591 1.059
56.56
26
110,891 1.054
52.35
47
116,866 1.039
49.49
54
131,364 1.054
54.22
54
FMR
97
18.28
34.98
39.15
35.55
31.79
44.72
43.84
28.10
40.13
48.35
43.61
43.26
42.50
43.04
37.95
11.86
16.97
22.89
14.55
24.60
26.50
29.46
1.060
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
N I H 35
446,024
601,252
550,565
469,990
594,604
762,743
78681 HILTON GARDEN INN

472,479 1.059
72.32
625,565 1.040
86.65
576,009 1.046
84.67
492,802 1.049
77.39
611,937 1.029
80.00
780,581 1.023
97.91
1.035
122
122
122
122
122
122
2310
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
99
051
052
053
054
061
062
43.03
56.35
51.32
43.91
55.73
70.31
59
65
61
57
70
72
Page 80 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---ROUND ROCK
063 122
064 122
071 122
072 122
073 122
074 122
081 122
082 122
083 122
084 122
091 122
092 122
093 122
094 122
101 122
102 122
BRAND
----2310
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
HILTG
TAXABLE
REVENUE
------N I H 35
721,171
651,727
793,169
885,370
778,524
674,842
833,981
909,694
808,040
642,185
633,327
712,270
575,145
536,425
638,736
775,498
E
3
YR
ZIP
S EST
4
OP
--T AVG.
%
-GROSS
ADJ 1
DAILY OCC $ 5
-------- ------ - ----- --- -----78681 HILTON GARDEN INN
99
742,473 1.030
93.60
71 66.15
662,026 1.016
87.71
67 58.98
826,219 1.042
94.50
80 75.25
907,997 1.026
110.51
74 81.79
803,261 1.032
102.40
70 71.57
685,042 1.015
95.45
64 61.03
856,048 1.026
109.02
72 77.96
932,982 1.026
122.19
69 84.04
857,340 1.061
119.37
64 76.38
667,186 1.039
106.05
56 59.44
668,612 1.056
100.75
60 60.89
736,527 1.034
112.75
59 66.34
581,767 1.012
102.88
50 51.83
553,747 1.032
94.56
52 49.34
648,093 1.015
91.74
64 59.02
808,435 1.042
111.18
65 72.82
051
052
053
054
061
062
91
91
91
91
91
91
2340
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
IH 35 N
263,398
346,862
324,694
345,126
372,566
450,850
78681 HOLIDAY I & S FMR

273,011 1.036
62.50
358,515 1.034
71.24
346,717 1.068
71.08
393,226 1.139
70.01
392,752 1.054
74.01
471,379 1.046
80.99
AMERISUI 02
53 33.33
61 43.29
58 41.41
67 46.97
65 47.96
70 56.92
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
91
91
91
91
91
91
91
91
91
91
91
91
91
91
91
91
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
HOLID
460,968
425,364
497,354
564,261
496,795
434,320
527,487
515,874
450,666
364,018
291,875
381,734
338,521
253,273
347,275
410,000
476,186
443,587
514,141
592,749
501,763
451,784
533,107
530,068
491,083
380,729
303,888
402,983
342,158
274,711
361,471
425,000
69
68
71
73
66
63
72
65
59
55
49
59
52
46
65
62
56.88
52.98
62.78
71.58
59.93
53.96
65.09
64.01
58.66
45.48
37.10
48.66
40.87
32.81
44.14
51.32
051
052
053
054
061
116
116
116
116
116
2004
LAQUN
LAQUN
LAQUN
LAQUN
LAQUN
I-35 NORT
298,448
397,966
432,167
379,671
368,264
78681 LA QUINTA
327,129 1.096
423,582 1.064
452,054 1.046
407,123 1.072
392,144 1.065
INN #905
53.51
59
62.93
64
65.26
65
57.68
66
57.68
65
31.33
40.13
42.36
38.15
37.56
1.033
1.043
1.034
1.050
1.010
1.040
1.011
1.028
1.028
1.046
1.041
1.056
1.011
1.085
1.041
1.037
81.92
78.32
88.32
97.99
90.74
85.26
90.30
98.82
99.81
83.20
75.24
82.15
77.98
70.60
67.78
1 82.17
86
AVG
ADJ 1
-----
1.035
1.060
1.100
Page 81 of 116
E
ZIP
S
--T
#
TAXABLE
GROSS
ADJ 1
YRQ RMS
BRAND
REVENUE
REVENUE FACTOR 2
--- ---- ------------------ ------ ROUND ROCK
2004 I-35 NORT 78681 LA QUINTA
062 116 LAQUN
427,027
470,371 1.102
063 116 LAQUN
469,077
492,033 1.049
064 116 LAQUN
394,306
418,522 1.050
071 116 LAQUN
435,152
460,944 1.059
072 116 LAQUN
490,007
505,302 1.031
073 116 LAQUN
476,904
504,564 1.058
074 116 LAQUN
367,347
394,438 1.074
081 116 LAQUN
416,498
446,665 1.072
082 116 LAQUN
467,483
500,106 1.070
083 116 LAQUN
444,325
495,497 1.115
084 116 LAQUN
349,410
386,484 1.106
091 116 LAQUN
373,212
396,248 1.062
092 116 LAQUN
418,054
452,298 1.082
093 116 LAQUN
357,586
369,747 1.034
094 116 LAQUN
304,317
325,252 1.069
101 116 LAQUN
327,964
360,456 1.099
102 116 LAQUN
390,266
448,940 1.150
CITY
----
ADDR
----
3
YR
EST
4
OP
AVG.
%
-DAILY OCC $ 5
RATE EST REVPAR
----- --- -----INN #905
86
68.35
65 44.56
66.98
69 46.11
62.31
63 39.22
66.51
66 44.15
71.46
67 47.87
72.03
66 47.28
63.73
58 36.96
68.28
63 42.78
72.33
65 47.38
73.05
64 46.43
63.07
57 36.21
59.92
63 37.95
69.92
61 42.85
64.13
54 34.65
60.95
50 30.48
57.94
60 34.53
67.20
63 42.53
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
295
295
295
295
295
295
295
295
295
295
295
295
295
295
295
295
295
295
295
295
295
295
2600 LA FRONTER 78681 MARRIOTT LA FRONTERA

MARRT 1,829,302 1,877,015 1.026
98.54
72
MARRT 1,944,172 2,049,174 1.054
107.68
71
MARRT 1,652,097 1,735,670 1.051
106.38
60
MARRT 1,622,185 1,731,876 1.068
98.87
65
MARRT 2,193,649 2,296,478 1.047
111.87
77
MARRT 2,755,505 2,887,989 1.048
138.51
78
MARRT 2,311,185 2,397,284 1.037
125.94
70
MARRT 2,086,134 2,229,253 1.069
123.42
67
MARRT 2,672,107 2,762,992 1.034
130.42
80
MARRT 2,648,856 2,771,047 1.046
139.21
74
MARRT 2,429,379 2,492,543 1.026
131.82
70
MARRT 2,231,448 2,344,795 1.051
129.87
67
MARRT 2,647,863 2,675,442 1.010
143.11
70
MARRT 2,430,846 2,566,424 1.056
143.11
67
MARRT 2,353,183 2,434,529 1.035
139.90
64
MARRT 1,942,729 2,162,674 1.113
126.92
63
MARRT 1,874,651 1,996,179 1.065
122.47
61
MARRT 1,898,253 1,982,692 1.044
122.47
60
MARRT 1,871,191 1,960,037 1.047
122.07
59
MARRT 1,801,414 1,939,016 1.076
117.13
61
MARRT 2,232,855 2,312,727 1.036
118.68
73
MARRT 2,065,633 2,242,163 1.085
123.03
68
051
052
053
054
107
107
107
107
1990
REDRF
REDRF
REDRF
REDRF
N INTERSTA
224,376
297,077
321,523
293,312
78681 RED ROOF INN #302

226,722 1.010
43.20
298,554 1.005
51.48
333,232 1.036
52.35
298,208 1.017
48.51
AVG
ADJ 1
-----
1.100
01
1.070
SLEE 96
23.54
30.66
33.85
30.29
1.030
70.70
76.33
63.95
63.81
86.50
107.58
88.33
82.14
104.07
103.22
91.84
86.40
100.77
95.60
89.70
79.69
75.19
73.86
72.22
71.44
87.11
83.52
FMR
54
60
65
62
Page 82 of 116
E
3
ZIP
S EST
4
--T AVG.
%
#
TAXABLE
GROSS
ADJ 1
DAILY OCC $ 5
YRQ RMS
BRAND
REVENUE
--- ---- ------------------ ------ - ----- --- -----ROUND ROCK
1990 N INTERSTA 78681 RED ROOF INN #302 FMR SLEE
061 107 REDRF
323,886
327,462 1.011
51.51
66 34.00
062 107 REDRF
400,706
404,570 1.010
60.87
68 41.55
063 107 REDRF
420,983
424,743 1.009
62.59
69 43.15
064 107 REDRF
368,668
370,219 1.004
57.42
65 37.61
071 107 REDRF
362,062
366,052 1.011
57.42
66 38.01
072 107 REDRF
399,041
405,710 1.017
65.30
64 41.67
073 107 REDRF
378,851
391,173 1.033
62.23
64 39.74
074 107 REDRF
362,985
366,498 1.010
59.03
63 37.23
081 107 REDRF
359,163
362,008 1.008
60.40
62 37.59
082 107 REDRF
408,140
414,471 1.016
66.47
64 42.57
083 107 REDRF
402,386
432,588 1.075
67.13
65 43.94
084 107 REDRF
302,973
319,348 1.054
59.27
55 32.44
091 107 REDRF
275,621
279,554 1.014
54.12
54 29.03
092 107 REDRF
294,643
296,862 1.008
59.52
51 30.49
093 107 REDRF
248,157
252,140 1.016
55.96
46 25.61
094 107 REDRF
247,247
249,618 1.010
53.69
47 25.36
101 107 REDRF
291,835
292,872 1.004
52.41
58 30.41
102 107 REDRF
286,009
290,864 1.017
54.24
55 29.87
CITY
----
YR
OP
--
AVG
ADJ 1
-----
96
1.030
1980 S INTERSTA 78681 SLEEP INN & SUITES OF ROU

10
SLEEP
177,393
198,007 1.116
58.21
51 29.40
.000
ADDR
----
102
74
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
104
104
104
104
104
104
104
104
104
104
104
104
104
104
104
104
104
104
104
104
104
104
051
81
2960
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
SPRNG
HOPPE TRL
340,368
427,882
425,223
359,327
418,122
580,556
518,205
524,130
574,355
623,106
551,175
544,137
594,900
669,278
523,884
433,387
410,438
446,036
409,549
330,731
413,580
526,967
78681 SPRINGHILL SUITES

364,709 1.072
62.58
449,929 1.052
70.28
450,192 1.059
71.84
403,504 1.123
65.74
469,879 1.124
73.54
625,398 1.077
87.36
549,454 1.060
79.93
552,539 1.054
78.33
609,853 1.062
82.53
673,969 1.082
94.09
583,435 1.059
83.39
567,996 1.044
81.72
657,498 1.105
89.55
712,522 1.065
99.68
585,398 1.117
93.81
461,154 1.064
82.42
464,224 1.131
78.30
489,569 1.098
85.30
426,973 1.043
80.03
354,470 1.072
71.99
453,037 1.095
71.61
589,586 1.119
88.07
BY MARRI 00
62 38.96
68 47.54
65 47.05
64 42.17
68 50.20
76 66.08
72 57.43
74 57.75
79 65.16
76 71.21
73 60.98
73 59.36
78 70.25
76 75.29
65 61.18
58 48.20
63 49.60
61 51.73
56 44.63
51 37.05
68 48.40
71 62.30
520 S INTERSTAT 78681 STAYBRIDGE SUITES

STAYB
210,717
390,552 1.853
72.57
74
01
53.57
1.100
1.300
Page 83 of 116
E
3
YR
ZIP
S EST
4
OP
--T AVG.
%
-#
TAXABLE
GROSS
ADJ 1
DAILY OCC $ 5
YRQ RMS
BRAND
REVENUE
--- ---- ------------------ ------ - ----- --- -----ROUND ROCK
520 S INTERSTAT 78681 STAYBRIDGE SUITES
01
052
81 STAYB
335,409
394,794 1.177
80.67
66 53.56
053
81 STAYB
319,177
411,385 1.289
85.63
64 55.20
054
81 STAYB
253,341
388,321 1.533
78.80
66 52.11
061
81 STAYB
341,543
403,247 1.181
83.50
66 55.32
062
81 STAYB
434,473
515,614 1.187
96.84
72 69.95
063
81 STAYB
339,011
517,908 1.528
93.63
74 69.50
064
81 STAYB
316,219
462,492 1.463
89.70
69 62.06
071
81 STAYB
435,791
505,391 1.160
93.50
74 69.33
072
81 STAYB
487,955
576,683 1.182
106.40
74 78.24
073
81 STAYB
399,067
500,031 1.253
99.37
68 67.10
074
81 STAYB
391,896
451,387 1.152
93.46
65 60.57
081
81 STAYB
368,083
433,188 1.177
94.71
63 59.42
082
81 STAYB
457,658
553,986 1.210
111.93
67 75.16
083
81 STAYB
490,163
562,506 1.148
113.05
67 75.48
084
81 STAYB
359,744
456,102 1.268
92.16
66 61.21
091
81 STAYB
379,333
441,306 1.163
89.45
68 60.54
092
81 STAYB
425,207
458,402 1.078
98.45
63 62.19
093
81 STAYB
365,414
439,163 1.202
99.67
59 58.93
094
81 STAYB
307,441
401,630 1.306
95.64
56 53.90
101
81 STAYB
349,142
410,737 1.176
88.84
63 56.34
102
81 STAYB
341,983
461,259 1.349
94.53
66 62.58
CITY
----
ADDR
----
082
083
084
091
092
093
094
101
102
121
121
121
121
121
121
121
121
121
1950
VALUP
VALUP
VALUP
VALUP
VALUP
VALUP
VALUP
VALUP
VALUP
N INTERSTA
251,968
180,468
38,296
90,525
120,073
88,779
46,645
78,874
88,814
051
052
053
054
061
062
063
064
071
072
073
074
081
104
104
104
104
104
104
104
104
104
104
104
104
104
16950 N IH 35
EXTSA
147,057
EXTSA
182,646
EXTSA
155,258
EXTSA
135,311
EXTSA
157,528
EXTSA
225,030
EXTSA
215,325
EXTSA
169,684
EXTSA
206,019
EXTSA
249,280
EXTSA
235,437
EXTSA
214,817
EXTSA
257,220
78681 VALUE PLACE HOTEL

376,800
.000
38.00
353,900 1.961
37.88
322,925 1.798
36.44
257,153 1.667
34.62
263,963 2.198
34.62
241,915 2.725
31.64
182,464 3.912
28.44
261,625 3.317
29.33
225,387 2.538
29.18
90
84
80
68
69
69
58
82
70
78728 EXTENDED STAY AMERICA

226,905 1.543
33.12
73
272,225 1.490
34.44
84
238,375 1.535
35.71
70
312,374 2.309
39.90
82
256,612 1.629
38.50
71
323,487 1.438
47.10
73
350,872 1.629
48.51
76
278,492 1.641
43.62
67
353,415 1.715
46.52
81
413,486 1.659
53.99
81
346,328 1.471
50.56
72
292,247 1.360
46.61
66
378,803 1.473
49.72
81
AVG
ADJ 1
-----
1.300
08
3.000
6197 03
24.24
28.76
24.91
32.65
27.42
34.18
36.67
29.11
37.76
43.69
36.20
30.54
40.47
1.850
34.22
31.79
29.01
23.61
23.97
21.73
16.39
24.02
20.47
Page 84 of 116
CITY
----
ADDR
----
#
YRQ RMS
--- ---ROUND ROCK
082 104
083 104
084 104
091 104
092 104
093 104
094 104
101 104
102 104
TAXABLE
BRAND
REVENUE
----------16950 N IH 35
EXTSA
259,183
EXTSA
243,126
EXTSA
162,140
EXTSA
171,751
EXTSA
196,059
EXTSA
158,999
EXTSA
122,966
EXTSA
124,104
EXTSA
160,647
E
3
ZIP
S EST
4
--T AVG.
%
GROSS
ADJ 1
DAILY OCC $ 5
-------- ------ - ----- --- -----78728 EXTENDED STAY AMERICA 6197
323,228 1.247
48.71
70 34.15
352,040 1.448
51.22
72 36.79
234,677 1.530
45.78
54 24.53
236,852 1.404
43.49
58 25.30
315,136 1.607
47.49
70 33.30
275,921 1.735
45.32
64 28.84
274,938 2.236
43.48
66 28.74
232,378 1.872
39.36
63 24.83
263,271 1.639
40.79
68 27.82
YR
OP
--
AVG
ADJ 1
-----
03
1.850
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
84
14620 N IH 35
HIEXP
341,448
HIEXP
437,707
HIEXP
422,369
HIEXP
385,069
HIEXP
437,262
HIEXP
552,588
HIEXP
509,576
HIEXP
510,867
HIEXP
527,882
HIEXP
593,242
HIEXP
564,969
HIEXP
522,877
HIEXP
571,914
HIEXP
599,530
HIEXP
552,211
HIEXP
456,096
HIEXP
508,038
HIEXP
539,789
HIEXP
417,686
HIEXP
375,302
HIEXP
404,542
HIEXP
469,981
78728 HOLIDAY EXPRESS FMR QUALIT 99

373,714 1.094
70.57
70 49.43
470,873 1.076
85.87
72 61.60
464,248 1.099
89.05
67 60.07
423,370 1.099
82.30
67 54.78
466,721 1.067
82.30
75 61.74
568,470 1.029
90.29
82 74.37
552,262 1.084
91.72
78 71.46
527,241 1.032
90.67
75 68.22
563,601 1.068
93.67
80 74.55
647,222 1.091
106.57
79 84.67
599,997 1.062
105.42
74 77.64
542,565 1.038
103.31
68 70.21
599,161 1.048
106.62
74 79.25
628,994 1.049
113.71
72 82.29
618,826 1.121
114.85
70 80.08
491,011 1.077
105.20
60 63.54
544,505 1.072
99.94
72 72.02
563,239 1.043
105.94
70 73.68
468,310 1.121
103.07
59 60.60
385,681 1.028
91.22
55 49.91
434,245 1.073
87.57
66 57.44
505,812 1.076
87.13
76 66.17
1.070
051
052
053
054
061
062
063
064
071
072
073
074
081
082
083
084
091
092
093
094
101
102
85
85
85
86
86
86
86
86
86
86
86
150 PARKER DR
BAYMT
256,930
BAYMT
264,956
BAYMT
262,522
LAQUN
206,676
LAQUN
330,196
LAQUN
393,712
LAQUN
365,712
LAQUN
346,264
LAQUN
419,333
LAQUN
483,195
LAQUN
418,141
78728 LA QUINTA
261,068 1.016
278,080 1.050
271,463 1.034
231,527 1.120
353,297 1.070
423,324 1.075
396,889 1.085
374,304 1.103
440,133 1.050
508,837 1.053
452,010 1.081
INN FMR
53.59
56.77
58.87
55.03
55.03
70.94
70.56
66.21
71.51
83.79
74.27
BAYMT CH 98
64 34.13
63 35.95
59 34.71
53 29.26
83 45.65
76 54.09
71 50.16
71 47.31
80 56.86
78 65.02
77 57.13
1.055
051
052
053
054
061
062
063
064
071
072
073
074
86
LAQUN
399,837
73.76
69
376,788
1.061
50.54
Page 85 of 116
CITY
---#
YRQ RMS
--- ---ROUND ROCK
081
86
082
86
083
86
084
86
091
86
092
86
093
86
094
86
101
86
102
86
ADDR
---TAXABLE
BRAND
REVENUE
----------150 PARKER DR
LAQUN
420,022
LAQUN
411,372
LAQUN
428,687
LAQUN
404,744
LAQUN
408,307
LAQUN
401,917
LAQUN
353,247
LAQUN
280,768
LAQUN
313,972
LAQUN
369,931
E
ZIP
S
--T
GROSS
ADJ 1
REVENUE FACTOR 2
-------- ------ 78728 LA QUINTA
445,672 1.061
452,695 1.100
454,572 1.060
423,013 1.045
426,009 1.043
420,273 1.046
366,678 1.038
291,380 1.038
329,434 1.049
393,042 1.062
3
EST
4
AVG.
%
DAILY OCC $ 5
RATE EST REVPAR
----- --- -----INN FMR BAYMT CH
76.38
75 57.58
80.63
72 57.85
81.44
71 57.45
77.99
69 53.46
75.61
73 55.04
75.61
71 53.70
73.56
63 46.34
66.69
55 36.83
64.98
65 42.56
73.61
68 50.22
YR
OP
--
AVG
ADJ 1
-----
98
1.055
ENDNOTES:
--------1. Factor used to adjust taxable to gross revenues. Area factor used
if property data not available. Taxable equals 89% of gross Statewide.
2. A number or a 'Y' indicates quarter's revenues were estimated.
3. Estimated Average Daily Rate (e.g. 60-85% of 'rack single');
4. Occupancy derived from calculated roomnights sold (gross room revenues divided by Average Daily Rate), divided by roomnights available.
5. Total REVenues Per Available Room per day, or 'REVPAR';
Prepared from State Comptroller, chain directories and private records.
Includes all quarterly reports exceeding $18,000 (otherwise omitted).
SOURCE STRATEGIES, INC. 09/22/10 (210) 734-3434. PROPS.FEX
Page 86 of 116
EXHIBIT IV
LODGING MARKET: TEXAS EXCLUDING HIGHEST PRICED SEGMENTS
BRAND
----CHAINS
ELEMENT
EMBASSY
HOMEWOOD
RESIDENCE
STAYBRIDG
SUMMERFLD
OTH SUITE
TOT SUITES
# *
#* RMS
HTL 000S
--- ----
EST.
%
RNS
RMS 000S
---- ------
%
RNS
----
$
AMT.
% EST.
000S
AMT %OCC
-------- ---- ----
EST.
$
RATE
-----
$
RPAR
----
1
.2
21 4.7
41 4.0
54 6.3
24 2.6
9 1.3
13 3.1
164 22.1
.1
1.5
1.3
2.0
.8
.4
1.0
7.1
36
1,096
941
1,490
570
280
674
5,087
.1
1.8
1.6
2.5
.9
.5
1.1
8.4
4,096
.1
150,498 3.6
106,278 2.6
165,689 4.0
57,550 1.4
27,524
.7
87,157 2.1
598,792 14.5
54.3
64.3
63.9
65.3
60.2
59.9
60.2
63.1
112.31
137.36
112.89
111.18
101.00
98.24
129.39
117.70
60.99
88.28
72.14
72.55
60.83
58.82
77.96
74.28
4 POINTS
ALOFT
COURTYARD
CROWNPLZA
DOUBLTREE
HILT GARD
HOLID INN
HYATT PLC
INDIGO
RADIS HTL
SHERATON
OTHER MUP
TOT MID/UPS
4
.6
6
.9
69 9.1
14 4.6
8 2.3
36 5.1
52 10.2
19 2.3
2
.3
14 3.0
12 5.2
2
.3
238 43.9
.2
.3
2.9
1.5
.7
1.6
3.3
.7
.1
1.0
1.7
.1
14.1
118
172
1,887
890
498
1,118
2,017
518
64
572
1,079
74
9,007
.2
.3
3.1
1.5
.8
1.9
3.3
.9
.1
.9
1.8
.1
14.9
10,556
.3
20,362
.5
195,044 4.7
84,124 2.0
57,297 1.4
124,341 3.0
175,695 4.3
54,317 1.3
6,584
.2
46,367 1.1
114,868 2.8
7,376
.2
896,930 21.7
51.7
53.0
56.8
53.5
58.8
60.6
53.9
61.2
56.8
51.6
57.3
64.6
56.2
89.43
118.31
103.38
94.51
115.07
111.20
87.09
104.95
102.59
81.04
106.44
100.29
99.58
46.24
62.74
58.74
50.61
67.63
67.42
46.97
64.20
58.28
41.81
61.00
64.77
55.94
CAMBRIA
CANDLWOOD
COMFO STE
HAWTHORN
QUAL STES
SPRNGHILL
TOWNPLACE
OTHER MIN
TOT MIN STE
1
.1
39 3.7
109 7.3
15 1.6
3
.2
26 3.0
21 2.2
10 1.0
224 19.0
.0
1.2
2.3
.5
.1
1.0
.7
.3
6.1
23
761
1,390
283
36
623
440
211
3,767
.0
1.3
2.3
.5
.1
1.0
.7
.3
6.2
2,264
50,459
107,753
22,512
2,410
57,128
35,606
15,838
293,970
.1
1.2
2.6
.5
.1
1.4
.9
.4
7.1
50.1
57.0
52.5
49.0
46.9
57.3
55.1
60.3
54.4
98.33
66.27
77.54
79.42
67.08
91.74
80.88
75.11
78.03
49.23
37.77
40.68
38.94
31.45
52.56
44.55
45.29
42.47
BEST WEST
CNTRY INN
COMFO INN
DRURY INN
FAIRFIELD
HAMPTON
HOLID EXP
LA QUINTA
SLEEP INN
WINGATE
TOT LTD SVE
241
17
84
18
55
140
200
201
30
11
998
14.9
1.2
5.6
2.9
4.6
12.1
15.4
20.0
2.0
1.0
79.7
4.7
193,751 4.7
.4
15,158
.4
1.7
65,312 1.6
1.0
59,731 1.4
1.6
78,492 1.9
4.4
258,260 6.3
5.4
298,354 7.2
6.5
280,145 6.8
.6
23,248
.6
.3
15,860
.4
26.6 1,288,312 31.2
52.2
51.6
49.4
58.3
56.0
59.9
57.9
54.2
51.3
57.7
55.3
68.19
66.11
65.17
95.73
82.75
97.76
91.52
70.97
62.56
76.17
80.15
35.63
34.10
32.18
55.79
46.32
58.61
53.00
38.44
32.11
43.99
44.29
BUDG STES
EXT AMERI
HOMESTEAD
INTOWN ST
STUDIO +
11
42
15
30
7
4.0
4.5
2.0
3.9
.6
64.4
62.1
64.0
66.9
62.9
32.26
47.35
40.82
30.36
44.23
20.79
29.42
26.13
20.30
27.83
4.8 2,841
.4
229
1.8 1,002
.9
624
1.5
949
3.9 2,642
5.0 3,260
6.4 3,948
.6
372
.3
208
25.7 16,074
1.3
1.5
.6
1.2
.2
940
1,025
460
943
148
1.6
1.7
.8
1.6
.2
30,327
48,523
18,763
28,614
6,542
.7
1.2
.5
.7
.2
Page 87 of 116
LODGING MARKET: TEXAS EXCLUDING HIGHEST PRICED SEGMENTS
BRAND
----CHAINS
STUDIO 6
VALUE PLC
OTHER EXT
TOT EXT STA
# *
#* RMS
HTL 000S
--- ----
1.0
1.5
1.2
9.6
28 2.4
101 6.4
0
.0
7 1.0
137 9.5
50 2.8
32 2.8
20 1.2
110 10.9
62 5.1
41 4.0
26 3.1
33 1.9
156 9.2
23 1.8
87 4.3
913 66.5
.8
420
2.1 1,042
.0
1
.3
149
3.1 1,574
.9
459
.9
440
.4
229
3.5 2,357
1.6
838
1.3
620
1.0
552
.6
311
3.0 1,673
.6
298
1.4
693
21.4 11,657
.7
1.7
.0
.2
2.6
.8
.7
.4
3.9
1.4
1.0
.9
.5
2.8
.5
1.1
19.3
TOT CHAINS 2,729256.4

TOT INDEP
1,133 54.1
.9
1.3
1.1
8.1
%
RNS
----
622
933
711
5,781
BAYMONT
BST VALUE
BUDGETEL
CLARION
DAYS INN
ECONOLODG
HO JO
MICROTEL
MOTEL 6
QUALITY
RAMADA
RED ROOF
RODEWAY
SUPER 8
TRAVELODG
OTHER BUD
TOT BUDGET
25 2.8
33 4.0
29 3.4
192 25.2
EST.
%
RNS
RMS 000S
---- ------
$
AMT.
% EST.
000S
AMT %OCC
-------- ---- ----
$
RPAR
----
.6
.6
.6
5.1
60.3
64.1
57.9
62.9
40.18
28.64
37.22
36.49
24.22
18.35
21.54
22.96
22,028
.5
37,468
.9
74
.0
7,763
.2
77,078 1.9
20,703
.5
21,202
.5
11,376
.3
91,056 2.2
47,812 1.2
30,289
.7
25,471
.6
13,702
.3
83,441 2.0
13,581
.3
29,155
.7
532,199 12.9
48.0
44.5
14.8
41.9
45.5
45.1
43.4
50.7
59.0
45.1
42.5
49.2
44.0
49.8
44.4
43.7
48.0
52.49
35.96
55.04
52.26
48.97
45.13
48.14
49.75
38.63
57.03
48.83
46.10
44.11
49.87
45.53
42.05
45.65
25.21
16.01
8.17
21.90
22.29
20.35
20.88
25.21
22.80
25.70
20.75
22.66
19.40
24.83
20.24
18.37
21.92
82.6 51,374
85.0 3,821,154 92.5 54.9
74.38
40.84
17.4
15.0
9,048
24,977
26,731
26,474
210,951
EST.
$
RATE
-----
310,888
7.5 45.8
34.36
15.73
TOT MARKET 3,863310.5 100.0 60,423 100.0 4,132,042
100 53.3
68.39
36.46
Page 88 of 116
EXHIBIT V
A STUDY OF THE EFFECT OF HOTEL SIZE ON PERFORMANCE
IN THE TEXAS HOTEL INDUSTRY
THE CASE FOR DOWNSIZING NEW HOTELS
11/30/99
By Douglas W. Sutton and Bruce H. Walker
Source Strategies has long contended that the number of rooms a developer offers
in a new property is one of the key factors in determining a venture's relative
success or failure.
It is every bit as important to size a hotel project
properly as it is to select the appropriate brand, and to develop in a suitable

market and location.
We have previously conducted extensive studies of the
lodging market that support our hotel sizing contention, and we have taken this
opportunity to re-examine the issue using our extensive database of hotel and
motel performance for the State of Texas.
Before delving into the numbers that define the role of room count in a hotel's
performance, we should first highlight the basic industry theory of 'rightsizing' a property.
The premise offered by many inexperienced developers is "If
I can make a profit constructing a 50 room hotel in a given market, it would be

twice as profitable to develop 100 rooms."
be farther from the truth.
In virtually all cases nothing could
At some point adding rooms to a project reaches a
point of diminishing returns, and the investment in the additional rooms cannot
be economically justified.
To illustrate this point, mentally divide our hypothetical 100 room project into
two 50 room hotels.
The initial 50 rooms may perform very well, with occupancies
over 70% and a very strong rate structure.
However, the second 50 rooms are only
utilized when there is overflow from the first hotel because its rooms are 100%
occupied.
or less.
Effectively, the second 50 rooms may only attain an occupancy of 30%

This low level of occupancy may prompt the general manager to lower
rates to bolster occupancy, but this is a losing battle.
Ultimately,
overbuilding causes REVPAR erosion in the property, and in the market as a whole.
Today's developers and lenders would not seriously consider involvement in a 50

room project operating at this low level, but often times they accomplish the
same end by pushing for more rooms in a project than the market can effectively
support.
If we now mentally put these two 50 room properties back together (one
operating at 70%, the other at 30% occupancy), what we end up with is an

oversized 100 room hotel that is running a mediocre 50% occupancy.
Page 89 of 116
Over-sizing a hotel makes it difficult, if not impossible, to be competitive in a

marketplace.
There are a finite number of roomnights sold to be divided among
existing hotels in the market, and developing a more conservatively sized

property helps insure that a profitable level of those roomnights can be
captured.
Building a hotel is not the 'Field of Dreams'....
they won't come....
If you build it -
With the exception of destination resorts and some unique
convention hotels, people do not go someplace because there is a hotel.
Rather,
they stay in a hotel because they want to be near someplace.
Builders who construct too many rooms usually put themselves in unenviable
financial situations.
Many hotels which we see put up for sale were developed
with far too many rooms.
The owners, having had difficulty getting a return on
their investment, are often trying to get out from under a bad investment.
There
are even drastic cases of properties bulldozing entire wings to provide

additional parking, because those extra rooms are a financial burden, remaining
unsold the vast majority of the time.
Now that we've outlined the basic economic benefits of 'building small', let's
look into hotel performance numbers and see if they support this development
principle.
We analyzed two separate hotel samplings:
Comfort Inns across Texas as a selected brand sampling.
First we will look at

Then we will look at all
branded hotels built during a given period of time for a more diverse sampling.
COMFORT INN - ANALYSIS OF SIZING AND ITS IMPACT ON PERFORMANCE
In our initial analysis, we selected a sampling of Texas Comfort Inn branded

properties ranging in size from 36 to 75 rooms;
hotels.
they are all 'Limited Service'
We excluded those properties located in exclusive, higher priced
markets, since they would naturally support larger room counts while maintaining
strong performance levels and would distort the findings.
The resulting sample
included 55 Comfort Inn hotels located across Texas.
The following chart of performance statistics from the latest year on file (12
months ending September 30, 1999) clearly illustrates the consistent curve,
showing marked declines in performance as room count increases.
This decline was
exhibited in all three measures shown, Occupancy, Average Daily Rate, and REVPAR:
Page 90 of 116
Year Ending 6/30/99 Results
# of
Units
36-40
41-45
46-50
51-55
56-60
61-65
66-70
71-75
Combined:
52
Occupancy
66.9
65.3
66.5
62.8
61.8
56.6
44.6
43.8
63.2
Average
Daily
Rate
55.25
57.34
57.38
56.02
54.26
55.33
45.71
44.20
55.46
REVPAR
36.95
37.45
38.17
35.20
33.55
31.33
20.41
19.38
35.03
Looking only at occupancy, the following graph gives a clear depiction of the
notable negative impact of larger room counts on a hotel's ability to maintain an
acceptable level of roomnights sold.
Properties with lower room counts were
clearly able to sustain a higher level of occupancy.
Average occupancy ranged
from 66.9% for properties of 36-40 rooms, downward to a much lower 43.8% average
occupancy for properties in the 71-75 room size bracket.
When looking at REVPAR, the following graph follows a very similar performance
curve, ranging from an average REVPAR of $36.95 for properties of 36-40 units,
downward to a mediocre $19.38 average REVPAR for properties in the 71-35 unit
size bracket.
Note that the downward slide in both graphs did not begin until
room counts exceeded 35 units.

experienced.
Prior to that, a mild upward trend is
This appears to indicate that, on average, 50 rooms is the
'optimum' size for a Comfort Inn in Texas markets (excluding high priced areas).
Of course, this is an average number for this type of market.
Each project must
be examined on an individual basis to determine the proper size to develop within

its given market.
Page 91 of 116
The above chart and graphs clearly illustrates that Developers often missed the
mark, building more rooms than 'optimum.'
'Optimum' is defined as generating the
highest return on invested capital, and is closely tied to occupancy and REVPAR
generation.
Analyzing the above data provides a measure of the effect of over building.
For
the typical range of rooms for Comfort Inn projects (40-75 rooms) outside of
higher priced areas, the occupancy dropped 23.1 points (a full 35%) from 66.9% to
43.8% as room counts escalated.
With a 35 room increase in rooms from the 36-40
room size bracket to the 71-75 room size bracket, a resulting 35% drop in
occupancy is experienced.
The key question, is how to apply this principle to a given hotel project.
Naturally, each project would have to be judged on its individual merits, but
looking at an 'average' project for a single brand and product is very revealing.
All are Comfort Inns.
All are very similar products in similar market
environments, leaving size as the major variable in performance.
In our sampling, the average project is 65 rooms in size.

average occupancy is 62.8%.
At this size, the
If we built 36% fewer rooms (42 rooms) our average
occupancy would rise a moderate 6.5% to 66.9%.
Conversely, if we built 36% more
than average, (71 rooms) our average occupancy plummets by 42.5% to 43.8%.
Clearly there are some basic economic principles at work.

conservatively-sized.
Comfort Inns are
Building smaller than the average of 65 rooms yields
slightly higher occupancies, but the ability to charge ever higher rates as size
decreases is marginal.
As rates rise, some consumers perceive lost value and
will stay at another property.
On the other side of the coin, properties built
larger than the average 65 rooms suffer serious occupancy declines.
At some
Page 92 of 116
point the need for additional rooms that was envisioned by the optimistic
developer is simply not there, and the extra rooms only serve to depress the
overall performance of the property.
BRANDED HOTELS - ANALYSIS OF SIZING AND ITS IMPACT ON PERFORMANCE

In our second analysis, we selected a sampling of all Texas branded hotels
constructed from 1970-1975;
Service'.
91 properties across Texas, predominantly 'Full
Our sampling was limited to hotels of less than 135 rooms.
We once
again excluded those properties located in exclusive, higher priced markets.
For
our analysis we examined performance results from the year 1985 when all subject
hotels were 10 to 15 years old, well into their aging life cycles.
The following chart of performance statistics from 1985 for branded properties
throughout Texas clearly illustrates the downward curve, with definite erosion in
performance measures as room count increases:
1985 Performance Results
# of
Hotels
2
3
7
14
29
16
20
Combined: 91
# of
Units Occupancy
00-44
70.0
45-59
73.9
60-74
66.8
75-89
62.7
90-104
60.9
105-119
57.8
120-134
55.5
98
59.8
Average
Daily
Rate
37.88
36.13
31.10
31.65
32.42
26.25
29.35
30.34
REVPAR
26.50
26.71
20.77
19.86
19.75
15.18
16.28
18.14
With occupancy declines being the strongest indicator of the negative impact of
building too large, the following graph provides a clear picture of the
descending performance slide as room counts increase.
Once again, properties
with lower room counts were more insulated from market competition and were
therefore able to be more competitive in both favorable and depressed market
environments.
Average occupancy ranged from 70% for properties of 58 rooms or
less, downward to a much lower 55.5% average occupancy for properties in the 120134 room size bracket, after peaking at 73.9% in the 45-59 size range.
Page 93 of 116
As with the Comfort Inn analysis, the above data provides a measure of the effect
of over building.
However, since a number of varying brands are considered in
this sample, the typical range in size of these projects ranges from about 40 to
135.
This is a wider range than the Comfort sampling, since many of the brands
in this sample typically have larger room counts than a Comfort Inn.
This is
partially due to some brands' ability to support higher room counts, and
partially due to the tendency to overbuild in the early 1970s, when all hotels in
this sample were constructed.
While the 65 room average for our Comfort Inn sample is reasonably close to
optimum sizing for that brand, the 98 room average for this analysis appears to
be oversized.
In our assessment, the optimum average number of rooms for this
sampling would have been 60 to 41 rooms, depending upon brand.
In 1985, this
roomcount supported occupancies near 70%, with an average REVPAR of almost $27.
Compare this to the average capacity of 98 rooms attaining a much lower average
occupancy of 60.9% and REVPAR below $20.
Clearly this lower level of performance
can be attributed to over-sizing projects in the early 1970s.
Looking at our average (oversized) roomcount of 98 rooms, increasing the size by

30% (135 rooms) would cause occupancy to slide 10% from 60.9% to 55.5%.
On the
other hand, making the average project smaller (58 rooms, or 75% smaller) would
improve occupancy to 73.9%, or a healthy 21% increase.
For the sake of comparison, let us assume that the average property was more
appropriately sized at about 58 rooms.
If the project size were increased to 135
rooms, the largest range in our sample, occupancy would suffer a significant 33%
decline from optimum levels.
Page 94 of 116
Of course this assumes that locational differences are not significant.
believe this is true;
We
the large sample and clear correlation between size and
performance support this conclusion.
SUMMARY
The data is clear.
In most cases, small hotels outperform large hotels, with the
exception of higher-priced markets where competitive barriers to entry exist

(e.g. lack of land, excessive land cost, building restrictions, etc.).
Common sense explains this occurrence:
a successful 100 room hotel will
inevitably prompt the development of one or more new, small hotels of similar
quality in the immediate area.
In a competitive market environment, the smaller
hotel has a distinct advantage and wins - almost every time.
Page 95 of 116
EXHIBIT VI
START-UP PERFORMANCE OF NEW HOTELS AND MOTELS
A new study by Source Strategies, Inc., utilizing all new chain hotels opened in
Texas between 1990 and 1994, shows that new hotels and motels provide their peak
performance in Years III through V, when they typically reach 112% of their 20year average REVPAR performance level.
In other words, the newness of a property is an advantage on the order of a 12%

premium in Years III through V - versus the average REVPAR that would otherwise
be expected for that property over a twenty-year period.
That's because the
consumer almost always picks new over old because, to them, 'new' means 'clean'
and 'new' means 'value.'
Perhaps this is not news to many, but it is highly
important to those who forecast the performance of new properties.
Here's what the graph looks like for the first twelve years for new properties
opened in the moderately-good and improving markets of the 1990's.
after peak are projected based on two major previous studies:
The years
one by Limited
Service in the early 1980's and the second last year by Source Strategies, Inc.
Year I at 92% of the 20 Year Average, Year II at 107%
Page 96 of 116
The study found that a property could expect a REVPAR at Year I of 92% of the
twenty-year average for a project.
In Year II, this would move to 107% and to
112% in Years' III through V.
For example, if over the twenty-year span of the project, we expect a

hypothetical new hotel to generate 105% of the market average REVPAR, this means
that in Year I it would generate 97% of market (105% times 92%), and in Year II
112% (105% times Year II's 107%), and then peak at 118% for Years III-V.
Study Method
The underlying design for this study was to determine what effect a property's
age had on its REVPAR during the first five years of operation.
From two other studies, we know that properties will decline at 1.67% per year,
versus the market average, over long periods of time.
The second study sample
consisted of all new Texas development in the early 1980's, a time of major
under-supply.
Consequently, the first few years performance of this group of
hotels and motels was probably be overstated - versus the current, more-normal
times.
The current study confirmed that belief.
The current study's design was to develop the REVPAR index for every new chain
property (each new property's REVPAR, divided by the REVPAR of all nearby hotels
and motels).
Then all the resulting indices were averaged.
This process was done for each year of development, 1990, 1991, 1992, 1993 and
1994, in order to obtain data for "Year I," "Year II" and so on.
These were
averaged as well to obtain an over-all, average Year I result.
This process produced the graph curve shown above, and is reflective of the
particular mix of chain properties, a mix which produced REVPAR slightly above
the market average.
To eliminate the effect of a specific mix of chains, the
scale was moved down slightly, so that the application of the year-by-year REVPAR
indices to any project would result in averaging 100 of the first twenty years of
the project.
Page 97 of 116
REVPAR OF ALL NEW CHAIN HOTELS OPENED 1990-1994
INCLUDES THEIR LOCAL MARKET AVERAGES (SAME ZIP-CODES)
Opened 1990
9 Chain hotels
Local Market Average
Index New Chain/Market
Year I
41.97
35.38
119
Opened 1991
8 Chain hotels
Year I
32.06
29.96
107
Year II Year III

49.45
54.76
37.40
39.72
132
138
(Peak)
Year II Year III
37.95
41.49
31.26
32.36
121
128
Year IV
54.17
39.71
136
Year V
59.45
43.31
137
Year VI
66.16
48.87
135
Year IV
44.18
33.04
134
Year V
46.26
33.70
137
(Peak)
Year VI
Year IV
41.74
37.49
111
Year V
Year VI
est
111
est
109
est
135
Above assumes Year VI index decline of 1.67%

Opened 1992
7 Chain hotels
Year I
25.07
30.60
82
Year II Year III

36.53
39.76
33.62
34.36
109
116
(Peak)
Above assumes Year V is "flat" and Year VI index declines by 1.67%
Opened 1993
16 Chain hotels
Year I
24.51
30.70
80
Year II Year III

29.15
33.19
31.88
35.27
91
94
(Peak)
Year IV
Year V
Year VI
est
94
(Peak)
est
93
est
91
Above assumes Year III and IV are Peak, and Year V and Year VI index
declines by 1.67% annually
Opened 1994
29 Chain hotels
Year I
30.40
38.68
79
Year II Year III

35.97
41.29
est
87
90
Year IV
Year V
Year VI
est
89
est
87
est
86
Above assumes Year III and Year IV Peak equals Year II plus 4%, as above, and
Year V and Year VI index declines by 1.67% annually
COMBINED INDICES
Year I
Average of Raw Data
93
Adjusted 100 over 20 years
92
Peak
Year II Year III
108
113
107
112
Year IV
113
112
Year V
113
112
Year VI
111
110
After Year V, Declines Average 1.67% Per Annum

In the sixth year and thereafter, the twenty-year average REVPAR index is
diminished at a rate of 1.67% per annum in order to reflect aging and the normal
life-cycle of a hotel.
Page 98 of 116
This pattern of declining performance with property aging is based on major
studies of economic life-cycle patterns, studies which were conducted on a census
of all 25,000 Texas rooms built between 1980 and 1982 (study published in
September 1994 issues of MarketShare and the October 1994 issue of Hotel & Motel
Management).
These Source Strategies studies confirm a similar, major study
conducted in 1982 at the Holiday corporation on 160 company-owned and companyoperated hotels.
Page 99 of 116
EXHIBIT VII
CapEx:
A STUDY OF CAPITAL EXPENDITURES IN THE US HOTEL INDUSTRY
THE FOLLOWING IS A SUMMARY OF THE INTERNATIONAL SOCIETY OF HOSPITALITY

CONSULTANTS' 2000 "CAPEX STUDY, A STUDY OF CAPITAL EXPENDITURES IN THE US HOTEL
INDUSTRY" AS IT APPLIES TO LIMITED SERVICE PROPERTIES:
The objective of our historical analysis in CapEx 2000 was to determine what has
been spent in the past to maintain a hotel in good, competitive condition.
Hotel
owners and management companies were contacted to provide data for the study.
Definition of CapEx
"Capital Expenditure" is defined as:
investments of cash or the creation of
liability to acquire or improve an asset, e.g., land, buildings, building

additions, site improvements, machinery, equipment;
Comparatively, the "reserve
for replacement" for a hotel asset has been narrowly defined as the funds set
aside for the periodic replacement of furniture, fixtures and equipment (FF&E).
The reserve was not contemplated to fund the replacement of major building
components, such as roofs, elevators, and chillers.
For this study the term has been defined as:
the cost of replacing worn out
FF&E, as well as the cost of;

-
updating design and decor

curing functional and economic obsolescence...
complying with franchisors' brand requirements
technology improvements
product change to meet market demands
adhering to government regulatory requirements
replacing all short and long lived building components due to wear and tear
Although many equity investors frequently argue against the necessity of a

reserve, particularly if the investor does not plan to hold the property for
greater than five years, the requirement for and amount of reserves are typically
contractual issues between ownership, lender, manager, and/or
franchisor/franchisee.
Significant Findings of CapEx 2000

The average amount spent per year by limited-service hotels in the survey was
determined to be 5.5% of total revenue for the time period covered by CapEx 2000
(1988-1998).
As these limited-service hotels have matured, CapEx has increased,
underscoring one of our principal findings that CapEx requirements increase as a

hotel ages.
cycle.
CapEx Spending is highly dependent upon a hotel's point in its life
The following chart shows the range of CapEx spending (as a percentage of
Page 100 of 116

total revenues) over a 25-year time period;
the table following the chart
identifies the specific ranges of CapEx spending as a% of total revenues by year.
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Percentage Range of
CapEx Spending by Year
Range Minimum
Range Maximum
1.65%
4.51%
1.72%
3.29%
1.48%
3.15%
1.31%
3.64%
3.21%
6.23%
4.80%
6.77%
4.15%
5.85%
3.60%
5.23%
4.83%
7.01%
8.43%
11.94%
4.66%
6.55%
5.42%
9.36%
4.66%
9.93%
4.66%
7.82%
3.35%
5.72%
5.12%
12.40%
5.10%
10.50%
2.51%
9.72%
2.93%
8.10%
2.37%
8.68%
2.37%
6.99%
3.20%
6.84%
5.07%
16.98%
3.45%
12.88%
5.05%
10.24%
As the data indicates, CapEx spending increases over time for all (U.S.) hotels,
with large differences in both the level of CapEx spending and timing across
different hotels.
The data illustrates that, over time, the minimum and maximum
levels of CapEx spending generally widens as a hotel increases in age.
Page 101 of 116
For limited-service hotels, the first major increase in spending occurs in the
sixth year, which likely represents the replacement of soft goods.
The first
major spike occurs in year 10, which is likely to be the result of a rooms and
corridors renovation.
Smaller spikes in CapEx spending occur in the following
years, with the next major spending spike occurring in year 17, which is likely
building and some mechanical renovation and replacement.
The following series of tables illustrates limited-service CapEx spending levels

in various demographic categories:
CapEx 2000- Limited Service Hotels by Location
Location
All Properties
Airport
Urban
Small City/Hwy
Suburban
Average
Age
12.0 yrs
9.8 yrs
15.2 yrs
9.2 yrs
10.5 yrs
Capex/Total
Revenue
5.5%
5.4%
4.3%
5.1%
5.7%
CapEx per
Room per Year
$1,111
$1,268
$ 820
$ 773
$1,172
Page 102 of 116

CapEx 2000- Limited Service Hotels by Average Daily Rate
Average
Daily Rate
All Properties
< $60
$60-$80
> $80
Average
Age
12.0 yrs
12.7 yrs
12.5 yrs
12.0 yrs
Capex/Total
Revenue
5.5%
5.0%
6.3%
5.3%
CapEx per
Room per Year
$1,111
$ 687
$1,134
$1,570
CapEx 2000- Limited Service Hotels by Property Size
Property Size
All Properties
< 100 rooms
100-150 rooms
> 150 rooms
Average
Age
12.0 yrs
8.7 yrs
10.3 yrs
20.0 yrs
Capex/Total
Revenue
5.5%
3.3%
5.4%
6.9%
CapEx per
Room per Year
$1,111
$ 475
$1,107
$1,360
-CapEx 2000- Limited Service Hotels by Age of Property
Average
Daily Rate
All Properties
> 15 yrs old
5-15 yrs old
< 5 yrs old
Capex/Total
Revenue
5.5%
6.5%
4.8%
3.0%
CapEx per
Room per Year
$1,111
$1,372
$ 897
$ 547
Overall, the study details the varying levels of capital required to keep a hotel
competitive in its life cycle.
Historically, many operators have held no more
than 3-4% of gross revenues in reserve, a level which may be sufficient for FF&E
replacement, but is woefully inadequate for other required expenditures.14
14
Data compiled and organized from the CapEx report of the International Society of Hospitality
Consultants, copyright 2000.
Page 103 of 116
August 13, 2010

EXHIBIT VIII
Market Texas Tourism
Office of the Governor, Economic Development & Tourism
TEXAS HOTEL PERFORMANCE REPORT:

SECOND QUARTER 2010
Texas lodging room revenues gained 7.2% in
the Second quarter of 2010 after a 16.3%
decline in the Second quarter of 2009. The
market lost 2.9% in the First Quarter of 2010 and
17.6% for all of 2009. It gained 8.5% in 2008,
8.9% in 2007, 13% in 2006 and 15% in 2005.
However, even with this Second quarter 2010
gain of 7.2%, revenues are still 10.3% below
the Second quarter of 2008, two years ago. The
Fourth quarter of 2008 marked the end of four
years of revenue growth levels above 8%.
Second quarter 2010 room revenues advanced
to $1.726 billion versus $1.610 billion a year
ago. Prices declined by 1.1%, on top of a 6.7%
decline in the Second quarter of 2009. Revenue
Per Available Room per day (REVPAR) gained
1.5% in the quarter, but remained a stressful
17.7% below the Second quarter of 2008.
The most important industry driver,
roomnights sold, increased by a modestly
encouraging 8.3% over last year (although
roomnights are still 2.9% lower than 2008 levels
while new supply has expanded by 9.1%). Room
supply in the quarter grew 5.6% after peaking at
the end of 2009. Due to generally low current
returns on investment, future net supply growth will
be extremely limited.
Second quarter occupancy improved 2.6%, from
54.8% to 56.2% (1.4 points), well below the 59%
long-term industry average and below the 63.1% in
the Second quarter of 2008.
2010 market results indicate a bottoming of the
severe recession and a developing , slow
recovery. However, the general economic
outlook remains uncertain at best.
Page 104 of 116
In general, performance measures are turning in a modestly positive direction.
Qtr/Yr
1st '08
2nd
3rd
4th
1st '09
2nd
3rd
4th
1st '10
2nd
Texas: percentage Change Vs. Year Ago

Room Room Rooms
%
$
Supply
Rev $
Sold
Occ
Price
3.2
7.9
1.7
-0.8
4.6
3.7
9.5
3.7
-0.2
5.5
3.7
9.4
4.6
0.3
5.0
3.0
8.3
3.8
0.5
4.0
4.4
-8.6
-5.0
-9.5
-3.6
4.6
-16.3
-10.3
-13.5
-6.7
-16.4
-9.3
-14.4
-7.6
5.6
6.8
-18.8
-9.9
-16.5
-9.7
6.0
2.1
2.1
-3.7
-5.1
7.2
8.3
2.6
-1.1
5.6
$
RPAR
3.7
5.4
5.5
4.5
-12.7
-19.3
-20.9
-24.6
-8.4
1.5
For the Second quarter, most areas showed rising roomnight demand. Strongest performers
all above 10% - were Victoria, Laredo, El Paso, San Antonio, Houston-Baytown-Sugar Land,
Texarkana, Odessa and Dallas.
Led by San Antonio, all four the largest metros had revenue gains:
Total
Second Quarter
%
Revenue*
%
Chains Only:
Metropolitan Areas
Market
2009
2010 Change
%Occ $ ADR REVPAR
Dallas-Ft WorthArlington
26.4%
$424.2
$455.0
7.2%
57.9% $87.86
$50.87
Houston-BaytownSugarland
21.9%
$356.2
$378.0
6.1%
57.3% $92.68
$53.11
San Antonio
13.6%
$207.1
$234.9
13.4%
57.6% $108.06
$62.24
Austin-Round Rock
10.0%
$162.1
$172.2
6.2%
65.9% $100.99
$66.55
Corpus Christi
3.1%
$52.8
$53.6
1.5%
58.4% $84.21
$49.18
El Paso
2.3%
$32.0
$39.1
22.3%
69.3% $78.25
$54.23
Brownsville-Harlingen
1.8%
$30.2
$30.9
2.3%
55.9% $79.11
$44.22
Balance of Texas
21.0%
$345.6
$361.8
4.7%
55.8% $74.52
$41.58
Total State of Texas
100.0% $1,610.2 $1,725.6
7.2%
58.1% $89.00
$51.71
* $ millions
Analysts Prediction/Opinion: If historical patterns from the recessions of the 1980s repeat
themselves, the severe rate of decline in room-nights sold has probably ceased and growth has
resumed. However, recovery to historically healthy levels is highly uncertain.
This opinion is based on the state of the overall economy: about 17% unemployment continuing
unabated (includes part-time workers and those giving up searching), the clear ineffectiveness of
federal stimuli, federal deficit levels approaching those of insolvent countries, a rejection of
meaningful energy development (e.g. Gulf drilling moratorium, dismissal of nuclear energy), An
unaffordable and unworkable nationalized health care plan, and the depressive effects on private free
enterprise of proposed federal programs including, Card Check,, Cap & Trade, Immigration
Reform, and huge, looming tax increases of all kinds.
Page 105 of 116

By Price Room Revenues: Higher priced hotels have recovered some of their share of room
revenues, with a 6.6% gain. This followed five quarters of notable revenue declines for hotels
priced over $135. Lower and mid-priced hotels also improved their positions in the quarter
with growth of 10.5% and 4.1% respectively, while the industry as a whole gained 7.2% in the
quarter.
In 2009, lodging priced above $135 lost 31.2% of revenues versus 2008. In the First quarter of 2009,
this category lost 19.4% totally due to a 22.8% decline in supply as higher priced hotels dropped
rates and migrated down to the Mid-priced category. Higher priced hotels will generally drop price
in order to hold occupancy levels as consumer demand drops.
Change In Room Revenues by Price (vs. year ago)
Average
Rate:
Year of 2009
1st Quarter '10
2nd
Quarter
Under $90
-3.7%
6.5%
$90 to $135
-9.4%
1.3%
$135+
-31.2%
-19.4%
Total
-15.0%
-2.9%
10.5%
4.1%
6.6%
7.2%
By Product Segment: For the Second quarter of 2010, higher priced hotels out-performed the
market in terms of REVPAR improvement. Mini-suites, Low priced/Extended Stay and
Budgets suffered continued erosion in REVPAR. Overall, segment results signal some recovery
of Business-related demand in the market; room revenues for the Luxury, Upscale, Suites,
Mid/Upscale and Mini-Suite chain segments15 showed positive revenue gains. Mid/Upscales,
Limited Service/ Midscales and Mini Suites added 14,800 of the 20,700 total room increase.
Segment Performance Second Quarter 2010 Results

( 000's)
Segments
Luxury
Upscale
Suites
Mid/Upscales
Mini-Suites
L.S./Midscales
Extended Stay
Budget
Total Chains
#
Hotels
18
83
166
254
237
1,007
195
948
2,908
#
Rooms
7.9
35.5
22.2
46.9
20.2
80.8
25.5
68.6
307.6
#
Chg
0.3
1.5
1.0
4.3
3.8
6.7
1.0
2.6
21.1
$ Room
Revenues
83,992
296,168
161,445
260,445
85,960
356,784
55,916
147,844
1,448,555
%
Chg
7.2%
12.4%
9.1%
13.7%
14.4%
6.6%
-4.1%
-2.5%
7.8%
%
Mkt
4.9%
17.2%
9.4%
15.1%
5.0%
20.7%
3.2%
8.6%
83.9%
%
Occup
62.6
60.8
65.4
59.1
58.7
58.5
64.6
50.3
58.1
Point
Chg
4.4
4.3
4.3
3.5
0.3
0.6
-1.3
-1.0
1.3
Rate
Chg
-4.5%
-1.8%
-2.6%
-2.7%
-7.3%
-3.1%
-7.0%
-4.4%
-1.8%
RVPAR
Chg
2.6%
5.6%
4.3%
3.4%
-8.7%
-2.2%
-7.9%
-6.2%
0.4%
Tot. Independ.
1,858
84.6
-0.4
277,008
3.8%
16.1%
49.2
1.3
1.5%
4.2%
Total Market
4,766
392.2
20.7
1,725,562
7.2%
100.0%
56.2
1.4
-1.1%
1.5%
15
Limited Service chain hotels offer high-quality rooms without restaurants at average prices (e.g. Holiday Express, Hampton Inn, Fairfield Inn, La
Quinta). Mini-suite hotels feature room sizes of about 400 square feet and limited service. Luxury hotels are the highest priced chains (Westin, Four
Seasons, Gaylord, Ritz Carlton). Upscales are the large full-service, higher-priced hotels (e.g. Marriott, Hilton, Hyatt, Omni, Wyndham). Mid-Upscale
hotels are lower-priced, partially-full-service hotels (e.g. Marriott Courtyard, Hilton Garden, Hyatt Place, Holiday Inn, Sheraton). Low Priced Extended
Stay includes brands such as Budget Suites of America, Extended Stay America, etc. Budget chains include Motel 6, Super 8, Days Inn, Ramada and
similar low-priced hotels.
Page 106 of 116
Supply Expansion Expected to Cease Near-term

Room supply growth rates have decreased for the past two quarter and should continue to do
so because of weak consumer demand for hotel rooms and little debt availability; after
completion of hotels now under construction, supply growth should drop to very low levels. In
the Second quarter of 2010, total room inventory expanded by 20,800 net rooms, after expanding by
about 24,000 units in recent quarters. In the Second quarter, rooms currently priced below $90 gained
by 10% (22,300 rooms). Rooms offered at rates from $90 up to $135 slipped 1.4% (1,500 rooms).
Rooms offered at rates $135+ were virtually the same as a year ago (-0.2%). These results reflect
both hotels closing and hotels shifting price category.
The Largest Areas Recovering in the Second Quarter

San Antonio Metro roomnights-sold increased by a rejuvenating 11.7% from the Second
quarter a year ago, bringing real demand virtually equal to 2008. Rates increased 1.6%,
bringing revenues to $235 million, up 13.4%. As net room supply increased by 7.7% (3,100 net
rooms), average occupancy edged higher by 1.9 points, to 55.9%; these results confirm only selective
opportunity for new development. In the year of 2009, San Antonio room revenues dropped 15.7%
because of an 8.4% decrease in room rates and an 8.0% drop in roomnights sold from 2008. In 2009,
occupancy slipped 8.4 points to a 51.9% average.
Houston-Baytown-Sugar Land roomnights-sold showed an 11.1% gain, with revenues up 6.1%,
to $378 million, as prices slipped by 4.4%. Occupancy gained 1.8 points to 56.4% in spite of a
room supply additions amounting to a 7.8% increase (+5,800 rooms); some of this supply
increase consisted of hotels that were closed in 2008 due to hurricane damage. In the year of 2009,
Houston metro room revenues dropped a debilitating 20.1% from 2008 because of a 13.3% decline in
roomnights sold, compounded by a 7.8% decrease in room rates; annual 2009 occupancy eroded 10.9
points to a 55.4% average.
Dallas Metropolitan Division roomnights-sold gained a strong 10.2% in the Second quarter.
Inhibited by a 2.7% rate erosion, revenues to still advanced 7.3% to $304 million. Net room
supply increased by 3.6% (2,500 net rooms), average occupancy rose by 3.3 points, to 55.45%;
again, there will be only limited opportunity for new supply additions here. In the year of 2009,
Dallas room revenues dropped a massive 17.9% because of a 10.1% decline in roomnights sold from
2008 compounded by a 7.3% decrease in room rates; occupancy eroded 7.9 points to a 51.8%
average.
Ft. Worth-Arlington Metropolitan Division roomnights-sold rose a robust 9.1% in the quarter,
with revenues up 7.2%, to $151 million. Net room supply grew by 4% (1,500 rooms) resulting
in an occupancy gain of 2.3 points, to 59.9%. In the year of 2009, roomnights dropped 5.6%, rates
slipped 6% and occupancy eroded 9 points to 57.4%, slightly below the state long-term average of
59%; with supply up 9.2% (2,600 rooms), room revenues eroded by 11.5%,
Austin-Round Rock roomnights-sold increased 6.2% in the Second quarter in a non-legislative
year. Net room supply rose 3.6% (1,000 net rooms). Also influenced by a 2.5% price decrease,
revenues gained 6.2% to $172 million (compared to $190 million in 2008 in the quarter).
Occupancy held its own at 64.8%. In the year of 2009, Austin room revenues dropped an alarming
12.9% in a legislative year, caused by a 6.5% decline in roomnights sold from 2008 and a 6.8%
decrease in room rates; occupancy eroded 6.8 points to a fairly healthy 59.4% average.
Page 107 of 116

For the three Gulf Coast16 metros excluding Houston, roomnights sold dropped 0.7%. With
rates flat, room revenues slipped 0.9%. As net room supply increased by 2.8%, occupancy also
slipped 1.8 points, to 50.7%. These metros are heavily affected by both the oil business and by
leisure travel.
Second Quarter Occupancy

The latest quarter occupancy averaged 56.2%. This compares to 54.8% in the Second quarter
of 2009 and to 63.1% in 2008. In 2008, total year occupancy for the state was 61.5%, about 4%
above long term averages.
Chain occupancy was 58.1% in the Second quarter, up by 1.3 points from a year ago. Chains
accounted for 83.9% of market revenues, up a percentage point from a year ago. Independents
generated 49.2% occupancy, also up by 1.3 points. Fourteen of the 27 areas of Texas showed
increased occupancy versus the Second quarter of 2009. Ten areas exceeded the state occupancy
average of 56.2% in the quarter. All five of the largest areas were above or within a point of the state
average.
Metro Area Performance

Year of 2009
2nd Quarter 2010
Occ
Pt.
Rev
Occ
Pt.
Rev
Chg
% Chg
Chg
% Chg
El Paso
63.6
-4.3
-7.9%
69.1
5.6
22.3%
Austin-Round Rock
59.4
-6.8
-12.9%
64.8
3.0
6.2%
Amarillo
56.0
-2.1
-3.5%
61.4
2.4
8.4%
Ft Worth-Arlington MD
57.4
-9.0
-11.3%
59.9
2.3
7.2%
Texarkana (Tx)
60.8
-4.6
3.4%
57.9
-2.1
12.9%
Metro Area
San Angelo
59.6
-2.7
-3.9%
57.4
-2.9
-7.4%
College Station-Bryan
56.0
-8.7
-7.6%
57.3
-1.3
-1.7%
Lubbock
57.9
-3.9
-0.6%
57.3
-5.0
0.2%
Houston-Baytown-Sugarland
55.4
-10.9
-20.1%
56.4
1.6
6.1%
Killeen-Temple-Ft Hood
51.7
-5.2
-7.8%
56.4
1.8
6.2%
State Average
53.5
-8.0
-15.0%
56.2
1.4
7.2%
Laredo
48.2
-7.5
-16.3%
55.9
11.4
32.9%
San Antonio
51.9
-8.4
-15.7%
55.9
1.9
13.4%
Midland
54.4
-12.0
-17.2%
55.8
-5.8
-5.9%
Dallas MD
51.8
-7.9
-17.6%
55.4
3.3
7.3%
Waco
53.8
-6.4
-5.7%
54.6
0.7
6.2%
Tyler
52.8
-9.9
-5.8%
53.6
-1.6
-2.5%
Victoria
45.5
-13.7
-24.0%
53.2
9.7
35.6%
Corpus Christi
46.9
-1.3
-1.5%
53.0
0.3
1.5%
Non Metro
50.0
-7.6
-13.2%
52.7
-1.4
7.6%
Longview
53.2
-11.6
-9.1%
52.4
-3.5
-1.8%
Odessa
50.4
-25.6
-35.9%
52.0
1.3
4.1%
Sherman-Denison
45.8
-8.2
-10.4%
51.7
-0.4
11.5%
Brownsville-Harlingen
45.8
-1.0
-7.2%
50.4
2.2
2.3%
Wichita Falls
52.1
2.4
1.9%
47.7
-4.7
0.7%
McAllen-Edinburg-Pharr
51.0
-7.2
-11.4%
47.6
-0.1
0.9%
Beaumont-Pt Arthur
54.2
-12.9
-16.4%
46.5
-11.6
-12.5%
Abilene
46.5
-9.3
-12.9%
45.1
-2.7
-4.8%
16
Beaumont/Port Arthur, Corpus Christi and Brownsville/Harlingen
Page 108 of 116

EXHIBIT IX
Know your competition

Source Strategies, Inc. maintains the most accurate and comprehensive
Texas hotel database, covering 98% of all hotels. More importantly,
Source is the only provider of individual, hotel-by-hotel data, trends and
financial projections.
Source data is based on the Texas State Comptroller audited tax files for the
period of 1980 to the present, making it more accurate and complete than
voluntary samples, in our opinion. Since 1988, Source has been under
contract to the Office of the Governor, Economic Development and Tourism
to supply its hotel research data and analysis. Services detailed below and at
www.SourceStrategies.org.
The Texas Hotel Performance Factbook, puts each and every hotel and
motels Revenue and Occupancy Numbers on your desk, hotel-by-hotel, and
compared to last year, then summarized by zip-code, by city and by metro
area. Factbooks are available with three month data and with 12-month data.
Financial Feasibility Studies. Over 150 hotel feasibility studies are developed
annually, far more than by any other consultancy. Many of Texas lenders
insist on a Source study because of the proprietary methodology and high level
of accurate prediction, speed and cost efficiency.
The Hotel Brand Report newsletter is published quarterly. It is the only
industry source that tracks how each major brand is performing, as well as
product and price segments. Readers learn which are winning!
Appraisers Packages. Five and ten year market and property histories give a
comprehensive view, by selected geography and for individual hotels. As both
market and individual property trends become very clear, so do resulting hotel
appraisals.
Litigation Support and Data Analysis. Almost any question can be analyzed
and proved up with the powerful Source database.
Endorsed by the Texas Hotel & Lodging Association

Contacts us at (210) 734-3434
Bruce H. Walker, President
Douglas W. Sutton, Executive Vice President
Todd A. Walker, Senior Vice President
Amanda B Sykes, Manager Administration
e-mail Address
bruce@SourceStrategies.org
doug@SourceStrategies.org
todd@SourceStrategies.org
amanda@SourceStrategies.org
Page 109 of 116
BRUCE H. WALKER
1987-Present: Source Strategies, Inc. Founder and President of consultancy in research, strategy
and marketing, specializing in lodging. Practice includes 120+ hotel feasibility studies annually for
individual developers. Other clients include Office of the Governor, Texas Economic Development
& Tourism, Banks, major accounting firms, appraisers and attorneys. Database of 4,100+ Texas
hotel/motels created and maintained continuously. Testify regularly. Publisher and writer of The
Hotel Brand Report and the Texas Hotel Performance Factbook.
1986-1987: La Quinta Motor Inns, Inc. Senior Vice President, Marketing. Repositioned brand
with the ad campaign "Just Right Overnight," new corporate logo, extensive couponing and
premium-quality king rooms.
1984-1985: Portel Videotex Network LP. President. Home-banking, home-shopping start-up.
1976-1983: Holiday Corporation. Hotel Group Vice President, Marketing (1975-79), President of
subsidiaries (1979-82), Senior Vice President, Central and Strategic Planning(1980-83).
Started the first hotel frequent traveler's program, and the classic ad campaign, "The Best Surprise is
No Surprise." Developed and launched the Hi-Net satellite reception network to 350 Holiday Inn
hotels, offering HBO, CNN and ESPN. Created prototypes and strategic plans for new chains
Holiday Inns and Embassy Suites, and recommended sale of Holiday Inn chain (sold 1989 to Bass
PLC).
1969-1975: Howard Johnson Company. Assistant to the President, Director Disney
World Development, Director Restaurant Marketing.
1964-1968: Procter & Gamble Company. International Brand Manager. Took Scope mouthwash,
Secret deodorant and Crisco Oil into Canada, Crest toothpaste and Tempo deodorant into the United
Kingdom.
EDUCATION
1957-61 Amherst College. BA, Economics.
1961-63 Harvard Business School. MBA.
Ongoing seminars throughout career include strategic studies with the Boston Consulting Group.
Appraisal Institute Hotel/Motel Valuation and Investment Seminar, April 1992
PUBLICATIONS AND SEMINARS:
* The Cornell Quarterly, October 1993, "What's Ahead: A Strategic Look at Lodging Trends."
* Hotel & Motel Management, October 1994, " Hoteliers Should Examine Hotels' Life Cycles."
* Two articles per year for Hotelexecutive.com, the authoritative, on-line hotel magazine.
* The Hotel Brand Report newsletter, written and published quarterly since 1987. Over 80 issues.
* Speeches to Urban Land Institute, Appraisal Institute, Real Estate Counseling Group of America
and OConnor & Associates.
Page 110 of 116
DOUGLAS W. SUTTON
1996- Present Source Strategies, Inc. Executive Vice president specializing in development of
hotel feasibility studies, database software development and maintenance, and developing special
studies and articles published in the Hotel Brand Report newsletter.
Completed over 300 Financial Feasibility studies successfully, encompassing over thirty-two
different brands in Texas, New Mexico, Louisiana, Kansas, Colorado and Oklahoma. Studies
include major and local market assessments and projections, proposed hotels revenue generation and
ten-year cash flow forecasts and the projection of return on capital investment. Major contributor to
Source Strategies in its achieving market status as the largest supplier of hotel financial feasibilities
to Texas lending institutions.
Responsible for creating and programming database of over 4,000 Texas hotels and motels.
Contributing analyst and writer to Hotel Brand Report newsletter and the Texas Hotel Performance
Factbook, including Hot Brands & Dying Brands (2006), Development Since 9/11: Winners &
Losers (2005), Higher Priced Brands in Turmoil, Mid-Priced Brands Prosper (2004).
Provides litigation support, analysis and strategy for hotel litigation and testimony.
1994-1996
University Health System, San Antonio Texas. Decision Support Analyst.
Provided data analysis support to all levels of hospital management. Prepared numerous medical
studies, grant support documents, cost-analysis studies, staffing studies, and other decision support
analysis. Developed a number of vertical software applications to allow key departments to track
and study their individual patient populations.
1987-1994
Systems IV Professionals, Inc., San Antonio. President.
Consulting firm specializing in data analysis and customized software development utilizing FOCUS
database software. Created major applications, including a long distance network analysis system for
a major carrier; system allowed the carrier to determine the effect of various network changes before
implementation to facilitate selection of the most cost efficient network possible.
1983-1987 United States Air Force. Captain and Information Services Officer, Directorate of
Special Weapons, Kelly AFB, Texas.
Duties included writing and maintaining software to manage the Air Force's Nuclear weapons
arsenal, tracking nuclear component parts and supplies, and acquisition and installation of major
secure computer network.
EDUCATION
1979-83 Troy State University, Troy Alabama, BS in Computer and Information Science.
**********
Page 111 of 116
TODD ANDERSON WALKER
1997-Present Source Strategies, Inc. Senior Vice president, Business Operations.

Major contributor to Source Strategies in its achieving market status as the largest supplier of hotel
financial feasibilities to Texas lending institutions. Completed over 400 Financial Feasibility
studies successfully, encompassing over thirty different brands now operating successfully in Texas,
New Mexico, Louisiana, Kansas, Colorado and Oklahoma. Studies include major and local market
assessments and projections, proposed hotels revenue generation, ten-year cash flow forecasts and
the projection of return on capital investment. Key contributor to research studies of convention
hotel and convention center performance.
Responsible for sales and operation of Source Strategies publications, including The Texas Hotel
Performance Factbook and The Hotel Brand Report Newsletter. Manage Accounts Receivables,
billing and collections.
Contributes as analyst, writer and editor to Hotel Brand Report newsletter and the Texas Hotel
Performance Factbook, including Results from 1995, 2004, & 2005: Limited Service Dominates
(2005), First Quarter 2004, The Best Increase Since the Year 2000 (2004), Age Matters, Size
Matters (2005).
Provides litigation support, analysis and strategy for hotel litigation and testimony.
1997 The Toronto Globe & Mail Newspaper. Assistant to the Editor of Business Publications.
The Globe & Mail is Canada's national newspaper, a division of Thomson Publishing Corporation.
Wrote business articles and edited publications. Edited InfoGlobe from April to October 1997.
1994-1997 Source Strategies, Inc., San Antonio. Senior Consultant.
Developed hotel feasibility studies. Completed over 60 studies for new hotels and motels throughout
Texas. Circulation Director for Brand Report newsletter and the Texas Hotel Performance Factbook.
Generated renewals at 85% rate.
1989-1994 Intern at Source Strategies, Inc. during university education.
EDUCATION
1989-94 University of Toronto, Ontario, Canada. Bachelor of Arts with Honors in English and
History.
**********
Page 112 of 116
2001 - 2005 FINANCIAL FEASIBILITY STUDIES

PARTIAL LISTING
AmeriSuites
Austin NW
College Station
Denton
Fort Worth Stockyards
San Antonio
Waco
Baymont Inn
San Antonio InterContinental
New Braunfels
Best Value
San Antonio
San Antonio SW
San Antonio
Waller
Best Western Inn & Suites
Addison
Andrews
Big Spring
Bridgeport
Cameron
Cleveland
Copperas Cove
Dickinson
Franklin
Halletsville
La Grange
Lake Dallas
Laredo
Levelland
Lumberton
Pearsall
Pilot Point
Rosenberg
Schulenberg
Temple
Tomball
Wakeeney, KS
Budget Host
Fort Worth
Candlewood Suites
San Antonio
Irving DFW
Friendswood
San Antonio Westheimer
San Antonio Toyota
San Marcos
Temple
Wichita Falls
Comfort Inn,
Comfort Suites
Fredericksburg
Navasota
Pampa
Pharr
Bay City
College Station
Copperas Cove
Deer Park
Elmendorf
Georgetown
Hobbs, NM
Longview
Pasadena
Quanah
San Antonio
San Antonio Downtown
Sugarland
Longview
Webster
Country Inn & Suites
Arlington
Econo Lodge
Dallas
Lake Charles
Port Arthur
Texas City
Embassy Suites
Laredo
Lubbock
Fairfield Inn by Marriott
Livingston
Laredo
Holiday Inn
Austin Pecan Park
Austin Ben White
Cedar Park
Corpus Christi
Del Rio
Galveston
Gainesville
Greenville
Hillsboro
San Antonio Beltway 8
Greenville
Nipomo, CA
Rosenberg
Seguin
Schertz
South Austin
Texarkana
Waxahatchie
Hawthorn Suites Ltd
Marble Falls
Hilton Hotel
Fort Worth Convention Center
Hilton Garden Inn
Amarillo
Corpus Christi
Granbury
Page 113 of 116

San Antonio Beltway 8
Killeen
McAllen
New Braunfels
Temple
Page 114 of 116

Feasibilities Continued
Holiday Express
Hotel & Suites
Allen
Alvarado
Amarillo
Atlanta
Austin
Buda
Cameron
Center
Cleburn
Corsicanna
Desoto
Galveston
Gatesville
La Grange
La Porte
Lampasas
Manvel
Pearland
Orange
San Antonio I-10 West
San Antonio Toyota
San Marcos
Sherman
Texarkana
Wichita Falls
Holiday Inn
Austin (Select)
Dallas Downtown
Frisco
San Antonio
Homewood Suites
San Antonio Katy Freeway
Norman, OK
Marble Falls
McAllen
New Braunfels
Waco
Wichita Falls
Independent Hotels
Crescent Hotel, New Orleans
Dacoma Inn San Antonio
Executive Inn Tyler
Fairmont Hotel San Antonio
First Choice Inn Grand Prairie
Garden Inn San Antonio
Harker Heights Inn
Steward Mansion Galveston
Killeen Inn
Laredo Inn
Luxury Suites Canton
Palms Hotel South Padre
Palace Inn San Antonio
Passport San Antonio
San Antonio Inn & Suites
Wylie Inn
Hotel Indigo
Alamo Plaza San Antonio
La Quinta Inn & Suites
Boerne
Cedar Hill
Gun Barrel City
Keene
Palestine
Pasadena
Pearland
Rockwall
San Antonio
San Antonio I-10W
San Antonio Toyota
Seguin
Tomball
Marriott Hotel
Dallas Convention Center
Colorado Springs CC
Quality Inn,
Quality Suites
Katy
San Antonio East
Waco
Radisson Inn & Suites
Amarillo
Red Roof Inn
Pharr
Stafford
Temple
Staybridge Suites
San Antonio
South Padre Island
Studio 6
Bay City
Tyler
Winnie
Super 8
Austin East
San Antonio
Conroe
Copperas Cove
Fort Stockton
Humble
Killeen
Livingston
Pharr
Plainview
Rosenberg
San Antonio South
Townplace Suites
Killeen
Travelodge
Killeen
San Antonio
Wingate Inn & Suites
McAllen
San Antonio
Wyndham
Wyndham Savoy San Antonio
Page 115 of 116
CONSULTING STUDIES, DATA AND LITIGATION SUPPORT

1. Contracted by the Texas Governors Office of Economic Development, Tourism Division since 1988 to maintain the
industry database of hotel performance. Source Strategies is the sole supplier to the Governors Office of lodging market
statistics and analysis in reports used to assess Texas tourism promotion efforts and to aid in marketing Texas.
2. Provided over 1,500 detailed five-year custom local hotel market histories to MAI appraiser clients.
3. Developed numerous studies of subject hotel(s) to determine their historical, competitive REVPAR performance
versus the market average. This unique analysis technique highlights trends and deviations in performance, regardless of
market movement; a REVPAR index versus market average shows how well a property has performed. By limiting
study to a single variable, a truly scientific conclusion can be made as to cause and effect.
Deviations from trend can be related to specific, causal events such as management problems or outside influence (e.g.
new highway construction, brand change, new competition); if there is no effect from an event, studies confirm the
absence of any impact). If there is an effect, the degree is measurable and apparent. This study approach is among
Source's most important work, frequently the basis for expert witness testimony by Source's principal Bruce Walker.
Examples of major studies include: a) the (lack of) induced demand from opening every large downtown hotel in Texas,
1980 through 2003 (see www.sourcestrategies.org for full study); b) the impact of adding a second luxury
hotel of the same brand in a local market, or removing a hotel of the same name, on the performance of the pre-existing
property; 3) Studies to separate and quantify hotel Business Value - and the separate Real Estate Value - (for tax
assessment disputes). The most important study here was to determine the average revenue effect of adding or removing
the "Marriott Hotel" name to numerous hotel properties from 1980 through 1995. Source Strategies has produced values
for the Marriott Austin hotel and the Marriott Rivercenter hotel San Antonio, both with- and without- the Marriott name
for real property tax disputes. Clients include USAA and the Bexar County Appraisal District.
Sample litigation clients have included the Texas Department of Transportation (through Texas Attorney General's
Office) for condemnation valuation and damage cases, including: the Days Inn San Antonio I-45N, Motel 6 Ft. Worth,
Holiday Inn San Antonio I-45N, La Quinta San Antonio I-45N, Holiday Inn Lubbock, and Austin Hawthorn Suites
South, Chariot Inn, Malibu Grand Prix), Dallas Sheraton, San Antonio Holiday Select Airport, Coit Towers Hotel Dallas,
Erie County PA Hotel Owners vs. Convention Authority, Bandera Motel San Antonio. Other litigating clients have
included USAA, Bexar County Appraisal District, Capital Income Properties (Hilton Nassau Bay, Austin Marriott
North), American Liberty, Dosani Brenham Inn, Wes-Tex Management El Campo. Hospitality (Homeplace Inn),
Ramada Bannister Austin (Lock manufacturer), Rodeway Inn I-10 West (bank's non-funding of a committed loan),
Homer J. Rader, and Siu Ft Worth and San Antonio Inn (bankruptcies), Holiday/Clarion (loss due to change of brand),
United Fire (Wingate McAllen performance due to construction issues), Hyatt Regency San Antonio (arbitration re:
introduction of second Hyatt in CVB).
4. Numerous studies to determine the effect on revenues and cash flow of brand name alternatives, whether in new builds
or in changing to- or from- a brand name. This technique is used extensively in feasibility work to predict revenue
performance of new hotel projects under various brand name alternatives.
5. Represented Host Marriott before Real Estate Tax Appeal Board.
6. Drafted national lending guidelines for Heller Small Business Finance for lodging projects under $5 million.
7. Presentations to bank lending committees to explain the dynamic economics of the lodging industry, particularly the
effect of market demand and supply, equilibrium occupancy, cost structures, and the effect of brand name on REVPAR
and ROIC.
8. Analysis of alternative markets to determine their potential for new lodging: alternative metro areas, alternative sites,
and strategically, for an expanding chain.
9. Consumer intercept and secondary data studies, including the effect of a potential name change, the effect of new
hotel.
Page 116 of 116
Methodology of Texas Hotel/Motel Reports

Texas Hotel/Motel Quarterly Reports are prepared on a custom basis for private clients, including Office of the Governor,
Texas Economic Development & Tourism, and the Texas Attorney General. Reports are prepared by Source Strategies
Inc. of San Antonio, Texas, based on Texas State Comptroller revenue records and independent research.
Data sources include the following:
Room Revenues: State of Texas Comptroller records are the source of taxable room revenues for all properties. All
properties exceeding $18,000 in the current quarter are included; the below-$18,000 units result in 2% of the total state
revenues being initially excluded from the Source Strategies database. As a result, the database covers 98% of Texas.
Gross room revenues (including Non-taxable) were reported to the Comptroller starting in the third quarter of 1990. To
account for the missing non-taxable revenues prior to the third quarter of 1990, Source Strategies increases each
individual property's taxable-only, reported revenues by variable factors averaging 12% to reflect this untaxed volume
(e.g. government business, over 30-day stays, charitable and educational purchases). "Apartment-type" revenues are
typically not reflected.
Starting in the third quarter of 1990, hotels and motels were required by the Texas Comptroller to report both taxable and
gross room revenues. Approximately 80% of properties usually comply, allowing the development of adjustment factors
for all hotels and motels, even if only taxable revenues are reported. For example, taxable room revenues are adjusted
accordingly higher if a hotel reports only taxable revenues (i.e. where taxable equals gross room revenues).
Properties that make no report or only partial reports are estimated based on the past five quarter trends. If and when they
subsequently report accurately, their actual revenues 'overwrite' our estimates.
Room Counts: these are checked annually in chain directories and the Texas American Automobile Association Tour
Book; properties checked account for approximately 80% of revenues. For independent properties too small to be listed,
the room counts reported to the state are used (unless they appear unreasonable; if so, a telephone contact is made).
As a result, the 'CHAIN' occupancies and room counts appear to be very close to 'actual', while independent room counts
could be slightly overstated. Reports are split into CHAIN and INDEPENDENT categories.
Average Daily Rates are estimated with the aid of financial reports, appraisers, private S.S.I. surveys, chain and AAA
directories and another reliable industry database.
Roomnights sold are derived from the above revenues, divided by Average Daily Rates. Roomnights available are
calculated from Room Counts (times days in the period).
Occupancy is calculated from roomnights sold and roomnights available. All occupancy figures reported represent fully
weighted averages, as calculations are always made after sub-totaling or totaling roomnights sold and roomnights
available.
"CHAINS" are defined as one of the "Top 70+" brands, and include the following names: Four Seasons, Gaylord, Westin,
W, Hilton, Hyatt, Inter-Continental, Marriott, Omni, Renaissance, Wyndham. Also, Embassy, Homewood, Residence,
Staybridge, Clarion, Courtyard, Crowne Plaza, Indigo, Doubletree, Hilton Garden, Holiday Inn, Radisson, Sheraton.
AmeriSuites, Bradford, Candlewood, Comfort Suites, Hawthorn, Quality Suites, SpringHill, TownPlace, Amerihost,
Baymont, Best Western, Comfort Inn, Country Inn, Drury, Fairfield, Hampton, Holiday Express, La Quinta, Wingate.
Budget Suites, Extended Stay, Homestead Village, Intown, Value Place, Studio Plus, Studio 6, Best Value, Days, Econo
Lodge, Howard Johnson, Microtel, Motel 6, Quality Inn, Ramada, Red Roof, Super 8.
Accuracy: Room counts and Room Revenues are within 2%. On an overall basis, the change in average daily rates
reported by Source Strategies Inc. are within a few tenths of one-percent of PKF Trends, another private research firm
that gets financial reports from about 30% of all hotel/motels in Texas and then publishes aggregated results by metro and
smaller areas.

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Page 1 of 116

October 11, 2010

developer's estimate of investment in improvements and land.

Effect on Returns if Capital Investment Changes4

Discounted Cash Flow / Internal Rate of Return.

Discounted Cash Flow

SUMMARY OF CRITICAL ASSUMPTIONS: Critical assumptions are summarized as

IH-35 CORRIDOR MARKET

Historical Annual Compound Growth Rates

Year II Year III

12 months ending June 30, 2010.

PROJECT SPECIFIC VARIABLES:

Study detailed in size factor derivation in analysis section.

Now Hotel Brand Report.

Historical quarterly data highlighting periods of economic decline in

STATE OF TEXAS - 1980-2010

STATE OF TEXAS - 1980-2010

STATE OF TEXAS - 1980-2010

8.4 -10.4 -6.9 -16.7

This REVPAR difference is not a

performance shortfall, but rather, it is due to a lack of upscale and luxury

PERIOD: TWELVE MONTHS ENDING JUNE 30, 2010

65,992 96.7 57.7

MARKET REVPAR HISTORY

MARKET REVPAR PROJECTION

BRAND AGING: TEXAS MARKETS

A STUDY OF THE EFFECT OF HOTEL SIZE ON PERFORMANCE

Analyzed and compiled by Douglas W. Sutton and Bruce H. Walker.

Units in Above Subject

Size Adjustment (33%)

Actual Yr End 2nd 10

Holiday Inn Express Georgetown

Unadjusted for physical aging of each brand.

Actual Past Year

VALUE PLACE - AUSTIN BRAKER

RESULTING PROJECTION: Holiday Inn Express Hotel & Suites

- Versus room revenues: a necessary marketing expense of 7% in Year I and thereafter.

$ 800,000 for 2 acres

open Oct 1, 2010

Land Value: 800,000

Cash Flow Before

-see following 2 pages for the next 9 years-

Operating Expense - Payroll

-Gen & Admin

1,272,105 1,388,347 1,431,524 1,474,422 1,488,207 1,505,704 1,523,388 1,541,259 1,559,289

This report is based on independent opinion, surveys and research from

No representation is made as to accuracy

or completeness and no contingent liability of any kind can be

The study projections are dependent on the developer building and

It is our opinion that this report fairly and conservatively represents

Please contact us with any questions at (210) 734-3434.

Metro & Local Market History, Aggregated Basis:

Local Market: By Segment and Brand, Past Five

Individual Hotel/Motel Histories For

Texas Excluding and Luxury & Upscale Segments

The Case For Downsizing Hotels

Start-up Performance of New Hotels

CAPEX Study of Capital Expenditures

2nd Quarter 2010 Texas Hotel Report

Preparer Qualifications and Client List

Source Strategies Database Methodology

Hotel Brand Report Newsletter

I-35 CORRIDOR FROM FAR NORTH AUSTIN THROUGH GEORGETOWN

I-35 CORRIDOR FROM FAR NORTH AUSTIN THROUGH GEORGETOWN