Facts

1
Facts Figures - Missouri Lodging Overview
2
What Do We Do?

• Lodging Data Source 20 years
• 20,000 hotels a week
• Every chain Over 1300s Independents
• Relied upon by lenders, appraisers, other
  professionals

3
Definitions
Supply Total Rooms Available Demand Total
Rooms Sold Occupancy () Rooms Available /
Rooms Sold ADR Average Daily Rate Total
Revenue / Total Rooms Sold RevPAR Revenue Per
Available Room Total Revenue / Total Rooms
Available
4
Presentation Agenda

• National Performance
• Regional Performance
• State Performance
• Local Performance
• Projections

5
Total United StatesRoom Supply/Demand Percent
ChangeTwelve Month Moving Average To April 2005
6
Total United StatesActive Development Pipeline -
RoomsChange From Last Year
Apr 2005
Apr 2004 Change Chg In
Construction 97,863
80,178 17,685
22.1 Final Planning 15,769
17,952 (2,183)
-12.2 Planning 174,857
156,463 18,394
11.8 In Pre-Planning 77,384
119,554 (42,170)
-35.3 Total Development 365,873
374,147 (8,274) -2.2

Source STR / TWR / Dodge Construction Pipeline
7
Total United States Occupancy, ADR and RevPAR
Percent Change12-Month Moving Average to April
2005
Recession 9/11 Afghanistan SARS

Iraq
Recession


8
Total United StatesOccupancy Percent 28-Day
Moving AverageJan. 2, 2005 May 29, 2005
9
Total United StatesADR 28-Day Moving
AverageJan. 2, 2005 May 29, 2005
10
Total United StatesRevPAR 28-Day Moving
AverageJan. 2, 2005 May 29, 2005
11
Total U.S.Average Daily Lodging Demand in
MillionsYear End 2000, 2002 and 2004
12
Total United StatesRooms Sold/Day Differential
(Thousands)Year End 2000 Vs. 2004
13
Total United StatesRooms Sold/Day Differential
(Thousands)Year End 2003 Vs. 2004
14
Regional Supply Growth12-Month Ending April 2005
Percentage Change
2.5 to 7.5 1.0 to 2.4 0.1 to 0.9 -0.8 to
0.0 -5.7 to -0.9
15
Regional Demand Growth12-Month Ending April 2005
Percentage Change
5.4 to 12.6 3.8 to 5.3 1.4 to 3.7 0.0 to
1.3 -7.6 to -0.1
16
Regional RevPAR Change12-Month Ending April 2005
Percentage Change
8.3 to 13.8 5.8 to 8.2 3.8 to 5.7 1.5 to
3.7 -3.5 to 1.4
17
Construction Pipeline Activity for
Missouri
Existing Supply Recently Opened In Construction Final Planning Planning Total Pre-Planning
Luxury 5          
Upper Upscale 33 1   2   1 3
Upscale 36  
Midscale w/ FB 95 1 1   1 2 4 1 
Midscale w/o FB 193 12 9   1 2 12 1
Economy 259   2   1  1 1
Unaffiliated 519   1 2 20 22 9
Total 1,140 17 14 2 26 42 12
Existing Supply Recently Opened In Construction Final Planning Planning Total Pre-Planning
Luxury
Upper Upscale
Upscale
Midscale w/ FB
Midscale w/o FB
Economy
Unaffiliated
Total
1,244         236 236  
12,239 195 510    207 717
6,802   1,228    
12,252 44 117   143 250 510  
17,333 967 918 102  264 1,284 140
18,602   89     70
32,689   57 144 1,643 1,787 1,085
101,161 1,352 2,917 245 2,600 4,534 1,295
Source TWR/Dodge Construction Pipeline/Smith
Travel Research
18
MissouriRoom Supply and Demand Percent
ChangeMonthly 2000 April 2005
19
MissouriOccupancy and ADR Percent ChangeMonthly
2000 April 2005
20
Missouri Day of Week Analysis Occupancy/ADR
Year End 2004
21
MissouriDay Of Week Analysis RevPAR Percent
ChangeYear End 2003 vs. Year End 2004
22
Missouri Location SegmentsSupply/Demand Percent
ChangeTwelve Months Ended April
23
Missouri Location SegmentsOccupancy/ADR Percent
ChangeTwelve Months Ended April
24
Missouri Location SegmentsRevPAR/Room Revenue
Percent ChangeTwelve Months Ended April
25
Northeast
Northwest
Central
Southeast
Southwest
26
Northwest RegionRoom Supply and Demand Percent
ChangeMonthly 2000 April 2005
27
Northwest RegionOccupancy and ADR Percent
ChangeMonthly 2000 April 2005
28
Northwest Region Day of Week Analysis
Occupancy/ADR Year To Date Ending April 2005
29
Northeast RegionRoom Supply and Demand Percent
ChangeMonthly 2000 April 2005
30
Northeast RegionOccupancy and ADR Percent
ChangeMonthly 2000 April 2005
31
Northeast RegionDay of Week Analysis
Occupancy/ADR 12-Month Ending April 2005
32
Central RegionRoom Supply and Demand Percent
ChangeMonthly 2000 April 2005
33
Central RegionOccupancy and ADR Percent
ChangeMonthly 2000 April 2005
34
Central RegionDay of Week Analysis
Occupancy/ADR 12-Month Ending April 2005
35
Southwest RegionRoom Supply and Demand Percent
ChangeMonthly 2000 April 2005
36
Southwest RegionOccupancy and ADR Percent
ChangeMonthly 2000 April 2005
37
Southwest RegionDay of Week Analysis
Occupancy/ADR 12-Month Ending April 2005
38
Southeast RegionRoom Supply and Demand Percent
ChangeMonthly 2000 April 2005
39
Southeast RegionOccupancy and ADR Percent
ChangeMonthly 2000 April 2005
40
Southeast RegionDay of Week Analysis
Occupancy/ADR 12-Month Ending April 2005
41
Total United StatesSupply/Demand Percent
Change2000 2005P
42
Total United StatesOccupancy Percent2000 2005P
43
Total United StatesAverage Daily Rate1998
2005P
Source STR
44
Total United StatesRevPAR Percent Change2000
2005P
45
Lodging Industry Issues

• Rising Costs Energy (Gas), Insurance, Labor
  (visa caps)
• Amenity Creep Bed Wars
• Rising Interest Rates
• Currency Exchange
• Airline Problems
• Demand Leakage Condo Hotels, Cruise, Timeshare
• Old Habits Hard to Break ?
• Terrorists Threats

46
U.S. Lodging Outlook

• Supply Growth Significantly Lower

• Demand Rebounds

• Occupancy Improvement

• Room Rate Should Follow

• Increased Profitability