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Home My WebLink About084Pleasant Harbor Exhibit E 2014 Host Almanac PLEASANT HARBOR MARINA AND GOLF RESORT PROJECT Sponsored by Puget Sound RC, LLC EXHIBIT E 2OI4 HOST ALMANAC ACTUAT BUSINESS PLAN Exhibits 116 lmanac 20 15 5TR ANALYTICS 5TR ANALYTICS The H0ST Almanac is an annual publication of STR Analytics, a division of STR, lnc. All information contained in this report is assembled and compiled by STR Analytics. Although information in this publication has been obtained from sources that STR Analytics believes to be reliable and accurate, we do not guarantee its accuracy since it is submitted by third parties. See page 32 for detailed information on study methodology and technrques. All opinions and estimates included in the H0ST Almanac constitute the best judgment of STR Analytics and are subject to change without notice. This publication is not intended to represent the rendering of legal, accounting or professional services. Reproduction is prohibited without prior written authorization. ltems may be quoted when full credit is given to the HOST Almanac by STR Analytics. For publication information: Call +1 615 338 3535 E-mail H0ST@STRanalytics.com Web www.STRanalytics.com Copyright 2015 by STR, lnc. All rights reserved The HOST Almanac is published by and all data in the H0ST Almanac are compiled by: STR Analytics 11001 W. 120th Ave., Suite 250 Broomfield, Colorado 80021 HOST Almanac 2015 Page 2 table of contents 5TR ANALYTICS reports u.s. lodging industry profitability room revenue's relationship to market value. inf lation-adjusted prof it mapping profitability looking back: the u.s. hotel industry in charts and graphs info geographic regions methodology..... summaries total u.s. summary full-service summary limited-service summary . . . . total u.s. summary ratio-to-sales total u.s. summary per-available-room total u.s. summary per-occupied-room night full-service full-service summary ratio-to-sales full-service summary per-available-room . . full-service summary per-occupied-room night limited-service limited-service summary ratio-to-sales . . limited-service summary per-available-room limited-service summary per-occupied-room night total u.s. detailed analysis ratio-to-sales total u.s. detailed revenue. ratio-to-sales total u.s. detailed departmental expenses. ratio-to-sales total u.s. detailed undistributed expenses . ratio-to-sales total u.s. detailed selected fixed costs per-available-room total u.s. detailed revenue. per-available-room total u.s. detailed departmental expenses. per-available-room total u.s. detailed undistributed expenses per-available-room total u.s. detailed selected fixed costs per-occupied-room night total u.s. detailed revenue per-occupied-room night total u.s. detailed departmental expenses per-occupied-room night total u.s. detailed undistributed expenses per-occupied-room night total u.s. detailed selected fixed costs. . . payrol! analysis payroll summary ratio-to-sales total u.s. detailed payroll per-available-room total u.s. detailed payroll per-occupied-room night total u.s. detailed payroll glossary glossary of F{OST terminology .4 .7 .9 t2 i6 31 32 34 35 36 37 39 4l 43 45 47 49 51 53 63 65 67 69 55 57 59 61 7L 73 75 77 79 80 82 84 86 HOST Almanac 2Ol5 Page 3 u.s. lodging industry profitability STR ANALYTICS Hotel industry revenue levels topped an estimated US$176 billion in 2014, adding nearly $14 billion in revenue from 2013. Total industry-wide house profit reached nearly US$66 billion, an increase ol 72.8% over 2013. On an absolute nominal basis, this house profit represents an alltime high, though as a percent of total revenue is still below profit levels recorded in the late 1990's, 2006 and 2007. The following chart details U.S. hotel industry profitability from 1990 to 2014. Please note this data extrapolates only on scale with the total amount of properties reporting room revenue to STR and uses all properties that reported profitability data, not just same-store properties. Also, house profit is defined as profit before deductions for fixed charges and management fees. U,S. Hotel Profitability (199O-2O14) $200 $140 $180 $160 $i00 $80 $60 $40 $20 $o $176.7 $14s.3 $r06.2 39.Oo/o 38.4%37.30/o $6s.8 $41.4 $ss.8 100% 90% 80% 70"/o 60"/o 50% 40% 30% 20% t0% 0% 20$ Gl o =clut =o o E 1990 1992 7994 1996 I Total Revenue i998 2000 2002 2004 2006 2008 20t0 2012 20t4 r House Profit I House Profit "/o of Total Revenue "What's interesting was not just the increases in revenue, but the surge in operating expenses in 2014," said Joseph Rael, who oversees the HOST program at STR Analytics. "On a per-available-room basis, we're seeing administrative and general, marketing, maintenance and utilities at growth rates much higher than what we experienced last year. We're also seeing total management fees growing faster than total revenue, which indicates incentive fees are finally kicking in." HOST Almanac 2Ol5 Page 4 5TR U.S. Hotel Expenses and House Profit Per-Available-Room % Change (1991 -2014) 20% 15% t0% EO/ oy" tro/ -1o7" -15% -20"/" -257" -30% 1991 1992 1993 i994 1995 1996 1997 1998 1999 2000 2001 2@2 M3 2004 2@5 2ffi 2m7 2008 2009 2010 201i nL2 nB 20t4 I Total Dept. Expenses PAR r Total Op. Expenses PAR r House Profit PAR lndustry-wide, the growth in operating expenses outpaced departmental expenses, similar to what occurred in 2006 and2007. On a per-available-room basis, house profit soared 13,l%, the greatest rate of change since 2005, which increased 14.9%. 13.10/" 14.9"/"74-40/" 12.5% (10.77.\ (27.7o/"\ \./\-/r W HOST Almanac 2Ol5 Page 5 ANALYTICS ANALYTICS Same-Store Analysis STR Analytics also analyzed same-store rates of change for approximately 5,000 hotels that participated in the HOST program in 2013 and 2014. ln this analysis, full-service hotels grew house profit 7L.7%, while limited-service hotels grew profit 69%. Luxury hotels showed the greatest profit increases (11.4%), while the combined Midscale/Economy segment of hotels recorded the least @.5%). Select Line ltems "/" Chanee (2014 vs. 2013) 127" 10"/" 8% 6% 4"/" Z/o 0% Rooms Revenue Total Revenue Rooms Expenses Administrative & General Marketing Utility Costs PropertyOperations Management & Maintenance Fees r Total r Full-Service r Limited-Service Profitability Numbers in the Making For the 2015 HOST Almanac, STR collected over 5,300 income and expense statements from U.S. hotels for the year- end2014, and this data, used in conjunction with trend data from the over 30,000 hotels that participate in the STAR program, allows us to glean insights regarding industry profitability. The objective is to provide the most accurate calculation of industry profitability, a valuable benchmarking tool for hotel owners, investors, and operators. Rather than focusing on just the collected data, through the use of corresponding trend data, we are able to model with greater accuracy. The 5,300 statements collected represent about a sixth of the hotels that report total room revenue to STR. Using trend data from the larger reporting sample for room revenues, and using the remaining income and expense ratios from the HOST data, we can get an idea of industry (U.S.) profit. From the aggregate trend data, three values are linked into the model: total room supply, occupied rooms, and total rooms revenue. The HOST ratios are then applied to the trend data to extrapolate absolute values for each line item. We also include all expenses that follow undistributed operating costs that hotels neady uniformly report, including management and franchise fees, property taxes, and insurance. We do not deduct for leases-neither equipment nor ground-as these are either applicable only to a small fraction of the properties or are not reported to STR consistently among properties. It's important to note that we often receive data after publication deadlines, as well as restatements of prior year's data from our data sources. ln order to provide the most accurate picture of industry profitability, we update all prior year's trend and HOST data from current databases. For that reason, data presented in this current issue may not be the same as in previous editions. HOST Almanac 2Ol5 Page 6 5TR room revenue's relationship to market value 5TR ANALYTICS Transaction Activity by Performance Situation With profitability returning to pre-recession levels, the number of distressed asset sales continued to decline as expected. ln 2014, only 4.0% of the asset trades in 2Ol4 were in a distressed situation which is comparable to a typical year of investment activity when 3.0% of hotel transactions involve distressed properties. Performrng Assets Drstressed Assets Tota I ln 2014, STR Analytics tracked 447 hotel transactions, compared to 501 transactions that were tracked in 2013. The overall average price per key was $219,000, and the average room revenue multiplier was 5.50 (calculated as sale price divided by room revenue). As the table below illustrates, the average price per key for performing assets in 2014 was 109.67o higher than the average price per key of distressed assets, while the room revenue multiplier was 115.4% higher. r Performing Assets r Distressed Assets 5.50 2.55 5,50 427 20 447 189 204 189 $239,000 $114,000 $2t9,000 $445,000 $219,000 $254,000 $118,000 $115,000 $82,000 $219,000 The relationship of room revenue to market value is often a better gauge for pricing. ln many cases, purchasers of hotels underwrite to a similar net-operating-income percentage based on a "typical" management scenario regardless of how the hotel may be currently performing. The adjustments vary significantly depending on the investor andlor management company's experience and expertise. However, room revenue projections are often similar because it is more dependent on the competitive environment. l'hus, investors' valuation estimate in relation to room revenue is more consistent than capitalization rates, which are based on the bottom line. Moreover, investors focus on the revenue component of an asset because they have more comfort in their ability to control the expense levels. Luxury Upper Upscale Upscale Upper Midscale Midscale Economy Total 39 64 197 69 44 34 447 304 353 159 138 120 120 189 8.43 6.72 6.96 3.93 2.99 2.69 5.50 Number of Transactions Room Rev Multiplier AverageProperty Type Room Count Price/Room Average Number of Transactions Average Room Count Average Price/Room Room Rev MultiplierClass PageTHOST Almanac 2Ol5 96% STR ANALYTICS 15% 14"/" 10% 9% Transaction Activity by Class I Luxury ! Upper Upscale r Upscale I Upper Midscale r Midscale I Economy Room revenue multipliers have ranged from 3.0 to 5.0 during the past several years, but 2014 saw significant increases in these multipliers, especially in the top tier of asset classes. The breakdown by asset class generally illustrates that room revenue multipliers increase by asset class. Higher-end assets with numerous moving parts (food and beverage, spa, golf, etc.) have higher multipliers. The lone exception in 2014 was the Upscale segment, where efficiencies in food and beverage operations have pushed these room revenue multipliers to levels greater than the Upper Upscale segment. ? -C' EPGt1-?Ng€ e,Etstar -EE -LlUI The price-per-room trends flow in a similar trickledown fashion to the room revenue multipliers but are far more pronounced. They range from $82,000 per key for Economy properties to an average of $445,000 per room for Luxury assets, over five times higher. The 2015 Hotel Transaction Almanac published by STR Analytics is currently available for purchase. Please contact info@stranalytics.com for more information. The almanac serves as the most comprehensive source of hote! transaction statistics. STR Analytics combines their in-house transaction database with that 0f data partner Hotel Brokers lnternational (HBl) to create this comprehensive Hotel Transaction Almanac. This desktop reference guide contains analysis and sales information of 2014 hotel transactions. HOST Almanac 2075 8Y" 44"/o 5IR Page 8 i nf lation-adj usted prof it STR ANALYTICS As national hotel occupancies stretch to record levels, average rates continue to surge, and in nominal dollars ADR is at an all-time high. However, in inflation-adjusted (real)terms, the nationalaverage rate in 2074was about the same level it was in 1999 and 2006.ln fact, inflation-adjusted ADR doesn't change very much over time for the typical U.S. hotel, averaging about $i09 going back to 1987. How about profit? Some will argue that that, even though we reached a new RevPAR peak (in nominal dollars) back in 2013, the hotel economy can't be considered fully recovered until we surpass the previous peak in real terms, and not just in RevPAR, but on a profit basis. The following chart details U.S. hotel industry profitability (per-available-room) on a nominal basis from 1990 lo 2014. Please note this data extrapolates only on scale with the total amount of properties reporting room revenue to STR and uses all properties that reported profitability dala, not just same-store properties. Also, house profit is defined as profit before deductions for fixed charges and management fees. ln nominal terms, industry total revenues and house profit recorded alltime highs in 2014, buladjusting these amounts for inflation reveals a different story. lnflation-Adjusted U.S. Hotel Revenue and Profitability Per-Available- Room ( 1 990-2 A14) $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $s,000 $o 1990 1992 t994 1996 1998 2000 2002 2004 2006 I Total Revenue PAR r House Profit PAR 2008 2010 2012 2014 ln real terms, total revenues for the industry fell short of the levels realized not only in the previous peak of 2007, but short of six other time periods since 1990. Similarly, the house profit realized in 2Ol4 was bested six other times in the past quarter-decade, with the peak of $75,228 per-available-room occurring in 2000. However, the 2074 house profit did fall above the long-term average for the first time since 2008. $39,069 $38,675 $36,594 Long-term average: $33,940 $30,033 $15,228 $ r4,837 $13,634 Long-term average: $12,294 $9,698 HOST Almanac 2Ol5 Page 9 5TR ANALYTlCS lnflation-Adjusted U.S. Hotel Revenue and Profitability Per-Avaitable-Room, Full-Service Hotels (1 99O-2O14) $70,000 $60,000 ,189 $59,580 $s6,681Long-term au enget $50,765 $4s,841 [ong-term average: $16,064 $21,230 $19,94s $r8,643 $r2,326 $50,000 $40,000 $30,000 $20,000 $10,000 1990 1992 1994 1996 1998 2000 2002 2004 2006 r Total Revenue PAR r House Profit PAR 2008 2010 2012 2074 Full-service hotels are still l2o/" below their real profit peak of $21,230, recorded in 2000, though revenues are down only 5.8%. This suggests a slow, upward creep of expenses, and indeed full-service hotel payroll has been shown to be relatively inflexible during the revenue declines of 2001 and 2009. Real house profit for full-service hotels in 2074was, however, above the long{erm average by approximately 14%. $o HOST Almanac 2Ol5 Page 10 5TR lnflation-Adjusted U.S. Hotel Revenue and Profitability Per-Available-Room, Limited-Service Hotels (1 99O -2u^14) $25,000 $20,000 [ong-term ?Yoro!o: $18,329 $20,228 $20,896 $r6,940 Long-term average: $8,837 $9,873 $10,489 $9,720 $7,s20 $15,000 $10,000 $5,000 1990 1992 1994 1996 1998 2000 2002 2004 2006 I lotal Revenue PAR r House Profit PAR 2008 20to 20t2 20t4 lnterestingly, limited-service hoteldid reach an alltime total revenue peak in 2Ol4,on an inflation-adjusted basis, barely surpassing the previous peak set in 2007. However, house profit in real terms still fell about 6% shy of the 2007 peak, though is stillg% higher than the long{erm average.The2OT4 house profit of $9,130 per-available-room was only the sixth highest level since 1990. Overall, while revenue and profit, like ADR, are still shy of their inflation-adjusted peaks, that new peak is in sight. Real house profit for the average hotel increased approximalely 11% in 2OI4 compared to 2013. lf similar increases occur in 2015, then by this time next year the industry will truly be at an alltime high. $o gIB. HOST Almanac 2Ol5 Page 11 ANALYTICS :I The perfect complernent to your STAR or Trend Report. CIick hers for details, mapping profitability 5TR In this year's HOST Almanac, we analyzed the 163 STR-defined markets and found that total profitability continued to increase throughout much of the United States. Many markets that had negative profitability previously, saw positive improvements in 2014, although some markets did experience decreased profit levels from the previous year. To get these results, we aggregated all 2013 and 2Ol4 income and expense statements from hotels that reported in both years, specifically looking at the percent change in house profit (gross operating profit) for each market. U.S, Profitability Change by Market (2O13-2A1d) GOP% Change -25% Same-store house profit before deductions for fixed expenses Looking at the U.S. as a whole, most markets experienced increases in house profit, and many of the markets that saw decreases in 2013 recovered in 2014. Those areas shaded in dark blue enjoyed the strongest profit growth, while the darkest oranges indicate greatest profit decline. With the exception of the Tucson, Arizona market, house profit in the entire Western U.S. rose in2014. Some parts of the Midwest and Texas, outside of the major metropolitan areas, experienced small decreases in house profit, while other markets improved despite decreases last year. Additionally, only pockets of the Northeast and South Atlantic showed negative change in 2014. 25% ) HOST Almanac 2Ol5 Page L2 ANALYTICS F *(L rr!--q*\T I--& 7 hr a t :_r5 5TR Top lO Markets RevPAR 7o Change The following table compares the markets with the greatest RevPAR gains in 2074 lo those markets with the greatest increases in house profit. Florida Keys Sarasota/Bradenton, FL San Jose/Santa Cruz, CA Fort Myers, FL Denver, CO Las Vegas, NV South Carolina Area Jacksonville, FL Oakland, CA Nashville, TN 21.7 152 14.8 74.3 t4.1 13.9 13.6 13.2 13.1 128 Missouri South Las Vegas, NV New Hampshire Tulsa,0K Colorado Area Jacksonville, FL Georgia North Florida Keys South Carolina Area Sarasota/Bradenton, FL 38.2 359 34.4 3i.4 3i.1 31.0 27.9 27.4 27.0 253 Half of the top 10 saw direct overlaps between the two sets of positive-performance markets. Strong RevPAR-performing markets included four from Florida, two markets in Northern California, as well as Denver, Las Vegas, South Carolina Area, and Nashville. On a profitability basis, Missouri South led the charge, growing house profit more than 38.2o/". Las Vegas followed second, with New Hampshire, Tulsa, and Colorado Area rounding out the top five. ln general, ma.jor markets led increases in RevPAR, while secondary or tertiary markets were more likely to see significant house profit gains. Of the 163 markets surveyed, 141 markets registered gains in house profit, with the average profit increase of 7l.I% and a median o19.4%. Top 10 Markets House Profil 7" Change HOST Almanac 2OI5 ANALYTICS Page 13 STR ANALYTICS Bottom 1O Markets RevPAR % Change Bottom 1O Markets House Profit "/" Change Buffalo, NY Jackson, MS Nebraska Syracuse, NY Rochester, NY lllinois North Michigan North Scranton/Wilkes-Barre, PA Pennsylvania Area Oklahoma Crty,0K -4.4 -39 -3.8 -3.0 -2.6 -2.4 -1 .1 -0.8 -0.5 -0.5 Jackson, MS Scranton/Wilkes-Barre, PA Rochester, NY Buffalo, NY Syracuse, NY Michigan North Central New Jersey Texas South Missouri North Little Rock, AR -13.0 -10.3 -9.3 -7I -6.7 -6.0 -6.0 -5.6 -4.9 -4.3 For those markets that experienced declines in 2014, the overlap between RevPAR and house profit declines were more apparent. Buffalo topped the RevPAR list with a 4.4 percent decline and the market also made the House Profit list with a decline of 7.i percent. Additionally, two other markets in the state of New York, Syracuse and Rochester, saw declines in both RevPAR and house profit. Other overlapping markets include Jackson, Michigan North, and Scranton/ Wilkes-Barre. Of the 163 markets surveyed, only 22 registered declines in house profit, with the average profit decline of 4.2% and a median of 3.I%. The property most likely to experience a profit decline in 2074 was a Midscale/Economy hotel (41/o of all Midscale/ Economy hotels registered declines), while Luxury and Upper Upscale hotels were most likely to increase house profits (83% of all Luxury and Upper Upscale hotels). Percent of Hotels with GOP lncreases vs. Decreases in 2(;-14 Compared to 2013 o G 't o o o U,' o Luxury Class 71/ 29o/o 81% 19o/o17% 83 Upper Upscale Class Upscale Class Upper Midscale Class Midscale/Economy Class HOST Almanac 2OL5 Page 14 The Almanac S,uite The ultinrate nesource for the hotel investment community. These four reports contain the information you need to help evaluate investrnents, performance, risk, development potential and more. 5TR STR Hotel Trans-ction Alman ac 2C14 Hotel Transaction Almanac The Hotel Transaction Almanac is the most comprehensive source of hotel transaction statistics. STR Analytics combines their in- house transaction database with that of data partner Hotel Brokers lnternational (HBl) to create this comprehensive Hotel Tiansaction Almanac. HOST Almanac The definitive database of hotel revenue and expenses. The HOST Almanac contains information by department, including detailed rooms, food and beverage, marketing, utility costs, property and maintenance, administrative and general, as well as select fixed charges. Hotel Development Almanac A valuable source of information to assist in the evaluation of hotel projects. Combining data from STR's comprehensive Census and Pipeline Databases, this desktop reference guide contains analysis and development cost information for previous years' hotel openings in the United States. Hotel lnvestors Gauge A quarterly survey of lenders, developers and investors that measures the current state of financing market conditions and ascertains critical future expectations through the lens of the hotel investment community. Pric ing lndividual Reports: $500 each Bundle 0ption 1: $1,200 ($300 savings) - selcct threc reports Bundle Option 2: $1,500 ($500savings) - purchasethree reports, getthe fourth free wwwSTR.com info@str.com +1 615 824 4664 ext. 3504 ANALYTICS rtH . OFatsFrrEt,4lman*-d)14 grp STR ANALYTICS U.S. Lodging lndustry: A Decade of Selected Performance Measures (2OO5-2O14) Occupancy (%)ADR ($)Supply Demand Net lncomeRevPAR ($)GOP This Year "/oChange This Year Y"Change This Year 2005 63.0 2.9 9i.03 5.6 57.36 2006 63.2 0.2 97.82 7.5 61.78 2007 62.8 -0.5 104.31 6.6 65.54 2008 59.8 -4.8 107.38 2.9 64.24 2009 54.6 -8.8 98.15 -8.6 53.55 20i0 57.6 5.6 98.01 -0.1 56.44 20tL 60 0 4.2 101.7i 3.8 61.02 2012 d,.4 2.3 105.96 4.2 65.06 2013 62.2 1.3 110.09 3.9 68.49 2074 64.4 3.6 115.03 4.5 74.12 "After fixed cirarges arid art r.'npuled 4.0% reserve .or replacenrerrt expense Yo Change 8.6 11 6.1 -2.O -16.6 5.4 8.1 6.6 5.3 8.2 % Ghange -0.1 o.2 1.2 2.4 2.8 t.7 0.5 0.4 o.7 0.8 % Change 2.8 0.4 07 -2.5 -6.2 7.3 4.7 2.8 2.O 4.4 RTS 36.1 374 38.4 37.0 32.3 33.4 34.6 35.5 35.8 373 RIS 24.4 25.8 26.7 25.t 19.5 21.7 23.2 24.1. 242 t3./ U.S. Lodging lndustry: Estimated Revenue and Profitability (2OO5-2O14) $2oo $180 $160 $140 50% 45% 40% 35% 30o/" $120 $ ctt', =aD c, 6 100 $80 $60 $40 $20 $o 2005 2006 2007 I Total Revenue 2008 r GOP 2009 2010 20lr 2012 2073 r Net lncome - GOP Percentage of Total Revenue 2014 32.3v" 33.4/" 28.1 33.8 37.r 34.7 55.8 38.9 134.1 36.1vo 118.1 t52.9 154.2 146.0145.3145.4 r32.9 124.9123.5 3A.470 31.40/" 31.3./" 25% HOST Almanac 2075 Page 16 looking back: the u.s. hotel industry in charts and graphs STR ANALYTICS U.S. Lodging lndustry: Percentage Changes in Supply, Demand, and RevPAR (2OO5-2O14) 10 2006 2007 2008 2009 2070 20r1 2012 20t3 r Supply r Demand I RevPAR Selected Fees and Fixed Charge Analysis Analysis of hotels that reported selected expenses 5 0 tr -10 -15 -20 2005 20t4 I Full-Service Ratio to Sales Per Available Room Per Occupied Room Franchise Fee Management Fees Reserve for Replacement Taxes lnsurance 2014 5.47" 3.5% 3 3Yo 34% 7.r% 2013 5.O% 3.4% 3.2% 3.5% L,Z /O 2014 $2,770 $2,602 $2,628 $2,649 $840 2013 $2,432 $2,372 $2,3e5 $2,501 $845 2014 $10.35 $9 63 $9.69 $9.77 $s.11 2013 $9 40 $9.02 $9 06 $9 48 $3.2i Limited-Service Ratio to Sales Per Available Room Per Occupied Room Franchise Fee Management Fees Reserve for Replacement Taxes lnsurance 2014 6 5Yo ) 10/ 5.3% 4.8% t3% 2013 57% 3.6% 4.3% 4.9% t.3% 2014 $1,eee $1,173 $1,887 $1,325 $359 2013 $1,650 $1,065 $1,464 $1,268 $340 2014 $7.51 $4.34 $6.88 $4.90 $1.33 2013 $b J/ $4.04 $5.41 $4.78 $1 28 HOST Almanac 2OL5 Page 77 ANALYTICS 0c6 g E @@ th@ @ @*3 i $@^"@ -e[^* Iro ect $25s $235 $215 $195 $175 $155 $r35 $ll5 $95 $75 RevPAR Positioning Matrix: Year End 2014 Top 25 Markets 0ccupancy NOTE: Axes set at average of all Top 25 Markets combined d,ct 113% 9.3% 7.37. 5.3"/. 33% 1.3.,6 1o.7./") RevPAR Percent Change Matrix Year End 2014 Top 25 Markets 0ccupancy 49% 540/0 59./" 64% 69"/" 7470 79% 847"0.0 1.0% 2.0v. 3.0% 4.o./" 5.o7" 6.0% 7.O./" 8.0% NOTE: Axes set at average of all Top 25 Markets combined Anaheim-Santa Ana, CA Atlanta, GA Boston, MA Chicago, lL Dallas, TX Denver, CO Detroit, Ml Houston, TX Los Angeles-Long Beach, CA Mrami-Hraleah, FL Minneapolis-St. Paul, MN-Wl Nashville, TN New Orleans, LA New York, NY Norfolk-Virginia Beach, VA Oahu lsland, Hl Orlando, FL Philadelphia, PA-NJ Phoenix, AZ San Diego, CA San Francisco/San Mateo, CA Seattle, WA St. Louis, MO-lL Tampa-St. Petersburg, FL Washington DC-MD-VA ANA ATL BOS CHI DAL DEN DET HOU LA MIA MIN NAS NO NY NOR HI ORL PHI PHX SD SF SEA STL TAM DC o @@ @@ @ @ @ @ 6,@ @ @ @ Market Name Code Market Name Code HOST Almanac 2OI5 Page 18 STR 5TR ANALYTICS 2009 I Luxury 2010 r Upper Upscale 2011 I Upscale 2072 I Upper Midscale 2013 x Midscale 2014 2009 I Luxury 2010 r Upper Upscale 20rt r Upscale 2072 r Upper Midscale 2013 r Midscale 2014 I Economy G Economy 2009 2010 20tl r Luxury r Upper Upscale r Upscale "Midlcalc arrd Icorrc.lrrry corrri-rirrcd 3r.rc tcr :uiiicrcrrcy roquti'0rncnis 2012 I Upper Midscale 20t3 r Midscale/Economy* Total U.S.: RevPAR by Class (2OO9-2O14) Total U.S.: ADR by Class (2OO9-2O14) Total U.S.: GOP by Class (2OO9-2O14) $3oo $2so $200 $150 $1oo $50 $o $200 $1so $100 $50 $o 60% 50% 40% 30% 20"/. t0% o% hrr,ll,r,ll,ru*ll,r,,lnr,hl*. illlillil a illlrrlffill HOST Almanac 2Ol5 2014 Page 19 ANALYTICS 2O"/" 7% 60% Luxury Class Revenue Distribution Upper Upscale Class Revenue Distribution Upscale Class Revenue Distribution 1"/o Upper Midscale Class Revenue Distribution 1Y" l"h I Rooms r Food I Beverage r Other Food & Beverage F Other Revenue 7.h 19% 5% 5o/" 65% HOST Almanac 2Ol5 Page 20 5TR a7% 92% 5TR Banquet F&B Revenue vs. Meeting Space: Per-Available-Room $16,000 1,127o $11,83.l $t $14,000 $6,ooo $4,000 $2,000 $0 5,000-24,999 sq. ft 25,000-49,999 sq. ft. 50,000-74,999 sq. ft. I PAR r Average Room Count 75,000+ sq. ft. Meeting Room Rental Revenue vs. Meeting Space: Per-Available-Room $e20 $900 $880 $860 $840 $820 $800 $780 $760 $740 $18,000 1,200 1,000 600 400 200 0 1,200 1,000 800 600 400 200 0 E o- o) o (l) E, 0, a, (,rl $t $t 8002,O00 0,000 (D A)tc (D 7oo (.:lo $8,000 D o A' 0a .D 7 C)o clo E L c, o C)e E q, oa ooc b!,- oo = 5,000-24,999 sq. ft 25,000-49,999 sq. ft. 50,000'74,999 sq. ft. I PAR r Average Room Count $902 o 1,127 $83s $830 o 630 $802 75,000+ sq. ft HOST Almanac 2;-75 Page 2l ANALYTICS o 298 440 630 o 298 o 440 STR ANALYTICS Total U.S. Department Expense Distribution Per-Occupied-Room Night 7% I Rooms r Food & Beverage r Other Department Expenses r Administrative & General *r Sales & Marketing I Utilities Property Operations & Maintenance Full-Service Department Expense Distribution Per-Occupied-Room Night 7% Limited-Service Department Expense Distribution Per-Occupied-Room Night 1AY" 40% 35% 3OY" 25% 20% 15% t0% 5% 0% 33.7% 31.70/" 21 Total U.S.Full-Service Limited-Service 44"/o '1"/o HOST Almanac 2O15 Page 22 6"/o 9% 6% N \\ Payroll as a Percent of Total Revenue \ \ 14o/o 30% 14% 29" 13Y" 2A% 13% 33% 19/" 17% STR 2014 Franchise Fees Analysis: Total U.S. Analysis of only hotels that reported franchise fee data 8% ao/ 6% 5"/" 4% 3% ao/z/o 17" 0% $3,000 $2,500 $2,000 $1,500 $1,000 $5oo Franchise Fees: Ratio of Rooms Revenue Luxury Upper Upscale U pscale Upper Midscale Midscalei Economy Franchise Fees: Per-Available-Room Luxury Upper Upscale Upscale Upper Midscale Midscale/Economy Franchise Fees: Per-Occupied-Room Night $10.1I $ro.ss $7.80 $7.93 $3.00 $2.21 $0 $12.00 $10.00 $8.00 $6.00 $4.00 $2.00 $0 Upper Upscale Upscale ! Royalty Fees r Advertising Assessment Upper Midscale r Combined Franchise Fees 7.2o/"7.5% 7.1% 7.5% 5.3%53%5.5% 3.6"/o 2.8o/o 2.2o/"2.Oo/o 1.Oo/" $627 lts $795 $1,009 $7s8 $679 Luxury Midscale/Economy ANALYTICS $2,821 HOST Almanac 2Ol5 Page 23 5TR ANALYTICS Revenue Per-OccupiecfRoom Night by Class Food & Beverage $15.32 Other Revenue $2.16 Other Revenue $13.O5 Rooms $174.17 Rooms $111.72 Food & Beverage $6.98 Food & Beverage $160.23 Other Revenur $33.s8 Food & Beverage $7A37 Other Revenue $3.71 Rooms $131.53 Rooms $297.7'l r Luxury r Upper Upscale r Upscale r Upper Midscale HOST Almanac 2Ol5 Page 24 5TR ANALYTICS Expenses Per-Occupied-Room Night by Class Dept. $2.24 Other Rooms $31.37 Utilities $s.71 Sales & Marketing $13.44 Utilities $s.s9 Administrative & General $21.18 Food & Beverage $s4.84Sales & Marketing $14.95 Sales & Marketing $31.2s Administrative & General $11.O4 Rooms $82.e8 Administrative & General $42.88 Food & Beverage $122.44 Property Operations & Maintenance $s1.23' Property Operations & Maintenance Other Department $26.17 Food & Beverage $6.Os Property Operations &Maintenance $17.49 $25.20 Food & Rooms $45.7s Beverage $11.91 Rooms $28.8s Sales & Marketing $22.O2 Administrative& General $13.Os Utilities $6.2O Dept. Department $2.29 Property Operations & Maintenance $6.O1 I Luxury r Upper Upscale I Upscale r Upper Mrdscale HOST Almanac 2OI5 Page 25 Utilities $14.a7 5TR Food and Beverage Revenue Breakdown Per-Occupied-Room Night (Only Full-Service Hotels Reporting Detailed F&B Revenue) $e0 $80 $70 $60 $50 $40 $30 $20 $10 $o Food I Outlets r ln-room Dining Beverage I Banquet/Catering r Mini-Bar $0.72 $7.30 $1s.2s $4.91 $27.57 $46.59 ; ttI lick here for details. ll HOST Almanac 2015 Page 26 ANALYTICS Get detailed profitahility data for your market. 5TRlrlllt tar J STR ANALYTICS Percent of Total U.S. Hotels Showing lncreases vs. Decreases Relative to 2O13 o u't o o o ow,' o Number of Rooms Sold Nurnber of Rooms Sold Nurnber of Rooms Sold Rooms Revenue Rooms Revenue Roonrs Revenue Other 0perated Revenue Other Operated Revenue Other Operated Revenue Total Revenue Total Revenue Total Revenue Room Expenses F&B Expenses Departmental Expenses Undistributed Expenses Utility Expenses Utility Expenses Utility Expenses F&B Revenue Percent of Total U.S. Full-Service Hotels Showing lncreases vs. Decreases Relative to 2013 o; '= 0 o 6 ooUt 3o 70k 307o 12o/" 2t% 410h 14o/o 16% 84 699 31"/, 8t"L 19% 84% 1G%21o/" F&B Revenue Room F&B ExpensesExpenses Room Departmental Expenses Undistributed Expenses Percent of Total U.S. Limited-Service Hotels Showing lncreases vs. Decreases Relative to 2Ol3 ;'t o o =E t8% 61o/. 39/" 82"/" t8% 77Yo 237o 62% 380/" 21"/o 79v. 31o/" 690/" F&B F&B Departmental Expenses Undistributed Expenses 669 34o/o 60/. 407" t6% 84"t 80? 20% 67"/" 33% 80 20% Revenue Expenses Expenses HOST Almanac 2Ol5 Page 27 85v" 15"/o 56% 44% 85% t5% 78"/. 22% 88% 13"/.59"/. 87% 79% 63% 380/" 82"k 86% t4% 77% 23% 5TR ANALYTICS 2AU Revenue Variances from 2o13: Total U.S. l4o/" L2o/" lOo/" 8% 6% 4"/o 2o/o o% Rooms Food Beverage 2o.14 Expense Variances from 2013: Total U.S 72"/o l0o/" B% 6% 4o/" O"/" Rooms Food & Beverage other Operated Departments Admin istrative & General lvlarketing Utility Costs 12% Other Food & Beverage Other Operated Departments Property Operations & Maintenance Rentals & Other lncome Total Revenue Arnount Available lor Debt Service & Other Fixed Charges lVanagement Fees Taxes I nsurance 2014 Select Variances from 2(J.13: Total U.S. 10J%10.8% 8.5% 7.0% 5.3% r)y" 8% 6% O7o Total Revenue Total Departmental Expenses Total Departmental trrof t TotalUndjstributed GrossOperating lncome Before 12.8% 9.0% 7.0% 4.9%I 9.70/" 5.8%5.2"/"5.60/,53% 4.1%4.O%3.9o/"I o.2% Operating Expenses Prrriit Fixed Charges HOST Almanac 2c^15 7.3% 6.70/o 5.3% I 1.8e/oI Page 28 Total Payroll Ratio-to-Sales by Market .!Payroll RTS - t03%50.3% Blue = Below Average Orange = Above Average ) 29 Tt Lt_7 F' Ell(. r L /-\ )7t 7 \ ) il l-,//h 1 I J I 7 ltI B I t_r .ILr'i I \t\\7\ I !.o 'tl) rr .a t We're more than just off the shelf5TR ANALYTICS \-.-/ STR Analytics is a group of dynamic hotel experts with access to the unparalleled global hotel database compiled by STR. Our unique resources enable us to offer statistically focused, satisfaction products and services for a more complete understanding of key industry aspects regarding the nature of competition, price elasticity, market segmentation, profitabi lity, client satisfaction, brand loyalty and risk. .r--F ' ':. 5TR -- .- 1Lr. User Types r lndividual properties o Lenders r Owners . CBV/DMO o Consultants . Law Firms . Appraisers o Asset Managers . Brokers Examples of Gustomized Services Data . Corporate Dashboards o Custom Forecasts o Research on hotel ramp-up times o Renovation analysis o Profita bility Projections o ROI Modeling r Competitive Set Consulting o Market Evaluations for Development o Custom Report Templates o Census Data . Pipeline Data o Transaction Data o Profitability Data . ROI Projections o Food and Beverage Revenue Data r Rooms Revenue Data We can analyze and create custom deliverables for any aspect of the industry pertaining to the data STR collects. Examples includc: o Comp Set Selection and Optrmization o Customized Data-lnfused Dashboards in Excel or o Customized lnconre and Expense Research o Customized Designed Templates and Data Analys o Market Analysis ware @ 2014 STR, lnc. All rights reserved ,-. t: For more information, please contact concierge@stranalytics.com. geographic regions 5TR ANALYTICS MOUNTAIN WEST NORTH CENTRAL WEST SOUTH CENTRAL EAST SOUTH CENTRAL Delaware Florida Georgia Maryland North Carolina South Carolina Virginia Washington, DC West Virginia EAST NORTH CENTRAL NEW ENGLAND MIDDLE ATLANTIC ,**-. SOUTH ATLANTIC PACIFIC '"4 Ia. Alaska California Hawaii Oregon Washington Arizona Colorado ldaho Montana Nevada New Mexico Utah Wyoming lowa Kansas Minnesota Missourr Nebraska North Dakota South Dakota Arkansas Louisiana Oklahoma Texas lllinois lndiana Michigan Ohio Wisconsin Alabama Kentucky Mississippi Tennessee u.E ? South Atlantic New England Connecticut Maine Massachusetts New Hampshire Rhode lsland Vermont New Jersey New York Pennsylvania West North CentralPacific Mountain East Sotrth Central West South Central HOST Almanac 2Ol5 \ \ i" \r "l East North C€ntral Page 31 methodology 5TR ln the production of the HOST Almanac, as for any report that aggregates diverse financial statements, many decisions are made regarding data treatment and analysis. ln order for this report to be of optimal benefit to the reader, it is necessary to describe some of our major decisions and general methodology. First, data presentation in the HOST Almanac is based on the Uniform System of Accounts for the Lodging lndustry (Tenth Revised Edition). ln our data collection, both at the property and chain levels, we stress the importance of structuring the data to be consistent with the Uniform System. To the best of our ability, we make every property in our sample conform with that format. Those questionnaires that are not in a consistent format or those that do not provide us with sufficient detail are not used in the analysis. Second, when all the data is in the proper format, we apply error and reasonableness checks to ensure accuracy and identify outliers in the data. All financial data is presented accordrng to the three common measures of industry performance: ratioto-sales (RTS), dollars per- available-room (PAR) and dollars per-occupied-room-night (POR). When analyzing segment results, it should be understood that each of these three measures are computed independently of each other. Some dala are provided for fewer lhan 12 months or for unusual reporting calendars (e.g., 13 period years), although we do not use data from hotels that reported fewer than 9 months. Therefore, balancing the reported ratios across the three different performance measures for each line-item is difficult. Depending on the needs of the user, one of these measures may be more appropriate than the others for a particular revenue or expense category or type of hotel operation. As stated above, all values presented are averages of individual property data. We feel this calculation to be most reflective of industry segments. Since not every property provides data for every line, weighting of the data, for any alternative calculation, is not possible. Historical data on supply, demand, occupancy and average room rates presented in the preceding U.S. Lodging lndustry Profitability article are taken from STR's comprehensive monthly survey of the U.S. hotel industry as reported in our monthly Hotel Review report. ln our effort to make that reporting as accurate as possible, we constantly revise historical numbers to reflect changes to our database. For that reason, data presented in the current issue may not be the same as in previous editions. Revisions to historical data stem from three separate issues. First, participants in our surveys revise their back data or fill in the gaps of missing data. Second, we constantly add new chains, management companies and individual properties to the program. When they start participating, we ask them to provide us with two years of historical data on each property. Finally, our national and regional results are driven by our weighting to reflect the current rate of distribution of each market. These three factors, when taken together, usually result in minimal changes to historical data. Not all chains and properties report all fixed charges data to STR. Above the Gross Operating Profit (GOP) line, 100 percent of the properties were included. However, below the GOP line the values presented were based on responses from the sample received for each segment. Fixed charges data for those hotels that did report them are presented in the Supplemental lnformation section. Most hotels, however, do report the selected fixed charges of property taxes and insurance. Therefore, with the large sample of hotel financial statements collected, we believe the selected fixed charges data presented are representative of the total HOST sample. Because we do not receive complete fixed charges data from all hotels, the detailed Statements of Operating lncome & Expenses presented in the HOST Almanac now stop at the line captioned "Amount Available For Debt Service and Other Fixed Charges." This line is generally synonymous with Net Operating lncome (N0l) to an appraiser or Earnings Before lnterest, Taxes, Depreciation and Amortization (EBITDA) to a financial analyst. HOST Almanac 2015 Page 32 ANALYTICS The Custom HOST Repoft ($5OO) allows clients to identify a set of hotels in which to benchmark, and includes two years of revenue and expense data. Data providers can order a Comparative HOST Report ($55O), which includes the data for their property in comparison to the select set. S-Year Custom HOST Reports ($85O) are also available, in order to understand the trend in profitability. lndividual masked statements are also available. Custom HOST Reports 5TR HOST P&L Profitability Scorecard E B .,{,K=. ;ll{[*.". brDbisio.r lVcli.fr f6rob5.rlbi brth an har6 .l o o The HOST Profitability Scorecard ($7OO) provides a percentile score for the subiect hotel, based on a set of 50-L00 comparable hotels in each revenue and expense category, as well as an overall grade based on the individual scores. The HOST Profitability Spectrum ($7OO) demonstrates the full range of operating ratios (minimum, maximum, average, and percentiles) for a specific hotel product of 5O-1OO hotels for each revenue and expense item. www.STR.com info@str.com +1 615 8.24 8,66.4 ext. 3504 a'rE Total U.S. Summary Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage 0ther Operated Departments Rentals & 0ther lncome Ratio- to-Sales Total U.S. 74.0o/o t97 $15s.17 Per-Available- Room Per-Occupied- Room Night Chain-Affiliated 74.4% 198 $152.07 Per-Available- Room Per-Occupied- Room Night lndependent 68.3"/o L78 $206.01 Per-Available- Room Per-Occupied- Room Night Total U.S. Same Store Analysis 2014 Variance from 2Ol3 73% (? 6.7 9.0 4.9 12.8 $41,834 9,399 2,785 2.216 777 $155.17 34.86 10.33 8.22 10.17 2.88 Ratio- to-Sales 71,.0% i5.5 4.4 3.7 4.2 1.2 $41,228 8,991 a E)1 2,161 2,458 690 $152.07 33.16 9.36 7.97 9.07 2.55 Ratio- to-Sales 59.9% t8.2 7.6 3.6 8.2 2.4 $50,887 15,487 6,485 3,029 6,981 2,072 $206.01 62.70 tb.li) 12.26 28.26 8.39 10.0% 15.7 4.7 3.7 4.6 1.3 Total Revenue 100.0%$s9,7s2 $22r.64 100.0% $58,056 $214.18 100.0 $84,941 $34s.88 7.0% DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals 25.7%$10,755 10,502 1 0?2 $39.89 38.95 7.17 255% 72.5 55.1 $10,50i 9,922 1,736 $38.74 36.60 6.40 28.6v. 76.7 53.9 $14,544 19,164 4.884 $58.88 77.* 19.77 5.8% 4.1 1.8 72.9 54.9 Total Departmental Expenses 38.8% $23,190 $86.02 38.2o/o $22,159 $81.74 45.4oA $38,59r $156.24 4,70/o Total Departmental Profit 61.2o/.$36,s62 $135.62 61.8%$35,907 $132.4s 54.6v" $45,3s0 $187.64 8.5% UNDISTRIBI'TED OPERATING EXPENSES Administntive & General Marteting Franchise Fees tltility Costs 8.3%$4,933 3,883 987 2,206 2,657 $18.30 14.40 3.66 8.18 9.86 8.2% 6.6 1.8 3.7 4.4 $4.737 3,836 1.040 2,151 ) qqt $17.47 14.15 3.83 7.93 9.42 9.3%$7,86s 4,58s 203 3,042 4,202 $31.84 18.56 0.82 12.31 17.01 4.0"/. 5.2 i0,3. 5.6 3.9 6.5 t.7 3,7 4.4 5.4 0.2 3.6 4.9 Total Undistributed 0perating Expenses 24.5%$14,667 $54.41 24.7%$14,317 $52.81 23.4"/o $19,897 $80.55 5.3o/. GROSS OPERATING PROFIT $21,89s $81.21 $21,589 $79.63 $26,453 $107.0937.2/.31.1%35.6%t0.7Yo 0 & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fired Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES* Reserve Replacement 3.0 33.7o/" 3.47" 1.1 29.2% 1.8% 1,763 $20,r32 $2,O32 672 $17,427 $I,059 6.54 $74.67 $7.54 2.49 $64.54 $3.97 3.0% 34,2/. 3.4% 1.1 29.7% 1.8% 1,729 $r9,860 $2,002 634 $r7,224 $1,062 $73.26 $7.39 2.34 $63.53 $3.92 2.7% 28.50/" ) Oa/ 1.5 24.1% 1.4% 2,269 $24,184 $2.479 1,25r $20,4s4 $1,180 9.18 $97.9r $10.03 5.07 $82.81 $4.78 9.7 10.8% 0.2 11.6% 15.7% 6.38 " Fr.nchi* Fees v. .nc. is ba!.d on only thc. horsls rhat Ep!.r.d tull lr.nchi$ t * ror both 2oll a.d 2013,?A Full-Service Summary Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage 0ther Food & Beverage 0ther Operated Departments Rentals & Oher lncome Ratio- to-Sales Total U.S. 73.9o/o 299 $180.94 Per-Available- Room Per-Occupied- Room Night Chain-Affiliated 74,4% 309 $r78.56 Per-Available- Room Per-Occupied- Room Night lndependent 67.7o/o 219 $21r.34 Per-Available- Room Per-Occupied- Room Night Total U.S. Same Store Analysis 2014 Variance from 2013 7.3% 5.4 6.8 9.1 4.7 14.3 $48,737 13,926 4,126 3,276 3,839 1,070 $180.94 51.70 15.32 12.15 14.25 3.97 653% 18.4 5.2 4.4 4.7 1.3 $48,473 13,s66 3,828 3,255 3,488 963 $178.56 49.97 14.10 11.99 12.8s 3.55 Ratio- to-Sales 56.8% 19.8 8.3 3.9 8.7 2.5 $51,786 18,084 7,566 3,519 7,893 2,305 $211.34 73,80 30.88 14.36 32.2t 9.41 Ratio- to-Sales 65.07" 18.6 5.5 4.4 5.1 1.4 Total Revenue 100.0%$74,97s $278.34 100.0% $73,s73 $271.02 100.0 $91,153 $37r.99 7.0"/o DEPARTUENTAL EXPENSES Rooms Food & Beverage 5.6y. 4.1 1.9 26.5% 72.8 54.6 $12,915 15,530 2,683 $47.9s 57.65 9.96 263% 72.4 54.7 $12,7s3 14,944 2,434 $46.98 55.05 8.97 28.6/. 76.4 54.4 $14,789 22,294 5,552 $60.35 90.98 22.66Other& Rentals UNDISTRIBT'TED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs 8.2% 6.7 1.2 3.5 4.3 $6,i42 5,002 902 2,654 3,260 $22.80 18.57 , ,tr 9.85 12.10 $5,952 5,005 963 2,602 3,i55 $21.92 18.44 3.55 9.58 11.62 10.0' 8.1% 6.8 1.3 3.5 4.J 9.1"/. 5.4 0.2 3.6 4.9 3s% 5.1 5.4 3.3 Total Departmental Expenses 41.504 $31,128 $115.56 4t.oo/" $30,130 $110.99 46.8o/o $42,635 $173.99 4.5Yo Total Departmental Profit 58.s%$43,847 $162.78 59.0%$43,'143 $160.03 53.2o/. $48,518 $198.00 8.8% Total Undistdbuted Operating Expenses 24.0o/. $17,960 $66.57 24.O% $17,676 $6s.1r 23,3o/" 92L,228 $85.63 4.8% GROSS OPERATING PROFIT 34.5% $2s,888 $96.11 35.0%$2s,766 $94.91 29.97o $27,291 $111.37 Ll.7"/. & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fired Charges Taxes !nsulance AMOUNT AVA]LABLE FOR DEBT SERVICE & OTHER FIXED CHARGES* Reserve Replacement 8.142.9 31.6% a aa) 1.1 27.3"/, 1.9'/. 2,191 $23,697 $2,407 826 $20,463 $1,399 $87.97 $8.94 3.07 $7s.97 $5.19 3.0% 32.t% 1.1 27.8% t.9% 2,174 $23,593 $2,s89 7U $20,420 $1,404 8.01 $85.91 $8.80 2.89 s75.22 $5.17 2.6% 27.30/. 2.970 1.4 23,Q/. 1.57o 2,397 $24,893 $2,610 1,319 $20,96s $1,341 9.78 $r0r.s9 $10.65 5.38 $8s.s6 $s.47 9.5 ll.9% 5.7% (0.7) t3.l% t3.7% ^ Fr.nchi* Fas vari.ne is bed on onl, nr$ hot ls th.l Epon.d tull tr.nchie t .s for both 2014 ,id 2013,.E $8,336 4,963 200 3,261 4,468 $34.02 20.25 0.82 13.31 18.23 Limited-Service Summary Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other 0perated Departments Rentals & Other lncome Ratio- to-Sales Total U.S. 74.2"/o 115 $102.4s Per-Available- Room Per-Occupied- Room Night Chain-Affiliated 74.3% tt7 $100.43 Per-Available- Room Per-Occupied- Room Night lndependent 71.8o/" 85 $176.3s Per-Available- Room Per-Occupied- Room Night Total U.S. Same Store Analysis 2014 Variance from 2O13 Ratio- to-Sales 97.2% 0.4 0.1 0.1 1.6 0.6 Ratio- to-Sales 94.2%97.0% 0.4 0.1 0.1 1.7 0.6 $102.45 0.40 0.12 0.15 1.82 0.65 $27,155 105 30 37 458 160 $100.43 0.39 0.11 0.14 1.69 0.59 $45,600 219 i30 152 1,620 701 $176.35 0.85 0.50 0.59 6.26 2.71 $27,668 108 )1 40 490 176 0.5 0.3 0.3 2? t.4 73% (21.0) (17.9) (5.6) 8.3 (3.8) Total Revenue 100.0% $28,516 $r05.s9 100.0%$27,946 $103.3s 100.0 $48,42r $187.26 7.O% DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals 22.9% 10i.7 59.4 $6.323 $23.41 0.58 1.46 22.6./, 97.5 61.3 $6.129 168 379 $22.67 0.62 1.40 28.7% 152.0 4t.2 $13,104 7ffi 956 $50.68 2.94 3.70 6.7% 10.2 0.4 184 395 Total Departmental Expenses 24.20/o $6,903 $25.s6 23.90h $6,676 $24.69 30.6o6 $r4,82r $57.31 6.4Yo Total Departmental Profit 75.8/, $21,613 $80.03 76.1/.$21,269 $78.66 69.4o/" $33,601 $129.94 7.31" UNDISTRIBUTED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs Property 0perations & Maintenance 8.6% 5.6 4.1 4.5 5.0 $2,454 1,587 t,162 1,288 1,422 $9.09 5.88 4.30 4.77 5.26 $2,378 1,555 1.189 L,274 1,387 $8.79 5.79 4.40 4.71 5.13 10.5% 4.9 0.5 3.6 5.5 $s,097 2,364 219 t,752 2,@4 $19.71 9.14 0.85 6,78 10.22 4.3% 6.3 10.7- 6.2 7.2 8.5% 5.6 4.3 4.6 5.0 TotalUndistributedOperatingExpenses 27.77.$2e12 $29.30 27.9Y"$7,793 $28.82 24.9T" $12,075 $45,70 7,80/. GROSS OPERATING PROFIT 48.0%$r3,701 $50.73 48.2%$13,477 $49.84 44.5"h $21,525 $83.24 6s% Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve Replacement ,1 44.9Y" 4.4% 1.3 39.3% I.4Yo 884 $12,817 $i,263 357 $ll,r97 $392 3.27 $47.46 $4.68 1.32 $4r.46 $1.45 3.!7o 45.1% 4.5% t.2 39.4h 1.4o/o 866 $12,611 $1,250 342 $lr,0r8 $ege $46.64 $4.62 1.27 $40.7s $1.46 3.1% 41.3o/" a Eo/ 1.8 36.0% 0.5% 1,512 $20,014 $1,707 855 $lz4sr $233 5.85 $77.40 $6.60 3.31 $67.49 $0.90 10.4 6,70/. a 10/ 4.8 6.21" 40.37" 3.20 , F6nchise Fc6 vrirnc. is bas.d on only thc. hot.G th.t ap..led tu[ n.fthi* h.s lor both 2014 r.d 2013.36 Total U.S. Ratio-to-Sales Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other Operated Departments Rentals & 0ther lncome New England 73.204 205 $184.54 71.4% 15.5 4.6 4.1 3.5 1.0 Middle Atlantic 77.8"/" 226 $216.46 76.1% t2.4 4.0 2.5 t.2 South Atlantic 73.9"/" 200 $144.78 Geographic Region East North Central East Sor$ Cental West North Cenbal West Sorih Cenbal 70.8/" 70.8% 69.9% 7L.50h t76 lsl 164 185 $130'5s $116.s8 $1r2.0e $130.33 Mountain Pacific 79.20h 238 69.9o/" $131.87 $185.24 L79 67.5% 17.5 5.1 3.5 q) 1.2 72.0% 1q) 4-J 4.4 2.9 1.2 69.8% 16.8 3.7 2.4 6.6 0.8 73.9./" 14.1 ?o 3.9 2.6 1.6 69.8% 16.1 4.4 3.7 4.9 1.1 64.5% 17.7 E' 4.5 6.1 1.9 69.8% 15.2 4.9 3.4 \) 1.5 Total Revenue 100.0%100.0%100.0%100.066 100.0%100.0%100.0%100.0%100.0% DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals 243% 73.1 eaa 29.1% 86.9 53.5 24.8% 68.7 57.3 26.7% 7t.8 57.6 23.6y" 66.6 56.3 68.5 44.1 22.57.25.6% 68.6 60.8 26.4% 78.8 52.2 63.1 52.9 Total Departmental Expenses 37.8%41.6o/o 38.3%38.7%35.8%35.1%34,2h 40.3o/.40.4o/" Total Departmental Profit 62.2"/o 58,4L 61.7./,61.3%64.210 64.9%65.8olo 59.7%59.6% UNDISTRIBUTED OPERATING EXPENSES Administrative & General Ma*eting Franchise Fees Utility Costs 8.4% 6.9 2.3 1a 4.9 8.1% 5.6 t.4 3.4 4.3 8.2% 6.4 1.6 4.1 4.2 o tol 6.8 1.5 3.8 4.5 8.6% 6.3 2.8 4.7 4.8 8.3% 6.8 2.r 3.5 4.4 8.8% -7.. 3.0 4.6 4.5 8.8% 7.2 1.9 3.8 4.6 7.9% 6.1 1.2 3.5 4.3 TotalUndistributed0peratingExpenses 24.5o/.22.8Y"25.0o/o 26,14 273%27.9o/o 25.2o/"26,20/.23.O'/. GROSS OPERATING PROFIT 35.2%36,9olo 37.0%40.7%335%36,6o/.37.7% & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVA]LABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 2.7 35.1% 4.t% t.7 28.4% 1.7% 3.1 32.4o/o t ao/ 1.6 23.SYo r.6% 3.1 33.6% 2.9% 2.0 27.370 2.0% 2.9 323% 4.2% 1.5 25.5"/. 1.57o 3.1 33.8% 1.9 28.81o t.9% 2.6 34.4"/" 42% i.5 27.3"/o 7.5y. 3.1 37,5o/. 3.6% 1.9 31.6% 1.9% 2.7 30.9% 2.8/o t.7 25.2% 2.8 33.8% 2.6% 1.8 27.8L 1.8% NOTES: Ratio-to-sales (RTS) based on Total Revenue, except Departmental Expenses. 37 35.6%36.7% Total U.S. Ratio-to-Sales Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other Operated Departments Rentals & Other lncome Urban 763% 311 $r94.90 Suburban 72.604 t47 $11s.07 77.2% 12.7 3.0 3.i 0.8 Resort 73.O% 328 $210.83 59.0% 20.2 6.6 5.t 8.6 1.9 Small Metro/ Town 66.4o/" 105 $u7.58 Luxury 75,3"/" 300 $298.s9 Upper Upscale 74.5"h 387 $t74.L2 64.7% 19.3 5.0 4.7 4.8 1.5 Class Upscale 75.6"/" 156 $1s2.25 87.1% 7.1 1.9 1.1 2.4 0.5 Upper Midscale 70.7o/o 119 $111.7s 92.0% 3.7 0.9 1.0 1.8 0.6 Midscale/ Economy 71,40/o tt7 $64.e6 Location Type Airporl lnterstate 77.4Yo 68.5o/" 2to 101 $11e.85 $9s.7r 70.4"/. 15.7 4.8 4.4 3.5 1.3 74.5% 14.7 3.5 3.3 3.5 0.6 86.2% 7.0 2.1 1.0 0.5 74.4% 13.0 21 2.2 4.8 i.9 59.6% 19.7 7.5 4.8 6.8 1.8 96.6% 1.1 0.3 0.2 1.5 0.3 Total Revenue 100.0%100.0%100.0%100.0%100.0olo 100.006 100.0%100,0olo 100.0%100.0olo 100.0% DEPARTMENTAL EXPENSES Rooms Food & Beverage 21.1"/. 76.3 49.6 23.6% 70.0 55.4 265% 67.6 50.8 24.2% 81.1 89.2 25.5% 70.9 58.3 25.0% 77.5 67.0 28.0% 76.7 61.9 26.2% 70,0 50.5 23.8% 77.7 51.0 25.8%20.5% 85.5 39.3 86.1 75.8Other& Rentals UNDISTRIBUTED OPERATING EXPENSES Administrative & General Ma*eting Franchise Fees Utility Costs Property Operations & Maintenance 8.6% 6.0 3.9 4.1 4.5 8.3v. 6.8 1.5 6,0 6.i 8.1% 6.5 t.l 3.3 4,7 8.7% 6.7 2.9 4.2 4.8 8.71" 7.0 2.2 3.7 4.6 9.4% 5.3 4.9 5.0 5.6 7.7"/. 6.2 0.6 3.7 4.5 9.4% 6.1 ?? 4.8 5.4 8.6% 6.1 o.2 3.0 4.2 7.9% 6.9 1.2 3.6 4.3 9.1% 5.6 5.5 4.6 5.0 Total Departmental Erpenses 40.3%33.6%36.3%32.4%42.8'/"37.7'/"46.4Y.40.5%30.0%30.4o/.21.9Y. Total Departmental Profit 59.7%66.4%63.71o 57.2"/o 62.3%53.6%595%70.0/o 69.6%78.1%67.61o Total Undistributed Operating Expenses 23.2%27.3%26.2Yo 30.3olo 22,7o/.29.0Yo 22.11o 24,O"/"27,1/"29.81o 28.7% GROSS OPERATING PROFIT 36.s%39.1%37.5Y"37.3%34.5%33,3olo 31.5%35.6%42,9./"39.8olo 49.4% Management Fees INCOME BEFORE FIXED CHARGES Selected Fhed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserre for Replacement 3.0 33.s% 4.1/" 1.7 26.4% 3.0 36.0% 3.4v" 1.8 30.0% 1.8% 3.3 34.2o/o 3.2% 2.1 27.1% 34.30/. 3.2% 1.0 29.6'/. 1.0% 2.7 31.8% 2.0 25.8Y. 2.lYo 2.6'/. 1,4 25.3o/" lA% 2.8 28.7% 3.2v. 2,7 2t.8% 2.t% 1.7 26.5% 1.7% 3.8% 2.t 32.3% 2.7y. 36.3% 3.6% t.2 30.7% t.2% 1.4 48.Oy. 4s% 0.4 42,4"/. 0.4% 3.53.82.83.33.0 30.0%32.7%39.1% NOTES: Ratio-to-sales (RTS) based on Total Revenue, except Departmental Expenses. Economy and Midscale Classes combined Jor isolation purposes 38 Total U.S. Per-Available-Room Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage 0ther Food & Bevenge Other Operated Departments Rentals & 0ther lncome New England 73.2o/" 205 $184.64 $49,320 10,713 3,181 2,802 ) ir1 670 Middle Atlantic 77.8o/o 226 $216.46 $61,441 10,016 3.028 3,213 2,029 1,002 South Atlantic 73.9o/o 200 $144.78 Mountain 69.906 179 $r31.87 $33,s48 9,196 2,783 2,347 3,r72 991 Pacitic 79,20/o 238 $18s.24 Geographic Region East North Central East South Central West North Central West South Central 70.8o/o 7O.8/o 69.8% 71.5o/o 176 151 164 185 $130.65 $r16.s8 $112.0e $130.33 $38,919 10,105 2,948 2,0?7 ? q7q 667 $33,758 2106 2.036 2,074 1.366 549 $30,088 7,2t7 1.575 1,027 2,826 342 $28,4s6 5,426 1,512 r,489 1,007 621 $33,956 7,84I 2,116 1,802 2,400 514 $53,483 11,652 3,762 2,581 3,981 1,155 Total Revenue $6e,107 $80,730 $57,64s $45,889 $43,076 $38,512 $48,629 $s2,037 $76,614 DEPARTMENTAL EXPENSES Rooms Food & Beverage 0ther Operated Depts & Rentals $t2,234 12,199 1,658 $12855 14,129 r,622 $9,639 10,366 2,091 $8,999 8,058 1,103 $2096 6,536 1,785 $7,041 5,771 7t8 $7,653 7,425 1,541 $8,590 9,824 2,s31 $14,i05 14,173 2,682 Total Departmental Expenses $26,092 $33,605 $22,096 $18,160 $15,416 $13,530 $15,619 $20,94s $30,960 Total Departmental Profit $43,0r6 $47,123 $35,549 $28,729 $27,659 $24,982 $32,010 $3r,092 $4s,654 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs $5,670 4,421 1,121 2,866 2,870 $6,517 4,551 1,i58 2]20 3,477 $4,811 3,943 873 2,187 2,585 $3,944 3,235 1,060 1,731 2,211 $3,6e5 2,730 1,209 2,035 2,087 $3,388 2,685 \,1,47 1,767 1.747 $4.045 3,321 1,007 1,720 2,148 $4,571 3,726 97t 1,958 2,409 $6,08s 4,682 902 2,682 ? ,oo IotalUndistributed0peratingExpenses $16,949 $18,423 $14,400 $r2,247 $rr,7s7 $r0,733 $12,24r $13,63s $17,651 GROSS OPERATING PROFIT $26,067 $28,700 $21,r49 $16,483 $1s,903 $14,249 $19,769 $17,4s8 $28,003 & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 1,835 $24,231 $2,841 1,142 $19,655 $1,142 2,519 $26,r81 $4,618 1,320 $19,010 $1,320 1,809 $19,340 $1,644 1,160 $1s,762 $1,160 1,361 $15,122 $1,9ss 717 $rr,975 $717 1,344 $l4,ss8 $ 1,027 823 $r2,390 $823 $13,230 $1,606 568 $r0,504 $568 $18,2s6 $1,735 907 $rs,347 $907 1,398 $16,060 $1,475 878 $r3,088 $878 2.t34 $2s,870 $1,958 1,364 $2r,321 $1,364 1,5131,018 NOTES: Per-Available-Room (PAR) based on total number of hotel rooms.39 Total U.S. Per-Available-Room Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage 0ther Food & Beverage Other Operated Departments Rentals & 0ther lncome Urban 76.3/o 311 $re4.90 Suburban 72.6o/o L47 $115.07 $30,454 4p94 1,273 1,185 r,2t4 330 Resort 7t-Oo/" 328 $210.83 $5s,990 t9 t44 6,304 3,520 8.162 1,840 Small Metro/ Town 66.4o/" 105 $ru.s8 $28,224 4,920 1 200 837 1,829 7t2 Luxury 75.3o/" 300 $298.s9 $81,780 26,972 10,253 6,55i 9,265 2,402 Upper Upscale 74.50h 387 $r74.12 Class Upscale 75.6% 155 $1s2.25 $36,433 , OEE 781 441 1,015 224 Upper Midscale 70.7"h u9 $111.75 $28,74r 1,161 285 308 548 194 Midscale/ Economy 7L.4o/o tt7 $54.96 $16,917 191 58 33 266 50 Location Type Airport lnterstate 77,4"/" 58.5olo 2Io 101 $11e.85 $es.7r $54,217 12,061 3,671 3.358 2,685 1,032 $33,778 6,664 1,s66 1,s16 i,568 276 $23,846 1,941 589 279 898 125 $47,287 14,123 3,651 3,426 3.524 1,096 Total Revenue $77,023 $3s,450 $45,36s $27,677 $94,959 $37,922 $137,222 $73,105 $41,8s0 $31,238 $l7,sl4 DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals $r4,666 14,562 1,843 $7,r96 5,216 855 $8,95s 6,591 938 $5,775 2,279 9t2 $14,299 20,529 5,832 $7,051 5,542 1,704 $22,896 33,572 7,219 $12,409 14,833 2,332 $8,657 3,245 633 $7,425 1,511 562 ,475 241 r24 $3 Total Departmental Expenses $31,071 $13,267 $16,484 $8,965 $40,560 $14,297 $53,688 $29,574 $12,535 $9,498 $3,840 Total Departmental Profit $4s,952 $26,183 $28,88s $l8,7ll $s4,299 $23,625 $73,s3s $43,s32 $29,3rs $2t,74O $13,674 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Madreting Franchise Fees Utility Costs $6,265 5,021 913 2,514 3,153 $3,413 2,629 1,162 1,666 1,906 $3,966 3,i61 1.007 1,570 2,069 $2,609 t.477 1,347 1,397 1,563 $2318 5,907 560 3,526 4,245 $3,5s5 2.302 1,255 1,835 2,052 $i 1.792 8,339 289 4,103 5,809 $5,750 5,067 910 2,634 3,156 $3,613 t,att 1,615 1,713 1,89i $2,837 1,753 1,706 1,436 1,569 $1,461 1,188 261 1,0,14 1,056 Tord Undktiht d Oprr.dng Eroallr! ll7$l l$n7 tlr,873 18,391 tr556 tU,000 $q$2 317,518 tr!351 $9,!aa $5,020 GROSS OPERATING PROFIT $28,085 $15,406 $U,012 $10,317 $32,743 $12,62s $43,203 $25,013 $17,9s8 $12,438 $8,654 & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 2,278 $2s,807 $3,1s7 1,290 $20,366 $i,290 1,186 $14,220 $1,349 713 $11,8s3 $713 1 Aq) $15,s20 $1,46s 935 $12,310 $935 $9,483 $881 284 $8,190 $284 2.s79 $30,164 $2,183 1,860 $24,530 $i,860 1,248 $11,376 $973 516 $9,607 $si6 3,796 $39,407 $4,406 2,853 $29,937 $2,853 2,082 $23,932 $2,336 1,269 $19,342 $1,269 1,576 $15,382 $1,599 877 $13,s00 $877 1,102 $u,336 $1.129 362 $9,597 $362 $8,401 $850 63 $2433 $63 254834 NOTES: Per-Available-Room (PAR) based on total number oJ hotel rooms. Economy and Midscale Classes combined for isolation purposes.40 Total U.S. Per-Occupied-Room Night Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage 0ther Food & Bevetage Other Operated Departments Rentals & Other lncome New England 73.2% 205 $184.64 $184.64 40.11 11.91 10.49 9.06 2.51 Middle Atlantic 77.8"/o 226 $216.46 $216,46 35.29 10 67 11.32 7.15 353 South Atlantic 73.9Y" 200 $144.78 Mountain 69.9% t79 $131.87 $131.87 36.15 10.94 9.23 t2.47 3.90 Pacific 79.2Y" 238 $185.24 $18s.24 40.36 13.03 8.94 13.79 4.00 Geographic Region East North Cenhal East South Central West North Cenbal West South Central 70.8o/o 70.8o/o 69.8"/" 71.5/0 t76 1s1 164 18s $130.65 $116.s8 $r12.Os $1s0.33 $144.78 37.59 10.97 7.54 11.08 2.48 $130.65 27.50 7.88 8.03 5.29 2.12 $ 1 16.58 27.96 6.10 3.98 10.95 1.32 $112.09 2t,37 5.96 5.87 3.97 2.45 $130.33 30.09 8.12 692 9.21 r.97 Total Revenue $2s8.71 $284.41 $214.45 $r8r.47 $166.90 $rsr.70 $186.64 $204.5s $25s.36 DEPARTMENTAL EXPENSES Rooms Food & Beverage $45.80 45 67 6.21 $62.90 49.78 5.71 $35.86 38 56 7.78 $34.83 31 18 4.27 $27.50 25.32 6.91 $27.73 22.73 2.83 $29.37 28.50 5.91 $33.77 38.62 9.95 $48.85 49.09 9.29Other& Rentals UNDISTRIBUTED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs $21.23 16.55 4.20 i0.73 10.75 $22.96 16.03 4.08 9.58 12.25 $17.90 14.67 2 'tr 8.14 9.62 $i5.27 t2.52 4.10 6.70 8.81 $14.32 10.58 4.68 7.88 8.09 $13.35 i0.58 4.52 6.96 6.88 $15.52 12.75 3.86 6.60 8.25 $17.97 14.65 3.82 7.69 9.47 $21.08 16.22 212 9.29 11.43 Total Departmental Expenses $97.68 $1r8.39 $82.20 $70.28 $s9.73 $s3.30 $63.79 $82.33 $107.23 Total Departmental Profit $161.03 $r66.01 $132.2s $111.19 $107.17 $98.41 $r22.85 $122.22 $158.13 TotalUndistributedOperatingExpenses $53.45 $64.90 $s3.57 $47.40 $4s.55 $42.28 $46.98 $53.60 $61.14 GROSS OPERATING PROFIT $97.s8 $l0l.ll $78.68 $63.79 $61.62 $s6.r3 $7s.88 $68.62 $s6.99 & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 5.814.015.278876.87 $90.71 $10.64 428 $73.s8 $4 28 $92.24 $16.27 4.65 $66.97 $4.65 6.73 $71.9s $6,12 4.31. $s8.64 $4,31 $s8.s2 $7.57 2.77 $46.3s $2.77 521 $s6.41 $3.98 3.19 $48.0r $3.19 $s2.12 $6.33 2.24 $41.38 $2 24 $70.07 $6.66 3,48 $s8.sr $3 48 5.50 $63.13 $s.80 3.45 $sl.4s (? /q 7.39 $89.60 $o,/6 4.72 $73.85 $472 NOTES: Per-Occupied-Room night (POR) based on total number of occupied rooms.4t Total U.S. hr-Occupied-Room N'rght Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other 0perated Departments Rentals & Other lncome Urban 763% 311 $194.90 $r94.90 43.36 13.20 1207 9.65 3.71 Suburban 72-6"/" 147 $11s.07 $115.07 18.87 4.81 4.48 4.59 1.25 Resort 73.Oo/" 328 $210.83 $2i0.83 72.09 23.74 13 25 30.73 6.93 Small Metro/ Town 65.4"/" 10s $117.s8 Luxury 75.3o/" 300 $298.59 Upper Upscale 74.5a/" 387 $t74.t2 $174.12 52.00 13.44 i2 61 \2.91 4.04 Class Upscale 75.6"h 156 $r32.25 Upper Midscale 70.7% 119 $111.7s $111.75 452 1.11 r.20 2.t3 0.75 Midscale/ Economy 77.4o/" tt7 $64.96 $64.96 074 0.22 013 1.02 019 Location Type Airport lnterstate 77.4% 58.5% 2to 101 $u9.8s $95.71 $119.85 23.6s 5.56 5.38 5.57 0.98 $95.71 779 2.36 112 3.60 0.50 $ l 17.58 20.50 5.83 3.48 1.62 2.97 $298.59 98.48 37.43 23.92 l2 0a 8.77 $132.25 10.73 2.83 1.60 3.69 0.81 Total Revenue $275.88 $149.06 $160.97 $1rr.09 $3s7.s7 $157.98 $501.0r $259.19 $lsl.gl $121.45 $57.25 DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals s52.72 qr 2( 6.63 $27.r9 19.71 3.23 $31.77 23.38 ? ?2 $s3.84 77.30 21.96 $29.37 23.09 7.10 $83.60 122.58 26.36 $45.69 54.62 8.59 $31.42 i1.78 2tn $28.87 EA? 2.t9 $13.34 0.93 0.48 $23.18 Li5 3.66 Total Departmental Expenses $111.70 $50.13 $s8.49 $35.99 $153.11 $59.s6 $232.53 $108.90 $4s.s0 $36.93 $14.74 Total Departmental Profit $l6s.l9 $98.93 $102.49 $7s.10 $204.47 $98.42 $268.48 $160.29 $106.41 $84.s3 $52.50 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs $22.52 i8.05 3.28 9.04 11.34 $12.90 9.93 4.39 6.30 7.20 $14,07 1.22 )E1 5.93 7.34 $10.47 5.93 5.4I 5.61 6.27 $27.5s 22.24 2.tr 13.28 15.99 $43.06 30.44 1.06 14.98 al a1 $21.17 18 66 3.35 9,70 11.62 $13.12 9.17 5.86 6.22 6.86 $1r.03 6.82 6.63 5.58 6.10 $5.61 456 1.00 4.01 4.09 $i4.81 9.59 5.23 7.65 8.55Operations & Maintenance GROSS OPERATING PROF]T Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement $100.96 $92.77 $1r.35 4.64 $73.21 $4.64 $s8.21 4.48 $s3.73 $s.10 2.69 $44.79 $2 6e $60.36 5.29 $5s.07 $5.20 3.32 $43.68 $3.32 $41.41 3.35 $38.06 $3.54 1.14 $32.87 $1.14 $123.29 971 $113.58 $8.22 700 $92.s7 $7.00 $52.s9 s.20 $47.39 $4.05 2.15 $40.02 $2.15 $1s7.74 13 86 $143.88 $16.09 10.45 $109.30 $10.45 $9s.79 $88.12 $8.60 4.67 $71.22 $4.67 $55.r8 5.72 $s9.46 $5.81 3.18 $49.00 $3.18 $48.36 4.28 $44.08 $4.39 1.41 $37.31 $1.41 $33.23 $32.26 $3.26 o.24 $28.54 $0 24 0977.678.19 Total Undistributed Operating Expenses $64.23 $40.72 $42.13 $33.69 $81.17 $45.82 $110.74 $64.s1 $41.23 $35.U $19.27 NOTES: Per-Occupied-Room night (POR) based on total number of occupied rooms. Economy and Midscale Classes combined for isolation purposes 42 Full-Service Ratio-to-Sales Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other Operated Departments Rentals & Other lncome New England 73,9/" 271 $20s.94 68.0% 17.4 5.2 4.5 )1 1.1 Middle Atlantic 78.?% 327 $242.28 71.3'/. l5.l 4.6 4.9 ?,8 1.3 South Atlantic 73.6"/o 298 $168.70 Mountain 68.2/" 257 $158.85 58.0% 21.1 6.4 5.4 7.0 2.2 Pacific 79.2"/" 335 $205.s0 Geographic Region East North Cenhal East South Cenbal West North Cenbal West South Cent"l 7O.9o/" 69.80lo 67.5oh 71.Oh 29L 221 263 313 $156.62 $14r.07 $130.73 $rs6.80 62.5% 20.5 6.0 4.1 5.7 t.2 66.6% 18.3 5-l 5.3 3.t 1.3 6t.4% 2t.8 4.8 3.0 8.2 0.8 66.7% 18.3 5.1 5.0 3.0 1.9 62.9% 20.1 5.4 4.6 5.7 1.2 66.4% t7.1 5.5 3.8 5.6 1.6 Total Revenue 100.0%100.0olo 100.0%100.0olo 100.0%100.0%100.0%100.0%100.0% DEPARTMENTAL EXPENSES Rooms Food & Bevenge Other 0perated Depts & Rentals 25.2% 73.0 53.0 30.4% 86.8 54.2 25.2v" 68.8 56.7 27.9% 71.5 56.5 23.9% 66.5 F)1 25.3% 67.8 39.8 22.8% 62.8 5r.7 26.47. 68.6 60.4 273% 78.7 53.1 Total Departmental Expenses 39.5%45.20/"40.7o/o 41.8o/o 39.2%38.1%36.9%43.4o/.42,7./" Total Departmental Profit 60.5%54.8"/,59.3%58.2"/"60.8%61.9'/.63.1%56.6%573% UNDISTRIBUTED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs 8.0% 5.8 0.7 3-2 4.3 8.3% 7.0 1.1 3.6 4.3 B.t% 6.5 1.3 3.9 4.0 8.3% 7.1 t.7 33 4.7 8.4% 6.4 2.r 4.5 4.6 8.8% 7.4 2.2 4.5 4.3 8.1% 7.2 1.5 3.3 4.2 8.8% 7q 1.4 3.6 4.6 8.0% 6.2 1.0 3.5 4.3 TotalUndistributedOperatingExpenses 23.9o/,22.0%24,4o/"25-204 26.0Y"27.20/"24.3o/"25,80/o 22.9o/o GROSS OPERATING PROFIT 33.0%34.8%34.7to 38.80/30.8%34.4%36.6%35.0% Property & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fked Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 2.6 33.9% 4.0% 0.7 28.4% t.7Y. 3.1 29.64 F EO/ 0.9 21.6% 1.7% 31.8% 23% 1.3 26.41o 2.llo 30.20/. 3.9% 0.8 24.4o/" 1s% 31.7% 2.1% 0.8 28.1./" 2.0% 2.5 32.2./, 3.9% 0.8 26.0o/" 1.5% 3.i 35.7% 3.3% 1.0 30.9% 2.0% 2.6 28.2Y. 0.8 23.6Yo 1.7% a1 31.6v. 1.4 26.27. 1B% 3.12.83.1 NOTES: Ratio{o-sales (RTS) based on Total Revenue, except Departmental Expenses.43 32.lYo Ful!-Service Ratio-to-Sales Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage 0ther Operated Departments Rentals & Other lncome Urban 76,Oo/" 388 $20r.45 67.97. 17.2 5.2 4.8 3.6 i.4 Suburban 7L2h 217 $r4s.80 675% 18.5 4.7 4.4 3.9 1.1 Resort 72.80/" 391 $219.68 57.4% 21.0 6.9 3.9 8.8 1.9 Small Metro/ Town 63.5% 145 $148.97 Luxury 75.2% 32s $299.96 Upper Upscale 74,4% 402 $u3.89 64.0% 19.7 5.1 4.8 4.9 1.5 Class Upscale 73.6% 181 $130.26 81.5% 10.8 2.8 1.6 2.8 0.5 Upper Midscale 67.1o/o 2L3 $roe.41 77.8% t2.7 a1 3.1 .E 0,9 Midscale/ Economy 61.6"/" 223 $79.29 74.21" t4.2 4.2 z-t 3.4 1.8 Location Type Airport lnterstate 77.7o/" 64.2"/" 299 132 $130.74 $114.68 68.8% 18.2 4.3 4.1 3.9 0,7 70.4% 15.8 4.8 2.1 6.2 0.7 59.3% 21.L 6.0 3.s 2.9 58.9% 20.1 7.6 4.9 6.8 1.7 Total Revenue 100.0%100.0%100.0%100.0olo 100.0%100.0%100.0%100.0%100.0%100.0olo 100.0olo 27.5% 76.2 s0.0 77.6 48.3 26.3% 69.9 50.3 7A.9 58.8 24.8% 69.7 52.5 a1 tol 67,6 49.0 24.57" 78.3 81.8 25.6%25.7% 76.6 63.8 28.O% 76.7 62.2 24.r%29.0% 80.8 54.4 32.8v. 83.5 41.8Other& Rentals UNDISTRIBUTED OPERATING EXPENSES Administrative & General Ma*eting Franchise Fees Utility Costs 9.3% RO 4.0 5.5 6.1 7.8% 6.9 1.2 3.6 4.3 8.1% 6.7 0.9 5.L 4.1 7.0 tq 3.8 4.5 8.7'/" 7.3 1.8 3.5 4.5 6.3 0.5 3.7 4.5 9.6'/. 6.8 2.0 4.8 5.6 9.5% 7.1 3.0 5.5 trtr 8.7% 6.7 3.3 4.1 4.5 8.6% 6.1 0.2 3.0 4.2 10.0% 7.8 0.6 6.8 6.4 Total Departmental Expenses 4t.9%38.5%39.1%40,71o 43.6o/o 45.1%46.8%40,8%33,1%39.6/"43,7% Total Departmental Profit 58.1%61.5%60,9olo 59.3%56.4/.54.9"/o 53,2o/o 59.2Y.66.9Yo 60,4/.56.3% TotalUndisttibuted0peratingExpenses 23.0Yo 26.50/"25.71o 30.lYo 22.61o 28.8o/o 22.lYo 23.9%27.31o 30.5%31.6% GROSS OPERATING PROF]T 35.2o/"28.6%33_80/"26.1o/.3l-2o/.35.30/"29.9o/.35.1%34.9"/o 39.6%24.7% & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 2.83.33.I2.9 32.2% 4.0% 0.9 26.0% 31.9% 3.0% 0.9 27.2/o 2.0% 31.8% 3.0% 1.1 25.7o/" 25.8./. 25% 1.1 21.8o/" 1.4% 2.7 31.1% 2.3% ]R 25,70/. 2.0% 3.2 223% 1.3 18.4% t.7% 2.8 28,4"h 2 1a/ 1.2 22.4% 2.8 32,5"4 1.1 27.0/. 1.7v. 3.6 36.0% 1 EO/ 1.1 30.4% 2.0% 3.2 26.7% 3.0"/. 1,1 2t.4% 0.8% 1.4 23.3% 1,6 16.9o/" 0.5% NOTES: Ratio-to-sales (RTS) based on Total Revenue, except Departmental Expenses. Economy and Midscale Classes combined tor isolation purposes.44 DEPARTMENTAL EXPENSES Rooms Food & Beverage Full-Service Per-Ava ilable-Room Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other Operated Departments Rentals & Other Income New England 73.9o/o 27L $205.94 $55,s87 14,255 4,234 3,732 3.031 872 Middle Atlantic 78.2% 327 $242.28 $69,184 14,632 4,415 4,7lt 2,742 1,295 South Atlantic 73.6Y" 298 $168.70 Mountain 68,.20/" 257 $1s8.86 Pacific 79.2o/" 335 $205.s0 $59,361 15,315 4,948 3,386 5.005 1,443 Geographic Region East NorthCental EastSodhCenbal West North Cenhal WestSorthCenbal 70.9"/" 69.8% 57.5Y" 71.O"h 29L 221 263 313 $1s6.62 $l4l.O7 $130.73 $1s6.80 $45,206 14,803 4,318 2,956 4,141 881 $40,s31 i1.128 3,190 3,243 1,935 814 $35,916 12,76t 2,780 1.778 4.777 494 $32,124 8,819 2,455 2,407 1,454 911 $40,547 12987 3,498 2,987 3.679 804 $39,3s2 14,311 4,335 3,646 4.751 1,490 Total Revenue $81,711 $96,e78 $72,305 $60,841 $58,s06 $48,171 $64,502 $62885 $89,458 DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals $14,015 16,222 2,068 $2I,032 20,622 2,190 $11,388 1s.179 2,849 $11,297 12.553 1,553 $8,598 11,519 2,809 $8,142 9,282 941 $9,256 12,226 2,316 $10,39i 15,281 3,769 $16,184 18,616 3,422 Total Departmental Expenses $32,30s $43,843 $29,4t7 $25,403 $22p26 $18,365 $23,798 $2s,441 $38,223 Total Departmental Profit $49,406 $s3,135 $42,888 $3s,438 $3s,s80 $29,80s $40,704 $38,444 $sl,23s UNDISTRIBUTED OPERATING EXPENSES Administrative & General Maileting Franchise Fees Utility Costs Property Operations & Maintenance $6,650 5,280 1,097 3,218 3,294 $2731 5,654 704 3,140 4,156 e( ooR 5,042 811 2,617 3J42 s5.063 4,322 1,058 2,053 2,860 $4.905 3,739 1,243 2,646 2,690 $4.219 3,573 1,056 2,179 2,064 $s,207 4,617 965 2,153 2,709 $5,99s 5,063 921 2,428 3,095 $7,125 5,572 86i 3,091 3,853 TotalUndistributedOperatingExpenses $19,538 $21,383 $12607 $r5,3s5 $ls,222 $13,091 $15,651 $17,503 $20,s02 GROSS OPERATING PROFIT $29,867 $31,752 $2s,28r $20,083 $20,3s8 $16,7rs $2s,0s3 $20,941 $30,732 Management Fees INCOME BEFORE FIXED CHARGES Selected Fked Charyes Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 2,153 $27,714 $3,251 551 $23,272 $1,420 3,044 $28,708 $5,352 849 $20,9U $1,633 $1,990 957 $r9,0s9 $1,542 t,729 $18,353 $2,3s5 459 $14,8s9 $929 1,815 $18,542 $1,234 497 $16,446 $1,177 r,223 $1s,492 $L881 387 $12,529 $735 2,022 $23,031 $2,107 656 $r9,9s8 $1,264 1,782 $19,rs9 $1,830 511 $16,044 $i,186 2,447 $28,286 $2,180 1,216 $23,409 $1,651 NOTES: Per-Available-Room (PAR) based on total number of hotel rooms.45 2,26s $23,016 Full-Service Per-Available-Room Urban 76.O/" 388 $201.4s $5s,846 t4,r25 4,297 3,933 2,949 1,123 Suburban 7t,2% 217 $145.80 $32890 10,362 2,640 2,441 2,179 590 Airport 77.70h 299 $r30.74 lnterstate 64.2o/" 132 $u4.68 $26,670 5,968 1,812 812 2 1?n 273 Resort 72.8"/" 391 $219.58 $58.249 2r,344 7,028 3,924 8,974 1,978 Small Metro/ Town 63.5o/" 145 $148.e7 Luxury 75.2% 32s $299.95 Upper Upscale 74.4% 402 $173.89 $47,184 14,547 3,760 3,524 3.582 1,090 Class Upscale 73.6"/" 181 $1s0.26 $34,921 4,621 1.220 680 1,194 233 Upper Midscale 67.L% 213 $109.41 $26,748 4,351 1,066 1,071 852 303 Midscale/ Economy 6l-6"/" 223 $79.29 $17,836 3,409 1,005 5JU 821 439 Location Type Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other Operated Departments Rentals & Other lncome $36,990 9,778 2,297 2,222 2,114 356 $34,209 12,164 1 dql 2,028 4,129 1,691 $82,053 27,941 10.616 6,776 9,525 2,4t9 Total Revenue $82,272 $56,102 $53,757 $37,856 $101,495 $57,574 $139,329 $73,687 $42,868 $34,391 $24,040 DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals $15.382 12035 2,034 $9,401 10,764 1,454 $10,162 9,668 1,21i $6,538 6,724 2,130 $14,937 22.884 6.436 $8.783 13,519 3,711 $22,972 34,762 7,427 $t2,417 15,269 2.35i $8,431 5,057 689 97,752 5,243 628 $5.846 4,1.29 527 Total Departmental Expenses $34,4s1 $21,520 $21,04r $15,393 $44,2s7 $26,013 $6s,161 $30,037 $14,178 $13,623 $10,s02 Total Departmental Profit $47,821 $34,482 $32,716 $22,474 $s7,239 $31,661 $74,168 $43,6s0 $28,691 $20,768 $13,s38 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs $6,686 5,480 731 2,667 3,372 $4,860 3,939 1.379 2,160 ?,547 $4,678 3,899 o(, 1,878 2,407 $3,512 2,246 1,499 2,067 2,314 $7,789 6,349 523 3,751 4.5?7 $5,519 3,939 1,132 2,788 3,234 $11,930 8,476 299 4,17? 5,890 $5,783 5,112 884 2,653 3,179 $3.722 2,877 1,400 1,776 1,948 $3,254 2,436 !,uzt 1.881 1,898 $2,404 1,867 151 1,629 1,541 Tohl Undiruibut d Oplhting Expeni.! $18,9, $14,884 $13,815 $U,5il8 122,939 t16,612 130,75, 117,6U Sin2 $r0,,{9r ,591 GROSS OPERATING PROFIT $28,884 $19,598 $18,901 $10,836 $34,299 $15,050 $43,401 $25,038 $16,969 $10,277 $5,947 & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes !nsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 2,408 $26,476 $3.2s1 780 $21,408 $1.382 1,715 $r2883 $1.671 514 $15,237 $1,127 1,784 $u,lu $ 1.621 591 $13,842 $1,195 1,058 $9,778 $956 407 $8,242 $529 2,717 $31,582 $2,315 i,513 $26,109 $2,021 1,856 $13,193 $1.195 750 $10,626 $987 3,861 $39,s40 $4.426 1,643 $31,22s $2,e58 2,099 $23,939 $2,343 784 $r9,903 $i,288 1,553 $ls,4l6 $1,502 463 $13,025 $86s 1.104 $9,174 $1.022 385 $7,367 $265 345 $5,502 NOTES: Per-Available-Room (PAR) based on total number of hotel rooms. Economy and Midscale Classes combined for isolation purposes.46 $498 385 $4.074 $111 Full-Service Per-Occupied-Room Night Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage 0ther Food & Beverage 0ther Operated Departments Rentals & Other lncome New England 73.9o/" 27L $205.94 $205,94 52.81 i5.68 13.82 11.23 2na Middle Atlantic 78.2o/" 327 $242.28 $242.28 51.24 15.46 16.50 9.60 4.54 South Atlantic 73.6/" 298 $168.70 Mountain 68.?o/a 257 $158.86 Pacific 79.2V" 336 $20s.s0 Geographic Region East North Cenbal East South Central West North Cental West South Cenbal 70,9o/o 69.80/o 67.5Y" 7l.Ooh 291 221 263 313 $rs6.62 $141.07 $130.73 $1s5.80 $168.70 55.24 16.12 11.03 15.45 3.29 $156.62 43.00 12.33 12.53 7.48 3.14 $141.07 50.12 10.92 6.98 18.76 1.94 $130.73 35.89 9.99 9.80 5.92 3.71 $156.80 50.23 13.53 i1.55 14.23 3.11 $158.86 57.77 17.50 14.72 19.18 6.01 $205.50 53.02 i7.13 tt.72 17.33 4.99 Total Revenue $302.72 $339.62 $269.82 $235.10 s229.79 $196.03 $249.44 $274.04 $309.69 DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals $s1.92 60.10 7.66 $73.65 72.22 7.67 $42.50 56.64 i0.63 $43.65 48.50 6.00 $33.77 45.24 11.03 $33.13 31.78 3.83 $35.80 47.28 8.96 $41.95 61.69 15.21 $56.03 64.45 11.85 Total Departmental Expenses $119.68 $153.54 $109.77 $98.r5 $90.0s $74.74 $92.03 $1r8.8s $132.32 Total Departmental Profit $r&.04 $186.08 $160.05 $r35.94 $139.74 $121.30 $1s7.4r $1ss.19 $r77.37 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Marketing Franchise Fees utility Costs $24.64 19.56 4.06 1i.92 12.20 $27.07 19.80 2.46 10.99 14.55 $i9.56 16.70 4.09 7.93 11.05 $19.26 14.68 4.88 10.39 10.56 $17.17 14.54 4.30 8.87 8.40 $20.14 17.86 3.73 8.32 10.48 $24.20 20.44 J./t 9.80 12.49 $24.67 19.29 2.98 10.70 13.34 TotalUndistributedOpetatingExpenses $72.39 $74.88 $65.70 $59.33 $s9.79 $s3.27 $60.s3 $70.65 $70.98 GROSS OPERATING PROFIT $110.65 $1ll.19 $94.34 $77.60 $79.96 $68.02 $e6.89 $84.s4 $106.39 & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fhed Charges Taxes lnsunnce AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES* Reserve fu Replacement $102.68 $12.04 2.04 $86.00 $s.25 10.65 $100.s3 $18.74 2.97 $73.25 (q 7, 8.45 $8s.89 $1.42 3.57 $71.12 $5.75 $70.92 $9.10 1.77 $57.42 $3.5e t.t3 $72.82 $4.8s 1.95 $54.se $4.62 $63.05 $7.66 1.57 $s0.99 $2.99 7.82 $89.07 $8.1s 2.54 $77.18 $4.89 710 $77.34 $7.39 2.06 $64.77 $4.79 8.47 $97.92 $7.s5 4.21 $8r.04 $572 4.986.687.98 NOTES: Per-Occupied-Room night (POR) based on total number of occupied rooms.47 $22.37 18.8i 3.03 9.76 11.73 Full-Service Per-Occupied-Room Night Urban 76,OY" 388 $201.45 Suburban 71.20h 2t7 $14s.80 $145.80 39.87 10.16 9.39 8.38 2.27 Airport 77.70h 299 $130.74 $130.74 34.56 8.12 7.85 1.47 1.26 Interstate 64.2o/o 132 $114.58 $114.68 25.66 7.79 349 10.02 1.17 Resort 72.80/" 391 $2le.58 Small Metro/ Town 63.5% 145 $148.97 Luxury 75.2% 32s $299.96 $299.96 102.t4 38.81 24.77 34.82 8.84 Upper Upscale 74.4o/o 402 $173.8s $173.89 53.61 13.86 t2.99 13.20 4.02 Class Upscale 73.6"/" 181 $130.25 Upper Midscale 67.1o/o 2L3 $109.41 Midscale/ Economy 61.6y" 223 $79.29 $79.29 15.16 4.47 2.36 3.65 1.95 Location Type Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other Operated Departments Rentals & Other lncome $219.68 80.49 26.50 14.80 33.84 7.46 $148.97 52.97 15.04 8.83 17.98 7.36 $130.26 17.24 4.55 2.54 4.45 0.87 $109.41 17.80 4.50 4.38 3.49 1.24 Total Revenue $296.77 $2rs.87 $190.0r $152.83 $382.78 $251.14 $s09.3s $27t.s7 $ls9.9r $140.67 $105.87 DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals $s5.49 61.45 1.34 $36.18 41.42 5.60 $3s.92 34.t7 4.28 $28. I 1 28.91 9.16 $s6.3s 86.31 24.27 $38.24 58.87 16.16 $83.98 t27.08 27.t5 $45.76 56.27 8.67 $31.4s 18.87 2.57 $31.71 21.44 2.57 $25.99 18.35 2.34 Total Departmental Expenses $124.27 $83.19 $74.37 $66.19 $166.91 $113.27 $238.21 $U0.70 $s2.88 $5s.72 $46.69 Total Departmental Profit $172.50 $132.68 $lls.64 $95.64 $21s.87 $137.87 $271.14 $160.87 $107.02 $84.9s $60.19 UNDISTRIBI'TED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs Property Operations & Maintenance $24.12 19.77 t.o4 9.62 12.t6 $18.70 15.16 5.31 8.31 9.80 $16.53 13.78 3.37 6.64 8.51 $15.10 9.66 6.44 8.89 9.95 $29.38 23.95 1.97 14.14 17.07 $24.03 17.i5 4.93 t2.14 14.08 $43.61 30.99 1.09 t5.25 21.53 $21.31 18.84 3.26 9.78 u,.72 $13.88 10.73 5.22 6.53 7.27 $13.31 9.96 4.18 7.69 7.76 $10.69 8.30 0.67 7.24 6.85 Total Undktlt{Ld Opcnllng Expeni6s i68.31 ,57.21 l4&8:l l5O.O4 985.51 17234 3ll2.4a t6,r.91 i13,73 t42.91 $33.75 GROSS OPERATING PROFIT $104.19 $7s.41 $66.81 $46.s9 $129.36 $65.s3 $1s8.66 $ss.e6 $63.30 $42.04 $26.44 Management Fees INCOME BEFORE FIXED CHARGES Selected Fhed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES* Reserve for Replacement 8.69 $9s.s0 $11.73 2.81 $77.22 $4.98 6.60 $68.81 $6.43 1.98 $58.63 $4.34 $60.s0 $s.73 2.09 $48.93 $4.?2 4.55 $42.0s $4.11 1.75 $35.44 $2.28 10.25 $119.11 $8.73 5.71 $98.47 $7.62 8.08 $57.45 $5.20 3.27 $46.27 $4.30 14.11 $144.55 $16.18 6.01 $u4.ls $r0.81 7.74 $88.23 $8.63 2.89 $73.3s $4.75 5.79 $s7.s0 $5.60 1.73 $48.59 $3.23 $4.18 1.57 $30.13 $1.08 $2.21 1.7L $18.11 $0.49 1.534.516.31 $37.s3 $24.90 NOTES: Per-Occupied-Room night (POR) based on total number of occupied rooms. Economy and Midscale Classes combined for isolation purposes.48 $201.4s 50.95 15.50 14.19 10.64 4.05 Lim ited-Service Ratio-to-Sa les Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Bwenge Other Operated Departments Rentals & Other lncome New England 70.9"/" 119 $118.29 97.2% 0.4 0.1 0.i 1.9 0.2 Middle Atlantic 77.1o/" t37 $r51.31 96.9% South Atlantic 74.4o/o 118 $94.33 Mountain 73.Lo/" 116 $87.12 97.6% 0.3 0.1 0.1 1.5 0.4 Pacific 79.3/" t25 $121.43 96.6v. 0.4 0.1 0.1 2.1 0.7 0.7 0.3 0.2 1.1 0.8 96.6% 0.4 0.1 0.2 1.9 0.8 97.6% 0.2 0.0 0.1 1.6 0,4 97.5% 0.2 0.1 0.2 1.3 0.6 97.6% 0.2 0.I 0.1 1.3 0.7 97.4% 0.3 0.1 0.1 1.9 0.3 Total Revenue 100.0%100.006 100.0%100.006 100.0%100.0%100.0olo 100.0%100.0% DEPARTMENTAL EXPENSES Rooms Food & Beverage 22.9'/. 74.t 102.2 65.6 66.4 22.6y" 91.9 65.4 24.8'/. 96.5 47.0 23.2% 205.2 69.3 23.4% 204.1 79.t 21.8% 163.6 68.2 23.2% 76.6 70.6 2L.6'/. 91.6 35.3Other& Rentals UNDISTRIBUTED OPERATING EXPENSES Administrative & General Maileting Franchise Fees Utility Costs Property 0perations & Maintenance 8.7% 5.9 5.6 5.8 5.1 8,7% 6.1 3.8 4.8 5.3 8.9% 5.5 5.6 4.8 5.4 8.5% 5.6 4.5 4.7 5.0 5.2 2.8 3.9 4.3 9.3% 5.5 4.3 4.3 5.3 8.8% 5.9 4.7 5.2 5.6 8.5o/o 4.8 4.5 3.9 4.4 Total Departmental Expenses 24.O%26.0%24.60/o 24-3o/o 24.7%25.30/o 23.4o/o 24-40/"22.40/" Total Departmental Profit 76.0%74.0'/.75.4Yo 75.7o/.75.3y.74.70/"76.6%75.6%77.61o Total Undistributed Operating Expenses 29.3%26.20h 28.6%30.3%31.5%30.2Yo 28.80/"28.3o/"24.O"/" GROSS OPERATING PROFIT 46.8"/o 47.8"46.7"/o 45.4%43.8'/.44.6%47.8Y"47.3./,53.5% Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 2.8 43.9Yo 5.1% 1.0 37.0% L.0% 3.0 44.80/o 6.6% 0.8 36.3% 1.4% 3.4% 1.6 37.67" t.3Y" 3.2 42.20/o 5.6'/" 1.1 35.00/ 1.5% 40.7% J-J 70 t-t 35.1% 1.6% 3.0 41.67. 5.0% 1.1 34.1"/o i.3% 30 44.8/o 4.8% 1.4 37.8% 1.5% 3.0 44,3o/. 1.1 38.2% 1.4% 3.2 50.4Y" a to/ 1.4 44.4"/. 1.3% 3.23.2 43.6% NOTES: Ratio-to-sales (RTS) based on Total Revenue, except Departmental Expenses.49 Geographic Region East North Central East South Central West North Central West South Cenhal 7O.7"/" 72.1/. 73.5Uo 72.2oh 104 LO7 toz 114 $84.88 $8s.91 $84.88 $91.07 9.?% 6.2 5.0 5.4 5.7 Limited-Service Ratio-to-Sales Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Othet Food & Beverage 0ther Operated Departments Rentals & Othet lncome Urban 78.0o/. 147 $r58.49 95.3% 0.7 o) 0.2 2.5 1.1 Suburban 73.8o/" ll3 $87.82 97.8v. 0.3 0.I 0.1 1.4 0.4 Luxury 78..6% 96 $262.rr Upper Upscale 77.5% 176 $r81.2s 93.4% Class Upscalc 78.9o/o 128 $135.22 Upper Midscale 72.OYo 103 $112.5r Midscale/ Economy 51.6Y" 223 $64.24 Location Type Airport lnterstate 76.704 70,5% 129 91 $95.70 $87.s4 Small Metro/ Town 68.3% 89 $97.95 98.2%97.4% 0.5 0.1 0.1 t( 0.4 98.6% 0.1 0.0 0.i 0.9 0.2 Resort 74.5% 137 $13s.s7 94.8% 0.4 0.1 0.1 3.0 r.7 93.61" 0.4 0.3 0.5 2.7 2.5 96.6%97.7y. 0.7 0.2 0.1 1.8 0.5 0.6 0.2 0.4 3.0 2.4 0.2 0.1 0.1 1.1 0.2 0.1 0.0 0.1 1.5 0.5 98.4% 0.0 0.0 0.0 1.4 0.2 Total Revenue 100.0%100.0olo 100.0%100.0olo 100.0olo 100.0%100.0%100.0%100.0%100.0%100,0% DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Opemted Depts & Rentals 23.6% 96.7 44.6 2r.9% 105.3 72.6 23.8Y. 67,0 68.6 24.1% 297.1 122.9 24.0% 104.4 58.3 23.2Y. 81.3 57.6 24.8y" 209.0 90.4 19.8% 131.8 38.5 28,O% 91.5 36.5 24.1% 81.1 34.3 24.3% L73.7 104.9 Total Departmental Expenses 25.L%23,204 24.9o/"25.9%24.9Y.26.1o/.29.3%26,8/"24.6Yo 26.7%20.2% Total Departmental Profit 74s%76.8'/.75.L%74.t%75.t%73.9"/o 70.7%73.2y.75.4"/.73.3%79.8% UNDISTRIBUTED OPERATING EXPENSES Administralive & General Ma*eting Franchise Fees Utility Costs 8.2%8.6% 5.9 4.0 5.0 5.5 5.1 4.1 3.5 4.1 8.6% 4.9 4.9 4.0 4.5 9.5% 4.9 5.6 4.7 5.3 8.4% 5.4 af 4.1 4.7 10.1% 5.7 0.0 2.8 4.5 8.7% 6.7 3.7 4.4 8.9% 5.0 6.5 4.2 4.8 8.2% 6.7 1.6 5.9 6.1 Total Undistributed 0perating Expenses 25.0%29-01o 28,LT"30.0%25.0T"29.3Y.23.2/o 26-7"/o 26.81o 29.5"/o 28.4% GROSS OPERATING PROFIT 49,9./.47.8%47.O%44.1y.50.1%44.6%47.6o/.46.5v.48.6%43.8./.5t.4% & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES* Reserue for Replacement 4.02.53.43.63.22.93.3 44.9"/o46,7./" 5.6v" 1.0 38.5% 1.6% 4.4% 1.3 38.606 1.4% 3.2 43.8% 4.t% 1.1 37.5% 7.4Yo 3.7'/" 1,3 35.5% 0.7"/" 1.9 39.0% 1.2'/" ) )o/ t.2 36.506 0.8% 4.9% r.7 373% 0.3?; 2.8 43.7Yo 33% 1.1 32.4% 44.60/. 4.4% 1.0 38.3% 2.2% 3.7 40.1o/" 3.9"/. 1.1 34.5% 1.3% 1.4 50.0% 1.8 43.0% 0.4% 40s%46.5%4t.2%45.0% NOTES: Ratio-to-sales (RTS) based on Total Revenue, except Departmental Expenses. Economy and Midscale Classes combined for isolation purposes.50 9.1./" 4.9 5.4 4.8 E1 8s% 5.8 4.0 4.4 4.9 Lim ited-Service Per-Available-Room Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Beverage Other Operated Departments Rentals & Oher lncome New England 70.9o/o 119 $118.2e $30,610 Middle Atlantic 77.t% t37 $r61.31 South Atlantic 74.4o/o lt8 $s4.33 Mountain 73.1/" l16 $87.12 $23,201 Pacific 79.3Yo t25 $121.43 $35,005 Geographic Region East North Central East South Cenhal West North Central West Sotih Central 7O.7oA 72.1h 73.5/" 72.2o/" 104 107 toz 114 $84.88 $85.e1 $84.88 $91.07 $21,873$25,526$45,212 $22,558 55 18 57 306 145 $22,643 $23,998 136 52 759 251 17 aa 355 103 65 27 12 469 75 50 18 34 299 162 48 l0 24 368 84 96 27 48 506 2r2 343 t22 t4 E22 388 141 38 29 600 64 Total Revenue $31,48r $46,672 $25,414 $22,408 $23.140 $23,206 $24,546 $23.783 $36,235 DEPARTMENTAL EXPENSES Rooms Food & Beverage $6.917 191 434 $11,197 520 433 $5.91 2 $4,967 170 313 $5,379$5,295$5,156 $5,230 171 371 ,567 202 356 $7 95 323 208 364 97 461 112 476Other& Rentals UNDISTRIBUIED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utili$ Costs Property Operations & Maintenance $2,746 1,857 1,196 1,814 1,606 $3,974 2,239 2,109 1,841 2,055 $2,289 1,603 1,004 r,273 1,398 $1.983 1,328 1,062 1,165 1,253 $2,132 t,428 1,166 1,246 1,309 $2,071 1,278 1,292 1,113 1,244 $2,289 1,363 1,070 1,067 1,301 $2.032 1,342 1,061 i,119 1,186 $2,8t7 1,885 1,032 1,395 1,557 Total Departmental Expenses $7,s42 $l2,r50 $6,s00 $5,451 $s,714 $s,857 $s,772 $s,798 $8,126 Total Departmental Profit $23,940 $34,s22 $r9,914 $r6,957 $12426 $r2338 $18,874 $lz98s $28,il0 TotalUndistributedOperatingExpenses $9,220 $12,219 $7,s67 $5,791 $7,280 $6,998 $zo8e $6,73s $8,686 GROSS OPERATING PROFIT $14,720 $22,304 $12,347 $10,15s $10,r47 $10,340 $1r,785 $11,245 $19,423 Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes !nsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement $r3,833 $1,619 308 $u,539 $31s 1,4t7 $20,887 $3.081 369 $r6,948 $662 839 $11,s08 $909 410 $9,920 $346 $9,4s1 $1.254 252 $283s $344 $9,412 $7s9 t6t $8,113 $s66 $9,645 $1,170 249 $2902 $303 $11,041 $1,172 341 $9,327 $s69 $10,533 $843 254 $9,09s $32e 1,151 $18,273 $1,257 501 $15,08s $462 714744694735714887 NOTES: Per-Available-Room (PAR) based on total number of hotel rooms. 51 Limited-Service Per-Available-Room Occupancy (of Sample) Average Size of Property (Rooms) Average Daily Rate REVENUE Rooms Food Bevenge Othel Food & Beverage 0ther 0perated Departments Rentals & Other lncome Urban 78.0o/o 147 $1s8.49 $44,948 Suburban 73.8% 113 $87.82 $23,626 66 18 3Z 241 91 Luxury 78.6/o 95 $252.u 351 273 363 2,142 1,950 Upper Upscale 77.5"4 t76 $18r.25 298 106 229 t,620 1,298 Class Upscale 78.9h t28 $135.22 Upper Midscale 72.Oo/o 103 $112.s1 Midscalei Economy 61.5% 223 $64.24 $16,854 E 3 4 122 27 Location Type Airport lnterstate 76.70/" 7O.5% 129 9l $e5.7O $87.s4 $27,035 127 a1 35 423 108 Small Metro/ Town 68.3% 89 $97.96 Resort 74.5o/" $135.57 137 $22,501 $36,485 $24,200 $74,281 $s0,635 $38,8s1 $29,439 44 12 41 44t 156 292 78 60 730 212 50 18 36 265 55 149 49 30 1,t44 646 23 6 )\ 2t6 55 309 106 85 1,180 515 Total Revenue $47,142 $24,151 $27,7ss $22,826 $38,s03 $24,64r $79,350 $54,186 $40,223 $30,133 $17,137 DEPARTMENTAL EXPENSES Rooms Food & Beverage $20,827$5,412 162 333 $6,421 130 364 72 t22 304 $s,1$10.590 483 7s6 $8.793 $9,017 349 542 903 $s,886 179 354 17 100 184 615 $12,143 661 1,700 $2310 203 539 $3,338 0ther Depts & Rentals UNDISTRIBUIED OPERATING EXPENSES Administrative & General Ma*eting Franchise Fees Utility Costs Property 0perations & Maintenance $3,866 2,407 1,950 1,6M 1,911 $2,085 1,426 963 1,213 1,318 $2,474 1,611 1,120 1,234 1,358 $2.180 I,110 t,275 1,079 1,205 $3,242 2,090 880 1,589 1,810 $2,23s 1,202 1,338 1,195 1,258 1,493 $8.022 4,563 15 2,199 3.579 $4,700 3,618 1,750 2,009 2,405 $3,440 1,967 1,958 1,511 1,799 $2,691 1,514 1,946 1,281 1,454 $1,406 1,149 267 1,010 1,038 Total Departmental Expenses $11,829 $5,598 $6,915 $5,907 $9,592 $5,420 $23,223 $14,504 $9,909 $8,053 $3,455 Total Departmental Profit $35,313 $18,s63 $20,844 $16,920 $28,911 $18,221 $s6,137 $39,682 $30,314 $22,080 $13,582 Tobl Undktlbubd opcr.tlng Hprni.! arl;rV lzllo5 ll;rg $6,!19 19,6U 1z2d lll,!77 ,r4rE2 lloJ75 lqa65 $4,87r GROSS OPERATING PROFIT $23,s36 $U,ss8 $13,047 $10,070 $19,300 $10,994 $32760 $2s,200 $rs,s38 $r3,rss $8,8u Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 1,535 $22,000 $2,62t 463 $18,168 $770 $1,054 315 $9,327 $333 $i,136 347 $10,405 $390 $845 288 $8,104 $168 1,385 $17,s15 $1.044 737 $r5,007 $477 $r0,15s $824 298 $8,984 $2oo 2,009 $3s,7s1 $3.850 1,364 $2e,s88 $ztt 1,515 $23,684 $2,138 587 $r7,s37 $646 t,612 $17,926 $1,755 391 $1s,406 $898 1,101 $12,094 $1,167 322 $10,409 $395 $8,563 $870 308 $2364 $60 248840728880700 $10,858 $12,167 $9,342 NorEs, Per-Avail.bl. Room {PAR) brs.d on lol.lhumber ot hotel rcoms. EconoDyand Mjdsrle Class6 combin€d for lsolalion puD6es, 52 Occupancy (of Sample) Average Size ol Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Other Food & Bwerage Other Opented Departments Rentals & 0ther lncome New England 7O.9o/o 119 $rr8.29 $118.29 0.55 0.15 0.11 2.32 0.25 Middle Atlantic 77.1% 137 $16131 $161.31 t.22 0.44 0.26 1.90 1.39 South Atlantic 74.40/" ll8 $e4.33 Mountain 73.1c4 115 $87.12 $87.12 0.28 0.06 0.12 1.33 0.39 Pacific 79.3% t25 $121.43 $121.43 0.47 0.11 0.18 2.63 0.87 Geographic Region East North Central East South Central West North Cenhal West Sotdh Central 70.70h 72.t% 73.5% 72.2h 104 107 102 114 $84.88 $8s.91 $84.88 $91.07 $94.33 0.35 0.10 0.18 1.87 0.78 $84.88 0.19 0.04 0.09 i.43 0.33 $8s.9i 0.21 0.07 0.22 t.t7 0.55 $84.88 0.19 0.07 0.13 t.t2 0.61 $91.07 0.25 0.10 0.05 1.78 0.28 Total Revenue $121.56 $166.52 $97.62 $86.s6 $88.12 $86.99 $93.s3 $89.31 $125.69 DEPARTMENTAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals $26.73 $39.95 $21.85 $19.28 0.66 r.22 $19.63 0.37 t.t6 $19.85 0.65 1.41 $20.20 0.36 t.2t $26.25 0.70 1.24 $19.85 0.78 1.37 0.74 1.68 1.86 1.54 0.41 t.76 Total Departmental Expenses $29.r4 $43.3s $24.02 $2r.rs $21.76 $22.00 $21.9r $21.77 $28.1e Total Departmental Profit $92.51 $r23.17 $73.s9 $6s.81 $55.36 $6s.00 $71.63 $67.s4 $97.51 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Marketing Franchise Fees Utility Costs $14.i8 7.99 7.53 6.57 7?? $8.46 5.93 3.7i 4]0 5.17 $7.69 5.15 4.12 4.52 4.86 $8.12 5.44 4.44 4.74 4.99 $7.76 4.79 4.84 4.17 4.66 $8.69 5.17 4.06 4.05 4.94 $7.63 5.04 3.98 4.20 4.45 $9.77 6.54 3.58 4.84 5.40 TotalUndistributedOperatingExpenses $35.63 $43.59 $27.97 $26.36 $27.72 $25.23 $26.9r $25.3r $30.13 GROSS OPERATING PROFIT $s6.88 $79.s7 $45.53 $39.45 $38.64 $38.76 $44.72 $42.23 $67.38 & Maintenance Management Fees INCOME BEFORE FIXED CHARGES Selected Fked Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES* Reserve for Replacement 3.43 $s3.46 $6.26 119 $44.98 $1.22 5.06 $74.s2 $10.99 1.32 $50.47 $2.36 3.10 $42.53 $3.36 1.52 $35.55 $1.28 2.77 $36.68 $4.87 0.98 $30.41 $1.33 2.80 $35.84 $2.89 1.07 $30.90 $1.39 2.60 $36.16 $4.38 0.93 $29.62 $1.14 2.82 $41.90 $4.45 1.29 $35.40 $1.40 2.68 $39.s5 $3.17 0.95 $34.15 $1.23 3.99 $63.38 $4.36 1.74 $s5.80 $1.60 NOTES: Per-Occupied-Room night (POR) based on total number of occupied rooms.(? Limited-Service Per-Occupied-Room Night $10.61 718 4.62 7.01 6.2t Limited-Service Per-Occupied-Room Night Urban 78.O% 147 $158.49 Suburban 73.8o/" u3 $87.82 $87.82 0.24 0.07 0.12 t.22 0.34 Airport 76.7o/" t29 $96.70 $96.70 0.46 0.11 0.12 1.51 0.38 I nterstate 7O.5Y" 91 $87.s4 $87.54 0.09 0.02 0.10 0.84 0.21 Resort 74.5/" 137 $13s.s7 $135.57 0.55 0.18 0.11 4.25 2.40 Small Metro/ Town 68.3% 89 $97.96 Luxury 78..5o/" 95 $262.U Upper Upscale 77.5% t76 $r81.2s 1.07 0.38 0.82 5.80 4.55 Class Upscale 78,904 128 $13s.22 Upper Midscale 72.Oo/o 103 $112.s1 12.5t 0.17 0.05 0.16 1.69 0.59 Midscale/ Economy 61.60/o 223 $64.24 $64.24 0.02 0.01 0.01 0.89 0.10 Location Type Occupancy (of Sample) Average Size ol Property (Rooms) Average Daily Rate REVENUE Rooms Food Beverage Oher Food & Beverage Other Operated Departments Rentals & Other lncome $1s8.49 $97.96 0.20 0.07 0.14 1.15 0.22 $262.i1 1.24 0.96 1.28 7.56 6.88 $181.25 $13s.22 $1 1.01 0.27 0.21 2.54 0.74 1.09 0.37 0.30 4.16 1.82 Total Revenue $165.22 $89.80 $99.29 $88.81 $143.07 $99.74 $280.03 $193.96 $139.99 $1ls.l6 $6s.2s DEPARTMENIAL EXPENSES Rooms Food & Beverage Other Operated Depts & Rentals 6.09 $27.94 0.78 2.06 2.37 $73.49 3.19 5.27 0.69 $21.06 0.6s t.29 $19.22 0.45 1.13 $37.34 1.70 2.67 $22.97 0.46 1.30 $32.67 2.28 $23.83 0.72 1.43 $43.46 $31.38 1.21 1.89 $r2.72 0.06 0.38 Total Departmental Expenses $41.71 $20.81 $24,74 $22.98 $3s.64 i25.99 $81.95 $s1.92 $34.49 $30.78 $13.16 Total Departmental Profit $124.s1 $69.00 $74.s6 $6s.83 $107.43 $73.76 $198.0e $142.04 $l0s.s0 $84.3s $s2.12 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Ma*eting Franchise Fees Utility Costs $r3.63 8.49 6.87 5.80 6.74 $7.7s 5.30 3.58 4.51 4.90 $8.85 5.76 4.01 4.42 4.86 $8.48 4.32 4.96 4.20 4.69 $i2.0s 7.77 3.27 5.91 6.72 $9.05 4.86 5.42 4.84 5.09 $28.31 16.10 0.05 7.76 t2.63 $16.82 12.95 6.27 7)9 8.61 $11.97 6.85 6.82 5.61 6.26 $10.28 5.79 7.44 4.89 5.56 $5.36 4.38 1.02 3.85 3.96& Maintenance Td.l utit$idiui.d oD6rtllr Ep.n5€6 $r.5t 12604 lna, E5J5 $5Jr i9.25 164.85 $l.84 t37.50 133.96 'r&s5GROSS OPERATING PROF]T $82.99 $42.95 $46.67 $39.18 $7t.72 $44.s0 $133.24 $90.20 $68.00 $s0.43 $33.57 Management Fees INCOME BEFORE FIXED CHARGES Selected Fixed Charges Taxes lnsurance AMOUNT AVAILABLE FOR DEBT SERVICE & OTHER FIXED CHARGES- Reserve for Replacement 4.213.405.155.41 $77.s7 $9.24 1.63 $54.06 $2.72 2.60 $40.36 $3.92 1.17 $34.67 $1.24 3.15 $43.s2 $4.06 r.24 $37.22 $1.39 2.83 $36.3s $3.29 t.12 $31.s3 $0.65 $3.88 2.74 $ss.76 $i.77 $3.33 1.20 $36.37 $0.81 7.09 $126.1s $13.59 4.81 $104.40 $0.97 5.42 $84.78 $7.65 2.10 $62.77 $2.31 5.51 $62.39 $6.11 i.36 $s3.62 $3.12 $46.22 $4.46 t.23 $39.78 $1.51 0.95 $32.62 $3.32 1.L7 $28.0s $0.23 $66.s7 $4r.10 NOTES: Per-Occupied-Room night (POR) based on total numberof occupied rooms. Economy and Midscale Classes combined for isolation purposes.54 Total U.S. Revenue: Ratio-to-Sales Geographic Region New England Middle Atlantic South Atlantic East North Gnkal East Soutr Cenbal West North Cental West Souttr Cental Mountain 54.5% 16.7 0.6 2.8% 0.3 1.6 0.4 0.1 41,0% 21.8 0.9 2.4 42,20/, 23.9 0.3 5.6% 1,1 11.3 0.2 1.6 3.4% 0.2 2.0 0.3 0.1 1.4"/. 2.3 1.5 45.2% 2t.7 0.3 3.2% 0.2 1.9 0.1 38.s% 23.7 0.6 1.9 5.6y" 1.0 12.7 0.2 2.0 3.6% 0.2 1.8 0.3 0.1 Pacific 47.1% t7.3 1.1 REVENUE Rooms Transient Revenue Group Revenue Rooms Other Service Charges Food 0utlets ln-Room Dining Banquet/Catering Mini Bar 0ther Beverage 0utlets ln-Room Dining Banquet/Cateri ng Mini Bar 0ther Other Food and Beverage Room Rental Audio/Visual Service Charges Other Operated Departments Golf-Green Fees Cart Fees Golf-Retail Golf-Membershrp Golt0ther Spa-Treatments Salon Spa-Retail Spa-0ther Transportation/Garage/Parking Telecom munications 0ther Rentals & Other lncome 48.8y" 18.5 t,o 65% 1.0 9.6 0.2 t.t 1.3 9.1 0.3 1.5 36.3% 20.9 0.4 36.4% 25.5 0.6 4.9% 0.9 11.3 0.3 t.2 7.0% 0.7 t2.2 3.6% 0.2 1.8 o.2 0.7 0.5 0.5 28 0.3 2.0 1.5% 7,4'/. 0.9 t2.l 0.2 1.9 0.8% 2.1 1.9 1 0a/ 0.1 1.9 0.2 o.2 3.3 3.0% 0.i 1.5 0.6 0.2 3.0 0.1 0.5 (0.2) 2.9 0.3 4.8 t.4Yo 8.1% 1.0 11.5 0.2 I.5 7.3"/. 1.1 8.7 0.2 1.3 3s% 0.2 1.5 0.3 0.3 0.97. 1.5 1.5 t5% 0.2 o.7 0.9 2.5 0.5 0.4 0.4 2.9 0.4 2,20/" 45% 0.2 i.9 0.3 0.2 0.8% 2.3 2.6 E )C/ 1.6 1.0 31 0.8 0.5 0.7 1.9 0.3 3.0 t.2% 1.6 1.7 05 2.6 1.7% 1.9 i.6 0.770 1.8 1.8 0.8% 2.2 1a 1 10/ 0.9 0.3 7.7 0.8 0.2 0.4 3.1 0.4 2.8 t.7% 0.9% 2s% 1.0 1.0 3.7 0.6 2,0 0.6 0.2 0.5 2.5 0.4 3.1 1.97o 9.6% 1.8 2.5 2.0 0.3 1.8 0.5 2.0 0.3 0.1 1.9 0.5 1.6 a: 1.6 0.5 0.1 0.7 2.4 0.4 1.7 t.6% 1.0 2.6%2.5/.,9"/, NOTES: Ratio-to-sales (RTS) based on Total Revenue of only those hotels that reported each line item, respectively. Blank cells indicate insufficient data to report 100.0%100.0%100,0olo 100.0% 55 Total Revenue 100.0%100.0%100.0%100.0%100.0% Location Type Urban Suburban Airport lnterstate Resort Small Metro/ Town 4.5% 0.1 1.9 0,2 4.7 1.2 1.5 6.3% 0.7 1.5 1.5 0.5 3.6 0.6 0.5 0.5 0.9 0.1 2.3 3.4% Luxury 40.2./" 17.8 0.4 8.2/. i.4 11.1 0.2 1.2 Upper Upscale 38.6% 23.1 0.5 2.1 Class Upscale 69.2% 13.8 2.0 (0.2) ts% 0.1 0.6 0.3 0.1 Upper Midscale 74.4% 14.3 0.5 0.2 4.9% 0.4 4.2 0.9 2.1% 0.1 0.8 Midscale/ Economy REVENUE Rooms Transient Revenue Group Revenue Rooms Other Servrce Charges Food 0utlets ln-Room Dining Banquet/Cateri ng Mini Bar 0ther Beverage 0utlets ln-Room Dining Banquet/Cateri ng Mini Bar 0ther Other Food and Beverage Room Rental Audio/Visual Service Charges Othel Operated Departments Golf-Green Fees Cart Fees Golf-Retail Golf-Membership Golf-0ther Spa-Treatments Salon Spa-Retail Spa-0ther Transportation/Garage/Parking Telecom munications Other Rentals & Other lncome 5.8'/. 1.1 10.4 0.2 2.1 9.6% 0.7 9.9 0.2 1.5 43.6% ZJ. / 0.6 49.0% 16.6 0.9 6.3% 1.0 i0.3 0.1 1.8 3.2./. 0.1 1.1 0.2 (0.0) 37.3'/. t8.2 1,3 1.1 9.2% 0.9 1 1.1 0.1 1.7 42.5% 14.6 0,5 1E 64.4' 10.1 0.6 53.0% 16.4 0.6 1.3 5.6"/. 1.1 10.6 0.3 1.4 1.1% 2.0 1.7 3.0% 0.2 1.6 0.3 0.3 1.4% i.9 2.3 1.6% 0.4 1.7 0.5 3.9 0.7 0.6 0.5 2.2 0.3 i.8 1.47" 4.7% 0.1 1.0 1.2 0.1 1.9 0.8% 4.7v" 0.2 2.0 0.2 0.1 4.8% 0.2 2.2 0.3 0.5 0.8% 2.2 2.2 3.5% 0.7 2.0 1.6 1.1 2.6 0.7 0.4 0.4 2.3 0.4 3.3 2,4"/o 6.6% 0.9 t2.1 0.2 2.2 3.6% 0.2 1.6 0.2 0.2 1.1% 2.0 1.8 r.2v. 0.6 1.0 4.8% 0.7 4.1 1.0 8.2% 0.5 4.3 1.9 3.4% 0.2 1.7 0.3 0.2 1.4./, 1.9 1.5 2.2 0.4 2.5 Ll/. 0.5% 1.8 1.9 0.7 1.4 2.8 0.8 2.7 0.6 0.3 0.5 2.2 0.4 4.7 2.8% 2.0'/. 0.7 0.7 3.0 0.5 1.9 0.5 0.2 0.4 2.9 0.5 )o 2.2% 2.9 0.1 1.7 1.0% 0.8 0.2 12 0.5olo 0.20.4 1.0% 0.2 1.2 1.0% 0.8 0.9 3.2% 0.4 0.7 0.2 1.0"/. 0.4 1.5 100.30.5 1.2 0.5 0.2 0.4 3.2 0.5 1.9 t.9Y. 0.6 0.0 1.2 0.9% 100,0% 56 Total Revenue 100.0%r00.0%100.0%100.07o 100.0%100.0%100.0%100.0%100.0%100.0% Total U.S. Revenue: Ratio-to-Sales 67.3% 13.9 0.4 1.7 6.4% 0.5 5.9 0.6 3.27o 0.0 0.7 Total U.S. Dept. Expenses: Ratio-to-Sales Geographic Region NewEngland MiddleAtlantic SouthAtlantic EastNorthCenhal EastSodhCenbd WestNorthCental WestSouthCenbal Mountain DEPARTMENTAL EXPENSES Rooms Salarres & Wages Payroll Taxes & Benefits Reservation System Fees All 0ther Room Expenses Food & Beverage Cost of Food Cost of Beverage Salaries & Wages Payroll Taxes & Benefits All 0ther F&B Expenses 0ther 0perated Departments Telecom-Salaries & Wages Telecom-Payroll Taxes & Benefits Telecom-0ther Expenses Parking-Salaries & Wages Parking-Payroll Taxes & Benefits Parking-Other Expenses Golf-Salaries & Wages Golf-Payroll Taxes & Benefits Golf-Cost of Retail Golf-0perations Golf- Ma intena nce Golf-Other Expenses Spa-Salaries & Wages Spa-Payroll Taxes & Benefits Spa-Cost of Retail Spa-Other Expenses 0ther-Salaries & Wages Other-Payroll Taxes & Benefits All 0ther Expenses 24.0% 20.2 30.7 15.1 10.4 15.5% 40.6 65.5 17.7 8.9 36.2 10.3% 4.9 3,4 8.7 t2.4% 7.3 t.4 ao 2t5% 20.2 37.4 23_4 10.6 93.2% 59.4 43.9 7.2 63.0 10.5% 3.8 2.0 9.8 19.2 28.4 t2.4 9.7 \.4% 5.3 1.8 9.2 10.4% 2.8 1.0 9.4 23.1% 21.5 27.2 9.6 8.5 51.9% 17.5 97.2 66.7 o/.o 28.7 9.0 t].z% J.5 1.3 9.1 24.8'/. 21.9 28.5 10.5 9.5 67.3% 27.8 107.6 36.5 8.8 M.l 52.1 9.6% )7 1.4 9.0 aa co/ 19.7 26.3 9.9 8.1 11.1% 3.5 2.2 9.6 23.9% 20.5 28.3 10.8 10.5 84.3% 31.4 91.1 38.7 13.1 57.5 26.7 9.3 7.3 43.5 t7.2 6.1 54.8 38.6 10.7 40.7 Pacific 10.6% 5.9 1.3 9.0 ?3.1% 19.3 32.6 17.9 10.6 aa )o/ I9.6 29.2 16.1 10.9 38.1 23.9 4.1 26.7 9.5 35.3 42.1 i8.1 5.1 745.7 32.4 14.4 33.s 7t.t% 28.8 74.4 26.7 9.8 43.6 31.2 i0.6 10.0 17.9 34,8 46.4 15.2 6.8 76.9 23.9 9.6 41.8 62.0'/. 31.3 75.5 55.6 50.0 l]2.2 40.4 10.2 6.6 tt.I 37.6 20.0 34.5 52.8/. 18.5 88.7 ),5.7 5.1 48.1 47.9 15.s 6.5 87.3 2r.9 8.i 39.1 87.0% 49.2 46.1 22.7 13.1 39.9 29.0 1i.3 7.0 131.1 5.0 4.9 16.6 4.8 34.7 25.9 8.3 41.5 40.2 17.3 b.t 135.6 28.5 11.9 37.0 Total Departmental Expenses 37.8Yo 4l.6Yo 38.3%38.71o 35,8o/o 35.1olo 34.20/.40.30/"40.4% 65.8%59.7o/.59.6% 57 Total Departmental Profit 62.2'/.58.4Y.67.7o/"61.3%64.2'/.64.9"/o Total U.S. Dept. Expenses: Ratio-to-Sales Location Type Urban Suburban Airport lnterstate Resort Small Mebo/ Town 11.8% 3.3 1.5 o, 29.2% 24,3 32.4 11,.7 9.1 246.9% 117.0 556.4 19.5 49.9 15.1 8.6 Luxury Upper Upscale 10.6% 5.2 2.0 9.8 2t.9% 18.9 ?9.4 14.6 9.0 68.5% 34.3 44.7 25.1 11.5 47.9 32.4 11.0 9.3 6.9 30.3 31.1 51.3 16.t 6.1 47.2 22.9 9.0 35.1 Class Upscale 10.4% 3.6 1.8 8.5 28.7v" 23.3 30.7 12.5 10.1 Upper Midscale 11.5% 3.4 1.5 9.5 30.8% 29.6 33.0 L2.7 14.9 112.6 65.9 78.9 Midscale/ Economy 9s% 2.7 1.8 5.7 33.0% 24.2 36.6 t2.8 10.4 1820.1 4.1 38.6 21.8 DEPARTMENTAL EXPENSES Rooms Salaries & Wages Payroll Taxes & Benefits Reservation System Fees All 0ther Room Expenses Food & Beverage Cost of Food Cost of Beverage Salaries & Wages Payroll Taxes & Benefits All Other F&B Expenses Other Operated Departments Telecom-Salaries & Wages Telecom-Payroll Taxes & Benefits Telecom-0ther Expenses Parking-Salaries & Wages Parking-Payroll Taxes & Benefits Parking-0ther Expenses GoltSalaries & Wages Golf-Payroll Taxes & Benefits GoltCost of Retail Golf 0perations Golf Maintenance Golf-Other Expenses Spa-Salaries & Wages Spa-Payroll Taxes & Benefrts Spa-Cost of Retail Spa-0ther Expenses 0ther-Salaries & Wages 0ther-Payroll Taxes & Benefits All Other Expenses 10.9% 5.7 i.6 9.6 21.8% 19.5 31.5 77.2 10.5 15.4% 41.2 43.2 23.9 9.6 52.1 10.6% 3.6 1.8 8.3 24.0% 20.8 29.9 12.5 9.4 11.2% 4.5 2.0 9.9 22.7% 19.6 28.5 13.7 7.5 11.3% 2.9 1.7 7.9 33.3% 27.2 30.3 9.2 T2.B 10.6Y" 4.1 1.7 9.7 22.9% 18.9 29.1 13.2 i0.6 11.6% 5.9 t.2 9.8 22.9% 19.8 31.9 15.8 11.9 87.2% 44.4 43.2 24.1 12.3 55.3 a1 a 9.8 8.4 137.2% 54.6 350.7 23.1 4.6 28.9 51.6 20.4 8.9 13.1 18.0 48.6 15.1 7,3 154.0 27.4 13.0 36.6 69.6% 29.8 135.5 22.9 13.1 40.0 29.1 11.5 8.4 44.5 16.6 6.9 89.8 atr ) 9.6 37.9 69.0% 32.5 85.0 20.6 8.3 27.6 48.6 17.3 16.0 6.6 35.2 464.9 2t41.9 33.1 35.6 8.2 53.1 81,.2% 36.1 53.8 28.3 14.6 4t.7 27.4 9.9 8.8 8.5 36.8 36.6 42.4 16.3 5.7 73.3 28.7 10.1 38.9 47.9 17.6 5.4 93.6 34.9 11.1 64.3 21.6 41.4 16.2 6.2 t54.2 33.0 12.7 39.9 41.3 29.0 34.9 9.7 41.0 Total Departmental Expenses 40,3o/o 33.6%36.3%32.4Y"42.8%37.7y.30.0%30.4%21.91o46.4o/"40.5% Total Departmental Profit 59.7"/.66.4o/o 63.7o/.67.6y"57.21"62,3y.53.6%59.5%59.6%78.1o/" 750.r"/. 565.6 t707.8 7O.Oo/. Total U,S. Undistributed Exp.: Ratio-to-Sales Geographic Region New England Middle Atlantic South Atlantic East Norft Central E^ast Sonth Cental tlUest North Cental lllest South Cental Mountain UNDISTRIBUTED OPERATING EXPENSES Administrative & General Salaries & Wages Payroll Taxes & Benefits Credit Card Commrssions All Other Expenses Marketing Salaries & Wages Payroll Taxes & Benefits Franchise Royalty Fees Franchise Advertisi ng Assessment Loyalty Program Fees 0ther Expenses Utility Costs Electricity Gas Water & Sewer 0ther Prope*y Operations & Maintenance Salaries & Wages Payroll Taxes & Benefits All Other Expenses 1.6% 0.6 2.4 1.8% 0.8 2.2 2.9o/. 1.0 2.4 5.1 2.9% T,2 )2 5.0 3.0% 1.0 ?.2 5.0 3.0Y" 1.1 4.9 3,0% 1.0 2.1 4.7 33% 1.1 2.2 4.6 2.37o 0.7 4.7 1.8 1.8 3.7 2.6% 0.8 0.8 1.1 t.77. 0,5 ?.4 3.1% 1.1 2.2 5.1 0.8 4.0 1.6 1.8 3.8 0.6 0.8 0.4 1.7% 0.6 2,3 Pacific 2.7% i.0 2.2 4.8 2.9Y. 1.0 2.2 A\ 2.4 1.7% 0.7 4.0 1.6 1.8 3.7 2.4y. 0.6 0.8 0.8 r.67" 0.6 2.t 1.5% 0.6 4.5 2.0 1.5 3.5 t.9% 0.6 4.0 1.8 1.8 4.1 2.3Y" 0.5 0.9 0.4 t.8% 0.7 4.1 1.9 1.9 4.0 0.6 4.2 2.1 2.1 3.7 t.9% 0.6 4.4 1.9 1.8 3.8 t.6% 0.6 4.1 1.5 1.5 3.7 0.4 0.8 0.3 0.4 0.6 0.6 r.6% 0.8 1.9 0.7 0.7 0.6 2.4% 0.7 0.7 0.6 0.6 2.4 2.2% 0.4 0.8 0.2 1.5./. 0.5 2.4 0.8 1.9 Total Undistributed 0perating Expenses 24.5%22.8%25.0t"26.10/.27.3%27.9%25,21o 26.2Y.23.0% GROSS OPERATING PROF]T 37.7%35.5%36.7'/.35.2L 36.9%37.0"/.40.7%33.5%36,6Yo NOTES: Ratio-to-sales (RTS) based on Total Revenue of only those hotels that reported each line item, respectively. Blank cells indicate insufficient data to report.59 Total U.S. Undistributed Exp.: Ratio-to-Sales Location Type Urban Suburban Airport lnterstate Resort Small Meto/ Town 3.6% 2.t% 0.6 4.6 1.8 1.8 3.4 2.6% 0.8 1.0 0.5 Luxury Upper Upscale 2.go/" 1.1 2.2 4.5 1.8% 0.6 2a 1.5 1.6 4.1 2.2% 0.5 0.7 0.5 1.7v. 0.7 2.0 Class Upscale 3.3% 1.0 2.4 4.6 Upper Midscale 3.4v. 1.0 5.1 t.8% 0.5 5.i 2.4 2.1 2.9 2.8% 0.6 i.1 0.4 Midscale/ Economy 3.0% 0.8 1? 5.7 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Salaries & Wages Payroll Taxes & Benefits Credit Card Commissions All 0ther Expenses Marketing Salaries & Wages Payroll Taxes & Benefits Franchise Royalty Fees Franchise Advertising Assessment Loyalty Program Fees Other Expenses Utility Costs Electricrty Gas Water & Sewer 0ther Property Operations & Maintenance Salaries & Wages Payroll Taxes & Benefits All Other Expenses 2.8% 1.1 t.J 4.9 1.7% 0.6 3.9 1,7 1.5 3.9 1.87" 0.4 0.6 0.6 1.6% 0.7 1.8 3.2% 1.0 Z.Z 4.9 2,r% 0.7 4.6 1.9 2.1 3.7 2_6% 0.6 1.0 0.4 t.6% 0.6 2.1 3.2% 1.1 2.3 4.9 3.6% 1.0 2.0 4.8 0.5 4.9 2.4 2.8 3.0% 0.1 1.1 o,2 1.87" 0.5 3.1 2.6v" 1.0 2.1 4.9 1.7./. 0.6 3.5 1.3 1.5 3.8 2.5"/o 0.6 0.8 0.2 t.7% 0.7 2.2 2.8v. 1.1 2.4 5.6 11 2.1 5.0 1.7% 0.6 4.1 2.0 2.O 4.3 0.6 2.6 0.7 1.4 3.7 0.5 4.7 2,s 2.1 3.5 2.9./. 0.9 3.5 1.8 2.0 3.7 2.2% 0.5 0.8 0.3 1.8% 0.4 0.6 0.4 t.6v. 0.8 1.9 2.5% 0.6 0.8 0.4 t.4% 0.5 2.4 3.4% 0.7 1.9 o.2 t.81" 0.5 3.8 t.6% 0.6 2.4 1s% 0.5 2.8 t.6% 0.5 1a Total Undistributed Operating Expenses 23.2%27.3%26.21"29.0%22,L"/"30.3%22.70h 24.O"/"27.1v"29.81o 28,70/. GROSS OPERATING PROFIT 36.57.39.1%37.5%37.3%34.50/.33.3%42.9"/.39.8%49.4%31.5%35.6% 60 Management Fees INCOME BEFORE FIXED CHARGES SELECTED FIXED COSTS Tares Real Estate Taxes Personal Property Taxes Other Taxes lnsurance Building & Contents Liability 0ther New England 3.0% 35.1olo Middle Atlantic a 10/ 32.40h South Atlantic 3-0v. 33.5% Geographic Region East North Cenhal East Sourth Cenhal West North Cental West Sordh Cental 3.t% 3.0% 2.9Y. 2.9% 32.3o/o 33.8% 34.4o/o 37.5To Mountain 3.0% 30.9% Pacific 3.0% 33.8% 4.6./" 1.1 0.i E 10t 2.7 0.1 3.0% 0.5 n) 5.0% 1.3 0.1 3.0% 0.4 0.3 4.9% 0.8 0.1 3.8v. 0.4 o.2 3.0% 0,6 0.2 2.6./. 0.4 0.3 0.5% 0.4 0.4 0.5"/" 0.4 0.4 1.0% 0.5 0.3 0.5% 0.4 0.3 0.6% 0.4 0.2 0.5% 0.4 0.3 0.8% 0.4 0.2 0.5% 0,5 0.4 1.0% 0.4 0.5 Reserve for Replacement 5.2%4.2%4.3h 4.O%4.L%4.3Yo 4.3/o 4.2Yo 4.27o AMOUNT AVAILABLE FOR DEBT SERVICE AND OTHER FIXED CHARGES 28.4%23,5%273%25.51o 28,80h 27.3%31.6%25.27.27.80/o N0TES: Ratioto-sales (RTS) based on Total Revenue of only those hotels that reported each line item, respectively. Blank cells indicate insufficient data to report. 61 Total U.S. Selected Fixed Costs: Ratio-to-Sales Total U.S. Selected Fixed Costs: Ratio-to-Sales Management Fees INCOME BEFORE FIXED CHARGES SELECTED FIXED COSTS Taxes Real Estate Taxes Personal Property Taxes 0ther Taxes lnsurance Building & Contents Lrabilrty 0ther Urban 3.0% 33.5% Suburban 3.?% 36.00[ 4.0% 0.9 0.2 0.8% 0.5 0.2 Luxury 2.8% 3.3% 0.3 0.2 0.8% 0.1 0.4 Upper Upscale 2.8% 3.3% 0.6 0.2 0.7% 0.2 0.5 Class Upscale 3.7% 39.1ol 3.9% 1.0 0.2 0.7% 0.2 0.5 Upper Midscale 3.4v" 36.3% 4.0% 0.6 0.0 0.8% 0.2 0.3 Midscale/ Economy 2.7% 48.0% 5.0% 0.4 0.0 1 EO/ 0.3 (0.i) Location Type Airport lnterstate 3.0% 3.3% 34,20/" 34.3"h Small Meko/ Town 3.4% 0.5 0.2 1.0% 0.5 0.3 3A% 0.6 0.1 0.8% 0.5 0.5 3.6% 0.5 0.2 1.0% 0.4 0.2 Resort 2.9% 31.8% 0.4 0.2 r.0% 0.5 0.4 30.0%28.7"/o 32.7Yo 0.6 0.2 0.6/" 0.3 0.4 AMOUNT AVAILABLE FOR DEBT SERVICE AND OTHER FIXED CHARGES 26.4%30.0%27,LYO 29.6"/"25.&Yo 25.?%2r.8%26.5%32.3Yo 30.7%42.4yo Reserve for Replacement 4,1'/.4.6o/o 43%4.8%4,20/o 4.370 3.9'/.4.4%4.5%4.tYo 3.1% oz Total U.S. Revenuer Per-Available-Room Geographic Region New England Middle Atlantic South Atlantic East North Cenkal East Sodh Central West North Cenkal West South Central Mountain REVENUE Rooms Transient Revenue Group Revenue Rooms Other Service Charges Food 0utlets ln-Room Dtning Banquet/Cateri ng Minr Bar 0ther Beverage 0utlets ln-Room Drning Banquet/Catering Mini Bar 0ther 0ther Food and Beverage Room Rental Audio/Visual Service Charges Other Operated Departments Golf-Green Fees Cart Fees Golf-Retail Golf-Membership Golf-0ther Spa-Treatments Salon Spa-Retail Spa-0ther Transportation/Garage/Parking Telecom mun ications 0ther Rentals & Other lncome $38,613 14,599 903 $s,199 854 8.086 2s1 1,638 $2,883 134 t,544 254 824 $1,02s t,377 1,493 3,843 718 587 2,364 236 1,320 $4,100 $52,s14 16,14? 317 $4,932 1,308 8,960 409 1,318 $2.687 286 1,625 681 35 $1,659 1,963 1,683 3,752 $28.475 15,312 288 $2,168 $610 1,561 r,287 $25,206 14,321 90 $3,ss2 759 6.982 166 889 $835 1,458 952 $21,841 15,760 158 $4,271 465 8,219 2,072 $1,872 82 1,075 353 $422 1,040 992 3,059 $22,159 10,737 98 $1,58s 93 990 60 $457 883 r,244 969 113 687 $1,s82 $25,073 15,587 150 $1,584 $24,426 14,178 125 $s09 i,529 1,645 a,2aq I,i54 808 3,235 i,025 486 720 1.345 167 1,593 $4,739 Pacific $43,26s 15,934 396 $905 $6,478 1,012 7,946 260 1,142 $824 1,369 1,363 $3,50e 170 t.392 338 245 $s,2s0 690 7,459 200 801 $2,966 133 r,297 324 142 $2,351 493 5.554 189 573 $2,047 144 t,324 307 52 $5,124 664 8,869 t47 1,303 $2,679 105 t,462 283 84 124 1,643 727 153 714 1,556 207 755 $1,97s $3,s46 689 8,374 203 1,265 355329422 533 118 1,603 Jdl t,?62 $3,285 3,507 1,491 911 5.422 699 2,230 726 262 557 1,790 1?a 1,784 $4,846 53 2,751 657 417 (119) 1,828 i43 2,049 $4,652 334 1,716 876 193 415 2,020 216 t,329 $4,024 $2.309 127 1,236 275 70 $5s9 1,351 i,434 1,830 827 1,796 317 1,303 929 1,134 3,440 820 548 465 2,536 309 2,067 $6,066 Total Revenue $6e,l07 $80,7s0 $57,645 $46,889 $43,075 $38,sr2 $48,529 $52,037 $76,6r4 63 Total U.S. Revenue : Per-Available-Room $4,619 918 8,762 264 1,i51 $2,820 175 t,437 415 119 $3.454 526 5,865 102 955 $1,753 80 632 160 (3) $773 1,020 747 $9,198 892 11,569 160 1,695 $470 1,884 t,874 $1,t22 162 1,506 Midscale/ Economy $16,356 3,469 78 $401 $1,582 125 I,495 142 $825 61 $36,246 19.688 340 $28,214 8,881 155 $895 $3,117 722 6,0i3 232 1,088 $1,651 113 1,038 326 t92 $792 1,156 1,322 2,365 $26,r41 8.912 255 $23,699 3,834 140 $3,01i 270 1,571 Resort $s8,361 I8,760 801 $2.376 Luxury $56,436 25,08i 520 $i1,491 1,997 15,469 tvl 1,779 $6,736 $1.200 3,101 3,373 Upper Upscale $29,392 17,610 309 $1,99s $4,920 8,869 1,558 $2,663 114 t,209 193 143 $805 1,465 1,304 Urban Suburban Location Type Airport lnterstate Class Upscale $29,495 $25,045 5,907 828 (78) $2,017 339 1,810 450 $827 44 286 185 63 $461 347 431 2,030 186 - 44g 1,20t $812 Small Metro/ Town $26,149 9.285 144 $1,784 Upper Midscale REVENUE Rooms Transient Revenue Group Revenue Rooms Other Service Charges Food 0utlets ln-Room Dining Banquet/Cateri ng Mini Bar 0ther Beverage 0utlets ln-Room Drning Banquet/Catering Mrni Bar 0ther 0ther Food and Beverage Room Rental Audio/Visual Service Charges Other Operated Departments Golf-Green Fees Cart Fees Golf-Retail Golf-Membership Golf-0ther Spa-Treatments Salon Spa-Retail Spa-Other Transportation/Garage/Parki ng Telecom mu n ications 0ther Rentals & 0ther lncome 4,899 151 $61 $5,999 656 183 503 ,451 149 9t4 6 666 $8e3 1,670 r,402 $2,889 118 1,444 180 362 $647 791 863 $4,695 154 2,088 280 t6 $i,758 57 391 143 $333 48 406 9 189 350 ,131 461 489 3 $289 145 253 309 $779 25 280 55 $348 163 545 - 237 1,466 714 194 431 2,362 384 1,453 $3,867 283 1,839 768 5,603 1.323 950 610 1,527 113 722 $2,003 2,478 851 1.563 3,883 884 3,266 798 401 549 2,286 366 4,583 $r2,148 5,466 732 1.244 1,723 425 4,218 7t8 599 475 671 36 856 $3,426 5,073 999 3.029 2,475 1,584 4,042 t,2t4 663 631 3,236 583 4,516 $12,717 2,036 802 551 3,676 541 1,705 511 202 405 2,044 393 2,155 $s,259 669i33380 971 187 1.129 $2,795 525 15 s38 197 28 227 $422 15 378 1,520 48 693 $r,966$1,7s3 Total Revenue $77,023 $39,450 $45,369 $27,677 $94,959 137,922 $L37,222 $73,105 $4r,850 $31,238 $U,5r4 64 Total U.S. Dept. Expernes: Per-Available-Room Geographic Region New England Middle Atlantic South Atlantic East North Central East South Cental West North Central West South Central Mountain DEPARTMENTAL EXPENSES Rooms Salaries & Wages Payroll Taxes & Benefits Reservation System Fees All Other Room Expenses Food & Beverage Cost of Food Cost of Beverage Salaries & Wages Payroll Taxes & Benefits All 0ther F&B Expenses Other Operated Departments Telecom-Salaries & Wages Telecom-Payroll Taxes & Benefits Telecom-0ther Expenses Parking-Salaries & Wages Parking-Payroll Taxes & Benefits Parking-0ther Expenses GoltSalaries & Wages Golf-Payroll Taxes & Benefits Golf-Cost of Retail Golf 0perations Golf Maintenance Golf-Other Expenses Spa-Salaries & Wages Spa-Payroll Taxes & Benefits Spa-Cost of Retail Spa-Other Expenses Other-Salaries & Wages 0ther-Payroll Taxes & Benefits All Other Expenses $5,084 2,436 1,536 4,245 $s,2s9 812 6.711 3,233 2,128 $340 185 192 550 289 1.022 $7,939 4,675 769 5,504 $2.831 831 9,166 5,710 2.171 $621 417 204 403 157 1,790 143 585 384 2,298 680 295 417 $4,06s | 472 684 3,816 $3,043 786 6,334 2,745 1,922 $32s 138 215 357 136 783 I,660 563 463 2)94 6,106 205 399 208 2,197 931 357 788 $3,885 1,809 589 3,111 $2.316 617 5,053 2,793 1,671 $3,08s 835 268 2,824 $2,694 597 5,001 1,760 1,259 $243 1.383 1,994 846 265 1.195 330 80i $3,161 921. 373 2,596 $2,001 508 3.541 1,33i 1,070 83 $3,263 927 445 3,056 $2,703 661 5,020 1,910 1,496 $3,777 1,197 716 3,232 $3,177 859 6.566 2.514 2,068 Pacific $s,949 3,291 730 4,810 $3,269 896 7,880 4,327 2,326 $437 251 \76 647 361 929 1,847 716 52t 379 753 288 4,350 1,080 445 776 $261 90 239 386 i40 724 $213 90 t92 264 7t 238 80 200 $312 141 214 666 367 668 402 154 268 285 109 108 102 225 187 3,171 652 354 261 160 978 324 744 281 497 177 376 173 1,417 774 291 Eqa $304 109 190 537 i83 1,049 2,098 728 574 474 847 300 1,801 1,717 322 665 Total Departmental Expenses $26,092 $33,606 $22,096 $18,r60 $1s,416 $l3,ss0 $16,519 $20,94s $30,e60 Total Departmental Profit $43,016 $47,123 $3s,s49 $28,729 $27,6s9 $24,982 $32,010 $31,092 $4s,654 65 Total U.S, Dept. Erpenses: Per-fuailable.Room DEPARTMENTAL EXPENSES Rooms Salanes & Wages Payroll Taxes & Benefits Reservation System Fees All Other Room Expenses Food & Beverage Cost of Food Cost of Beverage Salaries & Wages Payroll Taxes & Benefits All Other F&B Expenses Other Operated Departments Telecom-Payroll Taxes & Benefits Telecom-Cost of Retail Telecom-0ther Expenses Parking-Salarres & Wages Parking-Payroll Taxes & Benefits Parking-0ther Expenses Golf-Salaries & Wages Golf-Payroll Taxes & Benefits GoltCost of Retail Golf 0perations Golf Maintenance Golf-Other Expenses Spa-Salaries & Wages Spa-Payroll Taxes & Benefits Spa-Cost of Retail Spa-Other Expenses Other-Salaries & Wages 0ther-Payroll Taxes & Benefits All Other Expenses Urban $5,968 3,139 762 5.200 $2.924 809 7,142 3.899 2,182 $401 222 190 591 244 1,097 142 306 t92 2,137 601 275 502 Suburban $3,is1 1,083 534 2,520 $2,133 511 4.408 1,833 1,178 $3,846 1,548 636 3,354 $2,0s2 427 4,215 2,036 960 $282 132 202 260 110 138 $2,649 673 372 1,890 $1,6s3 508 2,135 673 757 128 1,260 168 342 Resort $6,079 7 7)) 950 5,487 $4,735 t,284 9,601 4,s50 3,333 Luxury $9,697 4,906 1,096 8,044 $6.377 2,07r 15,001 7,409 5.289 Upper Upscale $5,175 2,550 835 4.642 $3,184 717 6,660 3.306 i,933 Class Upscale $3,76e 1,303 506 3,084 $1,045 247 1,634 663 507 $zzs 71 lt7 359 56 458 t,726 684 298 Upper Midscale $3,307 983 423 2,731 $1,658 447 322 01) $787 2L6 t,241 423 381 t,862 55 Location Type Airport lnterstate Small Metro/ Town $3,457 957 414 2,304 $3.036 794 5,794 2,065 1,168 $333 162 ?19 113 2,846 861 AO) $974 262 1.506 574 514 $315 131 212 683 359 8t2 1,197 471 347 136 791 396 1,855 652 228 300 $382 116 )14 457 257 7t9 ),,729 627 544 502 2,166 4,808 761 602 23t 3,062 1,706 583 1,718 $575 297 270 826 406 i,838 ) qla 919 854 $327 168 200 407 196 59? 1.274 431 352 342 1.540 5,732 168 268 118 i,290 710 278 714 $243 98 262 97 214 46 z)3 36 1s9 29 276 85 273 3M 576 t26 349 23 182 s09 211 421 493 i,052 339 2,023 1.582 493 595 2 20' 1.184 984 406 5,384 1,825 CrJZ 1,810 6 0 Total Departmental Expenses $31,071 $13,267 $16,484 $8,966 $40,560 $14,297 $63,688 $29,574 $12,535 $9,498 $3,840 Total Departmental Profit $4s,952 $26,183 $28,88s $18,711 $54,299 $23,62s $73,s3s $43,s32 $29,31s $2r,740 $13,574 66 Midscale/ Economy 0 Total U.S. Undishibuted Exp.: Per-Available-Room Geographic Region New England Middle Atlantic South Atlantic East North Cenbal East Soutfi Cenbal West North Cenhal West South Central Mountain UNDISTRIBUTED OPERATING EXPENSES Administrative & General Salaries & Wages Payroll Taxes & Benefits Credit Card Cornmissions All Other Expenses Marketing Salaries & Wages Payroll Taxes & Benefits Franchise Royalty Fees Franchise Advertising Agreement Loyalty Program Fees Other Expenses Utility Costs Electrrcity Gas Water & Sewer 0ther Property Operations & Maintenance Salaries & Wages Payroll Taxes & Benefits All 0ther Expenses $1,269 493 1,987 935 1,040 2,519 $2,050 751 1,6i6 3.447 $2.s2s 1,052 1,940 3,501 $1,244 521 2,303 1,346 1,167 2,792 $1,625 $1,233 555 1,565 $1,784 627 r,250 3,155 $1,148 387 1.550 796 852 2,381 $1,321 $863 323 1,381 $1,s09 545 1,109 2,284 $936 349 1,648 876 800 1,875 $740 322 1,040 $1,363 447 927 1,893 $1,332 437 866 1,773 $1,445 482 1,094 ) )aA $1,029 341 1.512 866 740 i,850 $1,068 210 394 151 $685 228 1,178 $r,719 608 1,184 ) 2?O $1,290 455 1,467 789 796 2,003 $1,160 ??o 10tr 304 $817 264 1,199 Pacific $2,263 883 1,789 2,978 $1,315 496 2,316 i,110 1,072 2,838 $1,721 337 572 275 $1,202 578 1,477 $821 282 1,609 975 1q2 1,511 $939 294 1,658 785 706 1,418 $612 192 936 $996 309 293 521 297 309 364 $962 305 310 347 270 489 275 341 455 639 425 508 677 $1,616 $996 358 1,434 $1 021 $742 tal 1,043 Total Undistributed Operating Expenses $15,949 $18,423 $14,400 $12,247 $u,7s7 $10,733 $12,241 $r3,635 $17,65r GROSS OPERATING PROFIT $25,067 $28,700 $21,r49 $15,483 $15,903 $r4,249 $r9,769 $17,458 $28,003 6t Total U,S. Undistributed Exp.: Per-Available-Room Location Type Urban Suburbanl Airpod lnterstate Resort $2,205 860 1,824 3.562 $1,331 436 8s9 2,153 $869 283 1,646 797 760 1,441 $1 001 224 361 t79 $582 200 1,045 $1,515 537 1,066 1,868 $2,s63 972 2,005 4,213 $1,649 578 1,892 1,030 1,137 3,624 $2,346 519 726 2t0 $1,638 697 2.045 Small Meko/ Town $1,539 480 854 1.484 $991 267 1,314 734 622 1,295 $1,010 317 370 252 $769 232 1,060 Luxury $4,oso 1,566 3,392 6,101 $2,399 888 2,819 1,449 1,61s 5,020 $2,565 s93 880 629 $2,330 1,111 2,652 $2,060 801 r,624 3.157 $1,326 481 2,115 800 1,073 3,009 $i,601 372 498 376 $1,241 1,468 Class Upscale $1,384 416 1,015 1,986 $713 225 r.931 1,025 848 1,474 $1,043 Z5J 346 165 $5B1 193 1.025 $1,051 2r( 764 1,578 $588 175 1,555 759 629 920 $871 179 aaa 110 $507 Midscale/ Economy $588 fi7 327 45 UNDISTRIBUTED OPERATING EXPENSES Administrative & General Salaries & Wages Payroll Taxes & Benefits Credrt Card Commrssrons All Other Expenses Marketing Salaries & Wages Payroll Taxes & Benefits Franchise Royalty Fees Franchise Advertising Assessment Loyalty Program Fees 0ther Expenses Utility Costs Electricity Gas Water & Sewer 0ther Property Operations & Maintenance Salaries & Wages Payroll Taxes & Benefits All 0ther Expenses $1,328 521 2,\14 1,128 999 2,975 $841 282 1 qo, 835 854 1,954 $979 280 537 t,452 $534 171 t,284 758 549 760 $795 176 283 65 $471 121 869 $506 158 679 417 393 643 $1,437 JZJ 482 549 $1,171 558 1,410 $1,009 227 384 188 $712 269 1,075 $316 85 66i 155 886 Total Undistributed Operating Expenses $17,867 lto,777 $rr,873 $8,394 $2r,ss6 $11,000 $30,332 $U,5r8 $ll,3s8 $9,302 $s,020 GROSS OPERATING PROFIT $28,08s $1s,406 $rz0r2 $10,317 $32,743 $12,625 $43,203 $26,013 $17,9s8 $12,438 $8,6s4 Upper Upscale Upper Midscale $s46 145 222 1,138 Total U,S, Selected Fixed Costs: Per-Available-Room New England $2,022 s24,23t Middle Atlantic $2,479 $26,r81 South Atlantic $1,820 $19,340 f!/lounta rn $1,582 $16,060 $1,393 288 100 $2u 222 149 Pacific $2,377 $25,870 $1,9i3 284 ?35 Geographic Region East North Central East Sorrth Cenhal West North Cenhal West South Cenhal $1,499 $1,416 $1,158 $r,481 $1s,122 $14,s58 $13,230 $18,255 Management Fees INCOME BEFORE FIXED CHARGES SELECTED FIXED COSTS Taxes Real Estate Taxes Personal Property Taxes 0ther Taxes lnsurance Building & Contents Lrability 0ther $2.970 810 84 $323 253 161 $4,778 2,448 78 $378 291 394 $r,509 306 92 $490 273 155 $2.122 484 2l $925 175 88 $1,747 376 34 $183 171 85 $1,687 24t 6B $s54 179 59 $744 270 305 $i94 t24 37 $21s 180 t25 AMOUNT AVAILABLE FOR DEBT SERVICE AND OTHER FIXED CHARGES $19,656 $19,010 $15,762 $11,976 $12,390 $10,504 $15,347 $13,088 $21,321 Reserve for Replacement $3,871 $3,743 $2,87s $2,002 $2,r3s $1,889 $2,s2s $2,s89 $3,833 69 Iotal U.S. Selected Fhed Costs: Per-Available-Room Location Type Class tJ pscale $i,551 $16,382 Management Fees INCOME BEFORE FIXED CHARGES SELECTED FIXED COSIS Taxes Real Estate Taxes Personal Property Taxes 0ther Taxes lnsurance Building & Contents Lrabrlrty 0ther Urban $2,272 $25,807 Suburban $1.364 sl4,22o Airport $1,464 $15,520 I nterstale $916 $9,483 Resort $2,700 $30,164 Small Meho/ Town $1,338 Luxury $3,867 $39,407 Upper Upscale $2,041 Upper Midscale $1,075 $11,336 Midscale/ Economy $507 $11,376 $23,932 $8,40r $3,266 442 183 $1,327 408 75 $1,382 289 39 $945 144 42 $2,146 301 193 $955 170 49 $4,914 426 331 $2,579 406 190 $i.657 420 82 $1,210 192 1l $889 85 10 $466 266 319 $281 155 48 $340 202 182 $261 $984 469 399 $354 194 119 $1,160 494 641 $528 310 354 $285 248 25t $243 168 95 $271 7T (9) 85 ?o AMOUNT AVAILABLE FOR DEBT SERVICE AND OTHER FIXED CHARGES $20,356 $11,853 $r23r0 $8,190 $24,530 $9,607 $29,937 $19,342 $13,500 $9,597 $2433 Reserve for Replacement $3,368 $2,063 $2,274 $1,686 $4,683 $2,339 $5,58r $3,423 $r,8rs $1,308 $527 Total U.S. Revenue: Per-Occupled-Room Night Geographic Region New England Middle Atlantic South Atlantic East North Cenhal East South Cenbal West North Central West Sorth Cental Mountain REVENUE Rooms Transient Revenue Group Revenue Rooms 0ther Service Charges Food 0utlets ln-Room Dining Banquet/Caterr ng Minr Bar 0ther Beverage 0utlets ln-Room Dinrng Banquet/Cateri ng Mrnr Bar 0ther Other Food and Beverage Room Rental Audio/Vrsual Service Charges Other Operated Departments Golf-Green Fees Cart Fees Golf-Retail Golf-Membership Golf-0ther Spa-Treatments Salon Spa-Retail Spa-0ther Transportation/Garage/Parkrng Telecommu n ications 0ther Rentals & Other lncome $142.78 54.34 3.55 $19.34 a 1a 29.91 085 6.13 $181.29 55.71 f.i3 $105.67 56.91 1.07 $8.83 $18.97 2.47 32.74 0.53 4.84 $9.91 0.39 5.41 0.99 0.32 $96.96 55.07 0.36 $83.18 60.05 0.62 $1s.77 1.72 29.95 7.68 $6.92 0.30 3.93 1.41 $1.54 3.82 3.68 920.22 1.56 $88.10 42.62 038 $9.35 t.97 22.04 0.71 2.28 $6.34 0.36 3.99 0.25 $1.84 3.58 5.01 3.89 0.44 )7) $5.1s $95.57 59.42 0.58 $s.95 $13.62 2.63 32.14 0.78 4.86 $2 ol 5.18 5.41 $7 98 3.20 1.48 6.75 3.60 015 1.64 7.60 0.83 5.11 $15.12 $97.69 56.75 0.49 $20.99 2.73 29.83 0.80 3.i7 $11.90 0.53 trrn 1.30 0.59 Pacific $i48.60 54.65 i.40 $3.24 $12.09 0.58 4.81 t.2t 0.86 $2.85 475 4.74 $r7.2s 4.60 31.13 1.39 4.65 $12.e1 2.87 26.74 0.62 3.44 $22.32 3.48 )1 27 0.92 3.94 $10.71 0.49 5.7i 0.91 3.03 323 2.21 8.63 0.88 4.99 $1s.13 $9.39 101 5.65 2.27 0.15 $s.77 6Bi 5.78 t.25 12.54 189 0.38 1.34 4.47 $11.41 $2.24 5.71 4.72 $15.59 6.36 3.42 2L.74 2.86 8.52 2.94 1.01 2.09 6.49 0.86 6.65 $17.e6 $7.90 0.54 5.09 1.10 0.21 $3.21 5.59 2 EO o.* $2.04 6.14 6.53 $18.90 4.88 3.60 13.27 4.22 2.00 3.00 5.46 0.65 6.25 $18.s7 $7.50 1.28 4.85 3.74 4.14 12.61 3.03 2.04 1.67 8.70 1.07 7.15 $20.90 $8.88 0.45 4.72 1.05 0.27 $3.80 5.10 5.59 1.51 14.92 6.18 )ot 0.s9 2.6/ 578 0.80 2,92 $7.51 n?q 10.69 2.56 1.62 (0.5i) 6.83 0.55 7,93 $17.8s $185.54 $204.55 $25s.36 7l Total Revenue $258.71 $284.41 $2r4.45 $181.47 $r56.90 $r51.70 Total U,S, Revenue: Per-Occupied-Room Night REVENUE Rooms Transrent Revenue Group Revenue Rooms Other Service Charges Food 0utlets ln-Room Drning Banquet/Catering Mrni Bar 0ther Beverage 0utlets ln-Room Drnrng Banquet/Cateri ng Mini Bar 0ther Other Food and Beverage Room Rental Audio/Visual Service Charges 0ther Operated Departments Golf-Green Fees Cart Fees GoltRetail Golf-Membership Golf-0ther Spa-Treatments Salon Spa-Retail Spa-0ther Transportation/Garage/Parking Telecom mun ications 0ther Rentals & Other lncome $3.00 4.38 4.99 $1.77 7.21 7.29 Urban Suburban Location Type Aitport lnterstate Small Metro/ Town $110.44 39.44 0.60 $7.57 $25.t2 2.12 27.17 0.61 3.88 $12.21 0.51 6.22 0.73 1.56 $2.61 3.32 3.60 Luxury $206 22 $10746 91.65 1.89 $8.18 $129.77 70.49 1.23 $16.58 3.28 31.52 0.95 4.14 $i07.53 33.87 0.59 $3.s8 $91 55 31.20 0.92 $12.06 1.83 20.36 0.36 3.33 $6.13 0.27 2.21 0.54 (0.01) $2.68 3.52 2.59 0.45 0.66 $9.86 $s6 48 15.65 0.57 $12.40 1.20 6.51 2.72 $7.42 0.25 1.68 o.67 $1.36 0.20 t.7l 3.03 2.39 0.06 2.r7 $6.78 Resort $143.55 70.21 3.17 $9.48 Upper Upscale 64.38 $18.0s 2.41 32.64 0.67 5.76 $9.77 0.42 4.44 0.70 0.54 $2.94 5.36 4.75 Class Upscale $107.76 lt.6t 2.95 ($0.30) $7.41 1.23 6.5? 1.64 $3.04 0.16 1.04 0.67 0.24 $1.66 1.26 1.56 $11.62 0.68 5.36 0.i7 2.5? $7.0s Upper Midscale $96.24 18.85 0.59 $0.24 $6.68 0.63 5.79 1.18 $3.04 0.10 1.10 0.24 $1.35 0.64 2.14 0.89 Midscale/ Economy $7r.02 15.05 0.30 $1.71 $7.03 0.53 6.51 0.61 $3.58 0.04 0.82 0.26 075 0.11 087 $1.57 1.16 $10.12 0.62 5.17 1.46 0.44 $11.88 2.74 tt.t I 0.84 4.16 $6.30 0.43 3.94 1.19 0.73 $34.57 3.42 43.56 0.61 6.39 $17.64 0.59 7.85 1,08 0.31 $10.59 3.49 6.27 15.20 3.43 13.02 3.23 1.60 2.13 8.46 1 20 1731 $4s.93 $42.t7 7.28 56.68 1.05 6.60 $24,71 1.27 11.47 1,66 1.81 $4.44 11.52 12.44 $1.25 061 1.07 $s.20 5.99 4.96 1.32 438 0.06 147 $3.14 $10.52 $27.51 4.01 6.32 9.71 t.-7 t 18.39 3.49 2.66 2.14 2.63 0.15 3.55 $14.02 s23.45 4.59 12.89 10.26 6.86 15.08 4.61 l.5 t z.5 t 11 97 2.t2 16.63 $4s.93 $8.s6 3.36 2.08 15.01 2.10 6,54 2.05 0.77 1.50 7.39 1.45 7.95 $19.33 ) a,? 0.71 1.52 8.54 1.38 $13.80 1.05 8.60 J.qZ 20.46 5.07 3.54 2.30 5,64 0.43 2.73 $7.47 3.37 4.01 Total Revenue $276.88 $149.06 $160.97 $111.09 $3s7.s7 $1s7.98 $s0r.01 $259.rs $151.91 $r21.4s $67.25 Total U,S. Dept. Expenses: Per-0ccupied-Room Night Geographic Region NewEngland MiddleAtlantic SouthAtlantic EaslNorthCentral EastSouthCentral WestNorthCentral WestSouthCentral Mountain DEPARTMENTAL EXPENSES Rooms Salaries & Wages Payroll Taxes & Benefits Reservation System Fees All Other Room Expenses Food & Beverage Cost of Food Cost of Beverage Salaries & Wages Payroll Taxes & Benefits All Other F&B Expenses Other Operated Depailments Telecom-Salaries & Wages Telecom-Payroll Taxes & Benefits Telecom-0ther Expenses Parking-Salaries & Wages Parking-Payroll Taxes & Benefits Parkrng-0ther Expenses Golf-Salaries & Wages Golf-Payroll Taxes & Benefits Golf-Cost of Retail Golf 0perations Golf Maintenance Golf-Other Expenses Spa-Salaries & Wages Spa-Payroll Taxes & Benefits Spa-Cost of Retail Spa-Other Expenses 0ther-Salaries & Wages Other-Payroll Taxes & Benefits All Other Expenses $19.00 9.10 5.93 15.88 $12.03 2.99 24.15 11.91 7.89 $1.20 0.66 0.70 2.04 1.06 3.51 0.59 3.95 1.45 2.74 1.05 1.85 $27.96 16.46 2.79 19.35 $9.8s 2.89 31 67 19.73 7.52 $14.96 6.97 2.29 12.05 $8.88 2.37 19.32 10.69 6.44 $1.19 0.54 0.83 232 1,.28 2.40 $11.76 3.18 1.03 i0.94 $0.91 0.30 0.76 4.83 10.92 4.63 1.45 1.08 041 0.40 4.60 1.20 3.06 $12.39 3.61 t.47 10.22 $8.05 2.06 14.21 5.34 4.28 $0.86 0.36 0.15 1.00 0.27 092 0.32 1.68 0.64 1.06 $12.s0 ? trE 1.74 11.73 $10.43 2.55 19.36 7.37 5.75 $14.83 4.70 t2.73 $t2.72 3.44 26.36 10.09 8.24 Pacific $20.48 11.30 2.57 16.67 $15.04 5.45 2.57 14.19 $2.10 1.41 0.71 1.54 0.61 6.87 0.50 1.92 1.41 810 2.30 1.00 1.47 0.39 0.81 0.71 12.52 2.47 1.37 0.99 0.69 152 0.68 5.32 3.01 1.14 2.11 1.86 3.49 1.22 7.67 7.02 1.31 2.60 1.30 2.76 1.07 t7 2l J.I Z 1.55 2.68 $1i.33 2.93 23.46 10.15 71q $1.21 0.51 0.80 t.37 0.52 2.96 6.45 2.19 1.87 9.47 29.10 o.76 r.51 0.80 8.22 3.45 1.32 2.92 $10.45 2.28 18.99 6.68 4.89 $11.28 3.09 27.1A 14 89 8.04 $1.49 0.85 0.60 2.18 1.22 3.19 7.55 2.93 2.06 $i.00 0.34 0.93 1.47 0.53 2.81 $1.23 044 0.75 2.05 0.70 3.95 8.87 3.08 2.43 Total Departmental Expenses $97.68 $118.39 $82.20 $70.28 $59.73 $s3.30 $63.79 $82.33 $107.23 $122.86 $t22.22 $rs8.13Total Departmental Profit $161.03 $r56.01 $132.2s $111.19 $r07.u $98.4r Total U.S. Defi. Experses: Per-Occupied-Room Night Urban Suburban Location Type Airport lnterstate Small Metro/ Town $21.s1 11.31 2.82 18,68 $10.s2 ?.91 25.70 14.03 7.83 $1.44 0.80 0.68 2.13 0.89 3.99 0.51 1.10 0.71 7.77 2.t4 0.98 1.80 $11.88 4.08 2.03 9.52 $8.12 1.95 16.87 7.0i 4.49 $1.19 0.49 0.81 ,RA 1.33 3.02 4.93 1.94 1.43 0.52 3.06 1.49 7.02 2.49 0.87 1.12 $13.55 5.46 a ,l 11.92 $7.21 1.50 14.76 7.12 3.38 $0.97 0.45 0.71 0.88 0.37 0.50 0.08 0.67 1.78 074 1.48 $10.42 2.65 i.49 1.59 Resort $22.74 10.17 3.64 20.64 $17.83 4.83 35.87 16.24 12.56 $14.08 3.89 1.70 9.s9 $13.03 3.36 24.09 8.57 AOq Luxury $3s 44 17.91 3.95 29.34 $23.30 757 54.75 27,04 19.30 Upper Upscale $18.97 O?R 3.14 17.09 $ 11.71 2.64 24.39 12.1i 7.12 Class Upscale $13.64 4.12 2.21 11.20 $3.83 0.91 6.02 2.44 1.86 $0.80 0.25 0.64 1.27 0.21 1.67 10.69 4.23 1.84 0.02 1.s4 2.09 0.45 1.26 Upper Midscale $r272 3.77 1.64 10.61 $3.89 1.05 5.83 2.21 2_02 $0.87 036 1.00 0.36 0.78 0.00 i.03 0.31 1.06 Midscale/ Economy $6.34 t.71 1.28 3.73 $3.46 0.93 5.31 1.80 1.69 0.64 0.13 0.00 9.32 DEPARTMENTAL EXPENSES Rooms Salarres & Wages Payroll Taxes & Benefits Reservatrsn System Fees All 0ther Room Expenses Food & Beverage Cost of Food Cost of Beverage Salaries & Wages Payroll Taxes & Benefrts All Other F&B Expenses Other Operated Departments Telecom-Salaries & Wages Telecom-Payroll Taxes & Benefrts Telecom-Other Expenses Parking-Salaries & Wages Parking-Payroll Taxes & Benefits Parking-0ther Expenses Golf-Salaries & Wages Golf-Payroll Taxes & Benefits GoltCost of Retail Golf 0perations Golf Maintenance Golf-Other Expenses Spa-Salaries & Wages Spa-Payroll Taxes & Benefits Spa-Cost of Retail Spa-0ther Expenses 0ther-Salaries & Wages Other-Payroll Taxes & Benefits All Other Expenses $6.9s 2.14 8.56 2.70 3.ii 0.19 1.01 0.13 0.51 5.84 0.71 1.35 $1.43 0.66 0.81 1,70 0.95 2.64 6.96 t.3t 2.21 2.04 8.83 20.93 2.82 2.32 0.90 12.24 6.42 2.22 6.73 $1.51 070 0.90 0.49 13.85 4.19 2.39 $2.10 108 0.98 3.16 1.54 6.69 10.86 3.92 3.s3 $1.19 061 0.73 1.46 0.70 2.17 5.02 1.70 1.43 1.44 6.45 24.89 0.61 1.01 0.45 1.94 Lbu 1.02 t.oz 15.71 2.04 4.92 l.s6 8.04 7.31 2.11 2.45 4.31 3.73 1.57 20.79 6.75 2.42 6.67 0.20 Total Departmental Expenses $1n.70 $50.13 $s8.49 $3s.s9 $1s3.il $59.s6 $232.53 $108.e0 $4s.s0 $36.93 $14.74 Total Departmental Profit $15s.19 $98.93 $102.49 $7s.10 $204.47 $98.42 $268.48 $160.29 $106.41 $84.s3 $s2.s0 Total U.S. Undistributed Exp.: Pet-Occupied-Room Night Geographic Region New England Middle Atlantic South Atlantic East North Cenkal East Souh Cenhal West North Cenbal West South Cenbal Mountain UNDISTRIBUTED OPERATING EXPENSES Administrative & General Salaries & Wages Payroll Taxes & Benefits Credit Card Commissions All Other Expenses Ma*eting Salaries & Wages Payroll Taxes & Benefrts Franchise Royalty Fees Franch rse Advertising Assessment Loyalty Program Fees 0ther Expenses Utility Costs Electricity Gas Water & Sewer 0ther Prope*y Operations & Maintenance Salaries & Wages Payroll Taxes & Benefits All 0ther Expenses $4.70 183 7.58 3.64 403 9.43 $4.35 1.82 8.24 4.8i 4.06 9.8i $3.59 1.33 6.53 3.43 3.13 7.25 $3.69 1.16 6.51 3.07 2.74 s.59 $5.06 1.78 5.64 3.02 3.06 7.87 $4.s0 1.70 7.77 3.78 3.69 9.83 $7.63 2.80 6.05 13.06 $6,01 I.58 1.90 2.43 $3.78 1.40 5.37 $8.84 3.68 6.42 t2.34 $6.54 )7) 4.65 11.74 $4.26 1.43 5.80 3.01 3.20 8.86 $4.90 1.00 1.81 1.02 $3.21 t.20 5.14 $5.82 2.10 4.29 8.92 $5.19 1.70 3.53 8.08 $3.10 L07 6.25 3.61 2.90 6.25 $3.85 1.12 1.16 1.37 $2.80 0.95 4.04 $5.23 1.72 3.40 7.t6 $5.55 1.85 4.20 8.97 $3.90 i.29 s.B0 3.28 2.89 7.10 $4 09 0.8I 1.51 0.58 $2.64 0.88 4.52 $6.75 2.39 4.64 9.42 Pacific $7.77 3.04 6.16 10.73 $s.71 1.20 1.61 2.t8 $4.41 2,34 5.51 $3.72 1.18 1.20 1.33 $2.88 1.25 4.02 $3.e0 1.21 1.14 2.07 $2.40 0.75 3.69 $4.ss 1 1a 1.54 1.19 $3.18 1.03 4.71 $5 93 1.16 1,98 0.95 $4.16 2.00 5.11 Total Undistilbuted 0perating Expenses $63.4s $64.90 $53.s7 $47.40 $4s.55 $42.28 $46.98 $s3.60 $61.14 GROSS OPERATING PROFIT $97.58 $10l.ll $78,68 $63.79 $61.62 $56.r3 $7s.88 $68.62 $96.99 15 Total U.S. Undistributed Exp.: Per-Occupied.Room Night Location Type Urban Suburban Airport lnterstate Resort Small Meho/ Town $6.30 1.96 3.51 6.59 Luxury $14.82 5.7t 12.42 22.05 $8.76 3.23 9.87 5.59 5.61 18.29 $9.36 2.17 3.22 2.27 $8.50 4.04 9.68 Upper Upscale $7.58 2.94 5.98 11.70 Class Upscale $5.00 1.51 3.68 7.35 $2.57 0.81 6.92 3.71 3.05 5.35 $3.77 0.84 1rq 0.60 $2.11 0.70 3.72 Midscale/ Economy $2 12 0.56 0.85 4.69 $ 1.90 0.59 2.8t 1.77 1.63 2.47 $2.25 0.45 t.25 0.18 $1.21 0.33 2.54 Upper Midscale UNDISTRIBUTED OPERATING EXPENSES Administrative & General Salaries & Wages Payroll Taxes & Benefits Credit Card Commrssions All Other Expenses Marketing Salaries & Wages Payroll Taxes & Benefits Franchise Royalty Fees Franchrse Advertising Assessment Loyalty Program Fees 0ther Expenses Utility Costs Electncrty Gas Water & Sewer 0ther Propefty Operations & Maintenance Salaries & Wages Payroll Taxes & Benefts All Other Expenses $7.95 3.11 6.s8 12.59 $5.16 1.i6 1.73 1.96 $4.24 2.02 5.07 $5.04 1.65 3.25 8.2t $3.26 1.06 6.24 3.00 2.91 5.45 $3.78 0.84 1.36 0.68 $2.19 0.76 3.95 $5.33 1.89 3.75 7.00 $2.94 0.99 5.67 2.98 3.11 6.93 $3.56 0.80 1.36 0.66 $3,87 1.11 212 6.15 $9.62 3.63 7.53 16.24 $6.i8 2t6 7.18 4.00 4.32 13.64 $8.78 1.94 2.73 0.76 $6.20 l.bJ 7.10 $4.04 1.25 2.95 6.28 $2.54 0.96 3.82 $2.08 066 5.03 289 2.17 3.04 $4.04 1.08 5.31 3.00 2.56 5.40 $4.87 1.76 7.80 3.03 3.99 11.08 $2.25 0.67 5.99 2.92 2.41 3.57 $3.36 0.69 1.28 o.42 $1.93 0.59 a ltr $3.13 0.69 i.11 0.25 $1.85 0.48 3.49 $4.12 1.30 1.50 1.03 $3.15 0.95 4.42 $5.87 i.36 r.82 1.37 $4.62 2.05 5.40 Total Undistributed 0perating Expenses $64.23 $40.72 $42.13 $33,69 $81.17 $45.82 $1t0.74 $64.s1 $41.23 $36.17 $19.27 GROSS OPERATING PROFIT $100.96 $s8.21 $60.36 $4r.41 $123.2s $s2.s9 $157.74 $9s.79 $6s,18 $48.36 $33.23 76 $4.77 L87 7.67 4.11 3.63 10.69 fo'lai U,S, Sclected Fixed Cosis: PeF0ccupied-Room Night New England $7.s3 $90.71 Middle Atlantic $8 68 $92.24 South Atlantic $6.17 $71.9s $ 1 1.17 2.86 0.32 $1.18 0.93 0.62 $16.82 8.48 0.28 $1.33 r,02 1 20 $5.54 1.11 0.35 $1.79 1,00 0.56 $8.07 1.85 0.09 $0.82 0.69 0.49 $3.s2 0.64 0.35 $0.74 0.47 0.15 $6.79 1.40 0.13 $0.71 0.66 0.33 $6.43 0,91 0.28 $1.3s 0.68 0.23 Mountain $6.22 $53.13 $5.41 1.11 0.39 $0.84 0,85 0.59 Pacific $8.22 $89.50 $6.59 0.96 0.81 $2.sa o.92 1.05 Geographic Region East North Centnl East Soutr Cenbal West North Cenhal West South Cenhal $5.82 $s.38 $4 58 $5.71 $58.s2 $s6.41 $s2.12 $70.07 Management Fees INCOME BEFORE FIXED CHARGES SELECTED FIXED COSTS Taxes Real Estate Taxes Personal Property Taxes Other Taxes lnsurance Building & Contents Lrabrlrty 0ther AMOUNT AVAILABLE FOR DEBT SERVICE AND OTHER FIXED CHARGES $73.58 $66.97 $s8.64 $46.3s $48.01 $41.38 $s8.sl $51.45 $73.85 Reserve for Replacement $14.11 $12.90 $10.ss $7.60 $7.78 $7.24 $9.46 $10.15 $13.32 77 Total U.S. Seleeted Fixed Costs: Per-Occupied-Room Night Urban $8.14 $92.77 $11.66 t.5t 0.65 $ 1.66 0.95 l1? Suburban $5.16 $53.73 $4.98 1.48 0.29 $1.05 0.58 0.18 Airport $s.19 $5s.07 $4.84 098 0.14 $1.18 0.70 0.64 lnterstate $3.63 $38.06 $3.78 0.54 0.18 $1.04 0.34 0.16 Resort $10.24 $u3.s8 $7 90 1.13 0.12 $3.60 1]4 1.45 Small Metro/ Town $5.51 $47.39 $3.93 0.70 0.21 $1.46 0.80 0.50 Luxury $14.13 $r43.88 $17.87 1.51 1.15 $4.16 1.75 2.32 Upper Upscale $7.52 $88.12 $9.28 1.46 0.68 $ 1.90 t.t2 1.26 Class Upscale $5.61 $s9.46 $5.e0 1.48 0.29 $1.00 0.88 0.88 Upper Midscale $4.16 $4.67 0.14 0.04 $0.94 0.64 0.38 Midscale/ Economy $2.02 $3.41 0.32 0.04 $i.04 0.27 (0.04) Location Type Management Fees INCOME BEFORE FIXED CHARGES SELECTED FIXED COSTS Taxes Real Estate Taxes Personal Property Taxes Other Taxes lnsurance Building & Contents Lrabrlrty 0ther $44.08 $32.26 AMOUNT AVAILABLE FOR DEBT SERVICE AND OTHER FIXED CHARGES $73.21 $44.79 $43.68 $32.87 $92.37 $40.02 $109.30 $71.22 $49.00 $37.3r $28.54 Reserve for Replacement $12.10 $7.62 $8.01 $6.36 $17.s9 $e.32 $20.82 $r2.s9 $5.60 $4.92 $1.79 Total U.S. Payroll Summary Ratio- to-Sales 10.8% 4.8 15.6 30.3% 44.8 75.8% t12.7 25.3'/" 2.9% 1.1 4.1 Total U.S. Per-Available- Room $4,574 2,030 5,536 $6,s41 3,205 8,996 $371 $1,s47 620 2,224 $1,836 674 2,437 $1,1s1 415 t,542 $896 368 i,363 $13,569 5,8s0 t8,924 Per-Occupied- Room Night $16.90 7.50 24.24 $24.09 11.80 33.32 $6.79 2.49 9.04 $4.23 1.52 5.69 $50.14 2r,61 70.19 Full-Service Per-Available- Room Per-Occupied- Room Night Limited-Service Per-Available- Room $48s 150 687 $917 262 t,t92 $528 $416 119 594 $4,323 1,249 6,O42 Ratio- to-Sales 10.9% 5.2 16.1 30.3% 75.5% 37.7 112.1 23% 1.1 4.1 1.6% 0.7 2.7 23.0% 10.3 33.6 $5,518 2,643 7.858 $6,922 3,395 9.570 $372 $1,588 640 2 )RA. $2,21I u3 2.952 $ 1,382 512 i,867 $r,212 535 1,734 $18,121 8,114 25.200 $20.37 9.76 29.17 $2s.54 t2.52 35.53 $1.35 0.69 2.01 $s.81 8.36 $8.19 3.11 10.96 $s.10 1.89 6.92 $4.53 2.ffi 6.44 $66.90 29.95 93.55 Ratio- to-Sales 10.3% 3.0 13.8 42.8v. t8.7 61.0 196.3% 94.0 316.2 41.6% 16.1 58.9 0.9 ?o t3% 0.6 t.J 1.6% 0.5 2.1 16.3% 4.7 2t.2 Per-Occupied- Room Night Rooms Salaries & Wages Taxes & Benefits Total Rooms Payroll Food & Beverage Salaries & Wages Taxes & Benefits Total F&B Payroll Telecommunications Salaries & Wages Taxes & Benefits Total Telecommunications Payroll Other 0perated Departments Salaries & Wages Taxes & Benefits Total 0ther Department Payroll Administrative & General Salaries & Wages Taxes & Benefits Total G&A Payroll Marketing Salaries & Wages Taxes & Benefits Total Marketing Payroll Property Opemtions & Maintenance Salaries & Wages Taxes & Benefits Total POM Payroll Total Payoll Salaries & Wages Taxes & Benefits Total Payroll $2,658 7U 3,822 $322 136 trrl $263 59 424 190 552 $9.84 2.90 14.15 $0.99 0.22 1.60 2.35 aE aol 10.0 36.2 $1.35 0.68 2.01 $5.66 2.28 8.14 186 5s1 37.9 10.1 36.4 14.8 M.8 14.8 1.8% 0.6 l.t) $1.16 0.49 I.90 $1.78 0.56 2.53 $3.39 0.97 4.4t $1.92 0.58 2.fi $1.54 0.M 2.20 $16.00 4.62 22.31 1.8% 0.6 2.5 159 684 1.6"/. 0.7 2.6 9.5 31.7 $3.34 1.37 5.05 79 Total U.S. Payroll: Ratio-to-Sales Rooms Salaries & Wages Taxes & Benefits Total Rooms Payroll Food & Beverage Salaries & Wages Taxes & Benefits Total F&B Payroll Telecommunications Salarres & Wages Taxes & Benefits Total Telecommunications Payroll 0ther Opented llepartments Salaries & Wages Taxes & Benefits Total Other Department Payroll Administrative & Genenl Salaries & Wages Taxes & Benefits Total G&A Payroll Marketing Salaries & Wages Taxes & Benefits Total Marketing Payroll Property Operations & Maintenance Salaries & Wages Taxes & Benefits Total POM Payroll Total Payroll Salaries & Wages Taxes & Benefits Total Payroll New England Middle Atlantic South Atlantic 10.3%12.4%10.5% 3.8 14.1 30.7% 15.1 45.9 37.4./. 23.4 59.9 28.4% 12.4 40.5 75.5./. 40.6 116.1 93.2%71.t% 28.8 99.3 24.2% 10.8 35.9 24.2"/" 10.7 33.8 Geographic Region East Soutl Gntal 10.4% 2.8 13.5 51.9% 17.5 69.0 3.0% 1.0 4.t 1.7'/. 0.6 2.3 21.6% 6.5 28.3 5.94.9 15.4 17.9 50.0 10.8 39.4 27.2% 9.6 38.3 29.2% 16.1 44.2 49.259.4 150.8 7.3 19.5 East North Cental 11.4'/. 5.3 16.4 62.0% 31,3 92.3 30.4% 13.2 45.1 3.0'/" l.i 4.0 1.8% 0.7 2.5 1.87. 0.8 2.6 26.2% 11.6 39.1 West North Centsal 22.1% 7,1 29.r West Sonth Cental 9.6% 2.7 12.5 26.3% 9.9 35.2 52.8'/" 18.5 71.0 21.5% 7.9 29.8 Mountain 11.1% 3.5 14.7 28.3./. 84.3% 31.4 115.0 33.9% 11.6 44.7 2.2% 0.8 3.0 1.7% 0.6 )? Pacific 10.6% 16.6 32.6% 87.0% 134.5 2.9% 1.0 4.0 23% 1.2 4.0 1.6% 0.8 2.4 24j% 13.3 36.3 1.9% 0.6 l.a 1.6% 0.6 2.1 22.0% 19.8% 5.5 24.2 22.8% 9.0 34.0 3.t% 1.1 4.2 3.0% 1.0 3.9 0.6 2.4 233% 8.1 32.0 22.1% 10.2 32.4 8.3 30.0 2.9% 1.0 3.8 t.9% 0.6 2.6 1 qo/ 0.5 2.0 20.2% 6.6 26.9 1.1 3.7 1.7% 0.7 ?R 1.6% 0.6 2.t 1.5% 0.6 2.t r.6% 0,6 a) 2t.7% 11.0 33.5 1.7% 0.8 2.4 21.5'./" 9.6 31.3 80 11.2% 3.3 14.6 28.5% 10.5 s9.5 67.3% 27.8 93.8 22.5'/" 6.5 32.0 33% 1.1 4.3 23% 0.7 2.9 1.7'/" 0.5 2.2 Total U.S. Payroll: Ratio-to-Sales Location Type Urban Suburban Airport lnterstate Resort Small Mebo/ Town 11.8% 22 15.6 Luxury Upper Upscale 10.6% 29.4% 14.6 43.5 68.5% 34.3 101.8 8.4 30.0 1.8% 0.6 2.6 t.7v" 0.7 2.7 t0.2 33.0 Class Upscale 10.4% 3.6 14.4 30.7% 12.5 44.7 137.2./. 185.7 22.2% Upper Midscale 11.5% 3.4 15.1 Midscale/ Economy 9.9% 2.7 13.1 36.6% i2.8 49.0 1393.6% 59.3 1670.1 Rooms Salaries & Wages Taxes & Benefits Total Rooms Payroll Food & Beverage Salarres & Wages Taxes & Benefits Total F&B Payroll Telecommunications Salaries & Wages Taxes & Benefits Total Telecommunications Payroll 0ther Operated Departments Salaries & Wages Taxes & Benefits Total Other Department Payroll Adminishative & General Salaries & Wages Taxes & Benefits Total G&A Payroll Ma*eting Salaries & Wages Taxes & Benefits Total Marketing Payroll Property Operations & Maintenance Salaries & Wages Taxes & Benefits Total POM Payroll Total Payrcll Salaries & Wages Taxes & Benefits Total Payroll 10.9% 5.7 16.7 11.3% 2.9 14.8 31.5% 17.2 48.8 75.4./. 41.2 115.3 22.1% 9.1 31.3 i0.6% 3.6 14.3 29.9'/. 69.6% 29.8 98.5 24.6% 10.1 35.3 21.0% 7.4 28.4 11.27. 4.5 15.7 285% 13.7 41.9 69.0% 32.5 100.8 I.77o 0.6 aa 1.6% 0.6 t.t 30.3% 9.2 42.0 4947.8% 4U.9 6291.4 36.1% 9.1 58.7 3.6% 1.0 4.5 20.3v. 5.4 26.7 10.6% 4.7 15.1 29.t% 81.2'/. 36.1 116.9 a1 00/ 10.9 40.5 1.7% 0.7 2.3 22.9v" 9.7 32.9 32.4% It.7 iq a 11.6% 5.9 t7.2 31.9% 15.8 47.0 24.8./" 11.6 36.7 33.0% t2.7 48.2 3.2 15.9 13.2 41.7 12.5 42.0 l.l 4.2 19.0% 6.2 25.2 21.5v. 8.7 29.9 246.9% 117.0 361.1 3.6% 1.1 4.8 24.8v. 7.5 31.7 3.3% i.0 4.2 750.t% 565.6 1139.2 43.1% 13.5 1) ) 1.0 4.2 19.6% 5.9 25.0 ao 1.1 4.0 87.2y" 44.4 131.2 30.5% t2.4 44.2 2.8% 1.1 4.1 0.6 1.6% 0.8 2.8 54.1 34.6% 14.4 46.3 14.6% 6.0 20.4 38.5% 8.3 46.6 5.7 30.5 2.8% 1.1 3.9 3.2% 1.0 4.I 2.1% 0.7 2.8 1.6v. 0.6 l.t 1.7% 0.6 2.4 1.6% 0.7 2.3 22.2% 11.0 33.4 2.6% 1.0 3.6 1.7% 0.6 2.3 3.0% 0.8 20 2.91" 0.9 J./ 1.7% 0.5 2.2 1.8% 0.5 2.5 1.8% 0.5 a) 1.6% 0.5 2.3 2.1% 0.6 2.6 t.9% 0.6 2.7 r.7% 0.5 1a 1.4% 0.5 2.2 1.8% 0.5 2.4 16.r70 4.4 2r.t 81 Tota! U.S. Payroll: Per-Available-Room Rooms Salaries & Wages Taxes & Benefits Total Rooms Payroll Food & Beverage Salaries & Wages Taxes & Benefits Total F&B Payroll Telecommunications Salaries & Wages Taxes & Benefits Total Telecommunications Payroll Other Opented Departments Salaries & Wages Taxes & Benefits Total Other Department Payroll Administrative & General Salaries & Wages Taxes & Benefits Total G&A Payroll Marketing Salaries & Wages Taxes & Benefits Total Marketing Payroll Property 0perations & Maintenance Salaries & Wages Taxes & Benefits Total POM Payroll Total Payoll Salaries & Wages Taxes & Benefits Total Payroll New England Middle Atlantic South Atlantic Geographic Region East South Central $3,08s 4,075 $s,048 $1,807 458 2,216 $1,s63 447 1,848 $821 282 i,095 $742 252 1,044 $9,453 2,881 12.t74 $s,084 2,436 2616 $6,711 3,297 9.604 $340 $1,265 575 1,880 $2,050 2,872 $1,269 493 1,794 $996 368 1,439 $14,955 6,561 21,596 $7,939 4,675 12,022 $9,165 5,710 12,774 $62r 4t7 1,005 $974 450 1,360 $2,525 1,067 3,313 $1,2s5 524 1,690 $1,233 656 1,930 $20,801 11,512 29,334 $4,065 t,472 5.496 $6,341 2,769 8,559 $325 138 454 $1,378 543 2,056 $1,787 630 2,359 $1,148 387 t,522 $863 323 1,2t2 $12,778 4,836 t7.268 East North Central $3,885 i,809 5,544 $5,082 2,793 7,289 $312 t42. 4U $1,0s0 436 1,529 $1,509 546 1,997 $937 349 1,25 t $740 322 1,241 $10,565 4,865 15,207 West North Central $3,161 4,t40 $3,541 1,331 4,786 $s39 295 1,195 $8,478 2,711 11,188 West South Cental $3,263 4.244 $s,048 1,914 6,495 $1,300 490 1,801 $1,446 1,912 $1,029 342 1,372 $9,859 3,224 13,087 Mountain $3,777 1,197 4,931 $6,s66 2,520 8,278 $304 3,791 $1,722 2,260 $1,290 457 1,670 $817 265 r,222 $12,s54 4,380 16,686 Pacific $s,949 3,29t 8,893 $2886 4,335 i1,396 $437 $1,887 , ol R $2,265 2,986 $1,318 497 1,806 $1,202 578 1.849 $17,646 8,896 25,632 928921835 251 676 109 415 $261 90 35i 1,776 o,ttb $243 80 322 185 523 $213 90 297 $554 t72 786 $1,332 437 1,717 $2,879 880931 885610AOa751 $686 228 974 $612 192 826 82 Total U.S. Payroll: Per-Available-Room Rooms Salaries & Wages Taxes & Benefits Total Rooms Payroll Food & Bevenge Salarres & Wages Taxes & Benefits Total F&B Payroll Ielecommunications Salaries & Wages Taxes & Benefits Total Telecommunications Payroll Other Operated Departments Salaries & Wages Taxes & Benefits Total Other Department Payroll Administrative & General Salaries & Wages Taxes & Benefits Total G&A Payroll Mailteting Salaries & Wages Taxes & Benefits Total Marketing Payroll Property 0perations & Maintenance Salaries & Wages Taxes & Benefits Total POM Payroll Total Payroll Salaries & Wages Taxes & Benefits Total Payroll Urban Suburban Location Type Airport lnterstate Small Metro/ Town $3,457 4.423 $5,794 2,084 6,704 $3s3 $3,733 1,489 5,005 $1,539 480 1,859 $10,084 3,084 12,055 $5,968 3,139 9,057 $7,i64 3,904 10.354 $401 $889 t,258 $2,205 $1.333 522 1,843 $1,171 558 1,756 $17,647 8,710 25,729 $3,151 1,084 4,363 $4,412 1,847 5,899 $r,272 513 1,825 $1,334 438 r,755 $8,091 2,858 11.188 $3,846 1,548 5,297 $4,233 2,066 5,729 $1,sl5 538 1,940 $712 269 1,001 $10,061 4,@6 13,582 $2,649 673 3,524 $2.135 67s 2,919 $3,049 759 4,958 $534 171 690 $5.431 1,M3 7,378 Resort s6,079 2,722 8,460 $9,601 4s50 13,237 $2,82r 1,154 4,107 $2,563 979 3,435 $1,638 697 2,21,1 $22,568 9,493 31,206 Luxury $9,697 4,906 14,lo7 $15,001 7,409 20,913 $3,509 1.453 5,089 $4,050 1,583 5,367 $2.399 888 3,272 $2,330 1,111 3,179 $3s,618 15,596 50,380 Upper Upscale $5,175 2,550 7,497 $6,660 3,308 9,421 $1 326 481 i,799 $i,241 1,700 $16,925 7,743 24,|8 Class Upscale $3,769 1,303 5,243 Upper Midscale $3,307 983 4,348 Midscale/ Economy $1,658 448 2,222 $1,241 423 1,635 $38 45 $1,862 352 ) )q) $549 146 712 $506 158 657 $3r6 85 412 $2,782 769 3,701 957 $228 72 309 $991 400 i,411 $2,060 $1,384 2,825 1,713 $1,650 $1,506 582 2,174 $243 98 368 $407 126 693 $1,051 326 1,278 $717 228 938 $589 176 7I7 $7,781 2,546 10.563 $6,149 1,855 7,825 674 2,602 $717 168 987 $327 168 486 $57s 297 866 162 487 $s82 t76 550 $348 46 443 $282 t32 413 $524 213 aa) $3is l3l 446 222 614 37t R 418801 $979 280 1,280 861 , qq7 $507 155 693 $581 194 870 552 $991 270 1,1 15 $769 233 1.026 $1,649 578 2,194 $471 t2t 697 $841 283 1,105 $869 284 1,166 $582 200 868 83 Total U.S. Payroll: Per-Occupied-Room Night Rooms Salaries & Wages Taxes & Benefits Total Rooms Payroll Food & Beverage Salaries & Wages Taxes & Benefits Total F&B Payroll Telecommunications Salarres & Wages Taxes & Benefrts Total Telecomm unications Payroll Other Operated Departments Salaries & Wages Taxes & Benefits Total Other Department Payroll Administrative & General Salaries & Wages Taxes & Benefrts Total G&A Payroll Marketing Salaries & Wages Taxes & Benefits Total Marketing Payroll Property Operations & Maintenance Salaries & Wages Taxes & Benefits Total POM Payroll Total Paymll Salaries & Wages Taxes & Benefits Total Payroll New England Middle Atlantic South Atlantic Geographic Region East South Central $ I1.76 3.18 t5.79 $19.i9 6.75 ac-il $0.91 0.30 t.2l $703 8.62 $5.19 7.18 $3.10 1.07 417 $2.80 0.95 4.04 $36.03 10.98 47.17 $19.00 9.10 28.51 $24.15 t2.t6 35.65 $1.20 0.66 1.85 $4.62 2.12 6.87 $7.63 2.80 10.72 $4.70 6.68 $3.78 1.40 5.39 $55.90 24.90 80.85 $27.96 16,46 42.33 $31.67 19.73 44.25 $15.04 5.45 20.44 $23.48 10 25 31.95 $47.29 17.90 64.24 East North Central $14.96 6.97 21.46 $19.44 10.69 28.13 $ 1.19 0.54 1.17 $3.86 1.65 5.73 $s.82 7.72 $3.59 1.33 4.81 $2.88 1.25 4.80 $40 59 18.74 58.85 West North Central $12.39 3.61 16.31 $14.21 534 19.26 $0.86 0.36 1.19 $2.22 0.69 3.15 $5.23 1.72 6.79 $2.40 075 3.25 $33.24 10.63 44.07 West South Cental $12.50 ?(q t6.29 $19.48 739 25.08 $1.00 0.34 1.35 $5.04 6.99 $5.5s 7.36 $2.64 088 3.14 Mountain $14 83 19.37 s26.36 10.13 33.16 Pacific $20.48 11.30 30.80 $27.12 i4.9r 39.41 $1.49 0.85 2.30 $6.48 3.05 9.66 $7.78 3.04 i0.34 $4.51 l.7I 6.24 $60.73 30.56 88.78 470 $2.10 1.41 3.40 1.91t.721.56 4.67 $1.23 0.44 1.68 $3.34 $11.62 3.76 15.30 $6.77 2.40 8.91 $5.06 6.58 $3.18 1.03 4.80 $s0.86 t7.20 65.56 $8.84 373 11.59 $4.39 1.83 5.92 $4.41 2.34 6.19 $73.2s 40.54 103.28 1.851702.r0 $3.69 1.16 4.73 $3.90 1.30 5.22 1]9183 $4.16 200 6.40 84 $1.21 0.51 1.69 $5.10 2.00 7.61 $6.65 2.33 8.78 $4.26 1.43 5.64 $3.21 120 4.51 $37.75 12.35 50.23 Total U.S. Payoll: Per-Occupied-Room Night Location Type Urban Suburban Airport lnterstate Resort $21.51 11.31 32.56 $25.78 14.05 37.21 $i.44 0.80 2.20 $3.17 1.33 4,49 $7.95 3.11 10.77 $4.24 2.02 6.31 $63.5e 31.39 92.49 $11.88 4.08 I6.48 $16.89 22.62 $1.19 0.49 1.68 $2.19 076 3.28 $30.51 L0.77 42.27 $i3.s5 546 18.79 $14.83 7.23 20.?2 $0.97 $1.82 0.74 2.54 $5.33 1.89 6.88 s2.94 0.99 3.90 $35.46 14.40 48.19 $10 42 2.65 14.14 $8.56 12.19 $ 1.45 0.19 1.84 $14.14 347 23.00 $2.08 0.66 2.74 $ 1.85 0.48 2.80 $21.35 5.68 29.6t $22.74 10.17 31.86 $35.87 16.21 49.92 Small Metro/ Town $i4.08 3.89 18.40 $24.09 28.57 $1.51 0.70 2.20 $17.55 6.70 23.53 $6.30 1.96 7.75 $4.04 4.58 $3.1s 095 4.21 $4i.06 12 56 50.14 Luxury $35.44 17.91 51.51 $54.75 27.04 76.33 $2.10 1.08 3.16 $i2.96 5.38 t8.79 $14.82 19.60 $8.76 3.23 1i.93 $8.50 404 11.61 $130.17 60.58 183.94 Upper Upscale $18.97 9.35 27.60 $24.39 12.12 34.68 $i.19 0.61 1.77 $3.62 1.47 5.15 $7.58 2.94 I0.40 $4.87 1.76 6.62 $4.62 205 6.26 $62.04 28.38 88.80 Class Upscale $13.64 4.72 19.03 $0.80 0.25 1.08 s2.s9 062 3.57 $5.00 1.5i o-z! $2.s8 3.39 $2.11 070 3.16 $28.16 9.22 38.34 Upper Midscale il.?.72 3.77 16.90 $s.83 2.25 8.64 s0.87 0.36 i.31 $1.51 0.47 2.57 $4 04 11q 4.96 $2.25 0.67 2.78 $1.93 059 2.69 $23.66 7.n 30.41 Midscale/ Economy $6.34 1.7i 8.53 $5.31 1.80 7.10 $0.1s 0.02 0.18 $9.32 1.60 1 1.28 $2.13 0.57 2.78 $ 1.90 0.59 2.48 $1.21 033 1.58 $10.63 294 t4.2t Rooms Salaries & Wages Taxes & Benefits Total Rooms Payroll Food & Beverage Salaries & Wages Taxes & Benefits Total F&B Payroll Telecommunications Salaries & Wages Taxes & Benefits Total Telecommunications Payroll 0ther Operated Departments Salaries & Wages Taxes & Benefits Total Other Department Payroll Administrative & General Salaries & Wages Taxes & Benefrts Total G&A Payroll Marketing Salaries & Wages Taxes & Benefits Total Marketing Payroll Property 0perations & Maintenance Salaries & Wages Taxes & Benefits Total POM Payroll Total Payroll Salaries & Wages Taxes & Benefits Total Payroll $6.08 8.662,707.07 2.49 9.60 0.45 1.42 $ 1.43 0.66 2.06 0.81 5.77 1,09 $4.82 1.95 6.91 $5.05 1.66 6.65 $3.26 1.06 4.39 $4.79 1.88 6.62 $10.55 4.35 15.36 $9.62 3.66 12.94 $6.18 2.16 ar( $6.20 2.63 8.33 $84.41 35.48 117.51 $2.54 0.96 3.55 85 $3.87 1.1 1 5.16 glossary 5TR Based on the Uniform System of Accounts for the Lodging lndustry (Tenth Revised Edition) Type of Hotel Full-Service Hotel Hotels reporting food and beverage revenues and expenses, where food and beverage revenues are greater lhan 5% of room revenues. Limited-Service Hotel Hotels with rooms-only operations (i.e. without food and beverage service). These hotels are often in the budget or economy group and do not report food and beverage revenue. Hotels may be included that offer food and beverage, but do not collect the revenues from operation. Revenues Rooms Revenues derived from the rental of sleeping rooms at the hotel, net of any rebates and discounts. Rooms - Transient Revenue Revenues derived from rental of rooms and suites by individuals or groups occupying less than 10 rooms per night. Rooms - Group Revenue Revenues derived from renting blocks of 10 or more rooms or suites per night to a group. Rooms - Service Charges Automatic charges added to the rental of rooms in respect of a service or use of an amenity. Rooms - 0ther Miscellaneous revenue associated with an occupied roorTl; r1o shows and late checkout fees. Food Revenues derived from the sale of food, including coffee, milk, tea and soft drinks. lncludes food revenues from outlets, banquet/catering, in-room dining, mini bar and other food. 0utlet Food Revenue Sales of food in specific dining areas in the property. BanqueU0atering Food Revenue Sales of food in a property's banquet rooms and for group functions outside the property. ln-Room Dining Food Revenue Sales of food that require delivery to customers in the guestroom. Mini Bar Food Revenue Sales of packaged food placed in a guestroom; candy, snacks, soft drinks. 0ther Food Revenue Sales of consumable food items not designated as outlet, in-room dining, banquet/catering, or mini bar revenues. HOST Almanac 2075 Page 86 ANALYTICS 5TR ANALYTICS Beverage Revenues derived from the sale of beverages, including beer, wine and liquors. lncludes beverage revenues from outlets, banquet/catering, in-room dining, mini bar and other beverage. 0utlet Beverage Revenue Beverage sales in specific dining areas in the property. Banquet/Gatering Beverage Revenue Beverage sales in the property's banquet rooms and for group functions outside the hotel. ln-Room Dining Beverage Revenue Beverage sales that require delivery to customers in their guestroom. Mini Bar Beverage Revenue Sales of packaged beverages (bottles and cans) placed in a guestroom. Other Beverage Revenue Sales of consumable beverage items not designated as outlet, in-room dining, banquet/catering or mini bar revenues. 0ther Food and Beverage Revenues derived from other sources such as meeting room rentals, cover or service charges or revenues derived from the sale of goods or services made in connection with banquets, such as equipment rental, music, decorations and souvenirs. Also includes banquet service charges. Audio Visual Revenues and commissions derived from supplying audiovisual equipment and services to customers, whether the equipment is owned by the property or rented from a third party. Room Rental Revenue derived from the rental of public meeting rooms to customers. Service Charges Automatic charges added to any food sale to help cover the cost of staff service to the customer. Telecommunications Revenues derived from guest-use of telephones in the hotel, including local and long distance calls, service charges, high speed or wireless internet and commissions received from pay phones. 0ther 0perated Departments Revenues generated from garage and parking, guest laundry, golf and tennis, health club, spa, swimming pool, barber/beauty shop, gift shop, newsstand, etc., when operated by the hotel. [xcludes casinos. Golf Gart Rentals Revenue generated from the rental of golf carts on the golf course. Golf-Green Fees Revenue derived from charges to customers for playing golf on the golf course. HOST Almanac 2Ol5 Page 87 5TR ANALYTICS Golf-Membership Revenue derived from charging customers for a "membership" at the golf course, which allows the "member" to exercise privileges not given to the general public. Golf-Retail Revenue derived from all sales of merchandise and clothing in the golf shop or anywhere on the golf course. Golf-0ther Revenue from providing any other services not previously specified. Salon Revenue Revenue generated from salon services such as hair appointments and manicures and pedicures. Spa-0ther Revenue from providing any other services not previously specified. Spa-Retail Revenue derived from sales of merchandise and clothing in the health club/spa. Spa-Treatments Revenue derived from health treatments such as facials, body wraps and mud packs. Rentals and 0ther lncome from rentals of space for business purposes, including concessions in any of the departments mentioned under other operated departments. Also includes income generated from sources not included elsewhere such as cancellation fees, but excludes investment income. Departmental Expenses Rooms Rooms departmental expenses include labor costs such as salaries and wages for front desk, housekeeping, reservations, bell staff and laundry, plus employee benefits. Other operating expenses in the rooms department include linen, cleaning supplies, guest supplies, uniforms, central or franchise reservation fees, equipment leases and travel agent commissions. Food and Beverage (F&B) Food and Beverage departmental expenses include the cost of goods sold (food and beverages), labor and related benefits and other operating expenses. Labor costs include departmental management, cooks and kitchen personnel, service staff, banquet staff and bartenders. Other operating expenses include china, silverware, linens, restaurant and kitchen supplies, menus and printing and special promotions. Salaries & Wages Earnings paid to an employee, such as regular pay, overtime pay and shift differential pay. Benefits lncludes all other payroll-related expenses, such as employer-paid health insurance expenses, cost of meals furnished to employees, pension contributions and union fees. HOST Almanac 2C-75 Page 88 5TR ANALYTlCS Payroll and Related Expenses lncludes salaries and wages of departmental personnel and management including overtime, severance, incentive, holiday, sick, vacation and bonus pay. Payroll Taxes lncludes FICA, FUTA and SUTA, SDI and other mandated payroll-related taxes or social insurance items 0ther Operated Oepts & Rentals Other departmental expenses would comprise those expenses (labor and other) which offset the revenue generated by other operated departments such as garage, guest laundry, athletic facilities and gift shop, as wellas rentalactivity. Undistributed Operating Expenses Administrative and General (A&G) lncluded in this category are the payroll and related expenses for the general manager, human resources and training, security, clerical staff, controller and accounting staff. Other A&G expenses include office supplies, computer services, accounting and legal fees, cash overages and shortages, bad debt expenses, travel insurance, credit card commissions, transportation (non-guest) and travel and entertainment. Marketing Marketing expenses include payroll and related expenses for the sales and marketing staff, direct sales expenses, advertising and promotion, travel expenses for the sales staff and civic and community projects. Utility Costs Utility expenses typically include electricity, fuel (oil, gas and coal), purchased steam and water. lncludes central plant and energy management systems. Property 0perations and Maintenance This category includes payroll and related expenses for maintenance personnel, cost of maintenance supplies, cost of repairs and maintenance of the building, furnrture and equipment, the grounds and the removal of waste matter. Management Fees Fees charged by management organizations for management services or supervision. lncludes both base and incentive fees. Franchise Fee lncludes the royalty fees and advertising assessments charged by franchise companies. Fixed Charges Property Taxes Typically include taxes on real estate, business and occupation, personal property, utilities and other municipal taxes land and Building Rent lncludes charges for lease of land andlor building. Equipment Rental lncludes capital leases for rental of data processing equipment, telephone equipment and other major items. HOST Almanac 2Ol5 Page 89 STR lnsurance Cost of insuring the hotel building and contents against fire, weather, sprinkler leakage, boiler explosion, plate glass breakage or other perils such as terrorism. lncludes all insurance except workers' compensation. Reserve for Gapital Replacement Amount set aside for replacement of furnlture, fixtures and equipment (as may be required by loan, franchise or management agreement). Other Fixed Gharges lncludes any other expenses that relate to the ownership of the hotel and gains or losses from any sale of assets. Other Terms Market Class Class is an industry categorization which includes chain-affiliated and independent hotels. The class for a chain-affiliated hotel is the same as its chain scale. An independent hotel is assigned a class based on its ADR, relative to that of the chain-affiliated hotels in its geographic proximity. Per-Available-Room (PAR) Calculated by dividing by the number of keys in the hotel. Per-0ccupied-Room night (P0R) Calculated by dividing by the room nights occupied during the financial year. Ratio-to-Sales (RTS) Calculated by dividing by total revenue, with the exception of departmental expenses, which are based on the departmental revenue of the respective department. Page 90 ANALYTICS HOST Almanac 2Ol5