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US LODGING INDUSTRY OVERVIEW. Randy Smith SMITH TRAVEL RESEARCH. Industry Analysis. Past Performance. Total United States Room Supply/Demand Percent Change Twelve Month Moving Average – 1989 to August 2005. 3.4%. 0.6%. - PowerPoint PPT Presentation
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US LODGING INDUSTRY OVERVIEW
Randy Smith
SMITH TRAVEL RESEARCH
-6
-4
-2
0
2
4
6
1989 1991 1993 1995 1997 1999 2001 2003 2005
Supply % Change
Demand % Change
Total United StatesRoom Supply/Demand Percent ChangeTwelve Month Moving Average – 1989 to August 2005
3.4%
0.6%
90000000
100000000
110000000
120000000
130000000
140000000
150000000
1989 1991 1993 1995 1997 1999 2001 2003 2005
Actual Seas Adj
Total U.S.Room Supply – Actual and Seasonally AdjustedJanuary 1989 to August 2005
CAGR – 2.1%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 J FMAM J J A
Total United StatesRoom Supply Percent ChangeJan 2001 – August 2005
40000000
50000000
60000000
70000000
80000000
90000000
100000000
1989 1991 1993 1995 1997 1999 2001 2003 2005
Actual Seas Adj Linear (Seas Adj)
Total U.S.Room Demand – Actual and Seasonally AdjustedJanuary 1989 to August 2005
50000000
60000000
70000000
80000000
90000000
1989 1991 1993 1995 1997 1999 2001 2003 2005
Seas Adj Linear (Seas Adj)
Total U.S.Room Demand – Seasonally AdjustedJanuary 1989 to 2005 August
Peak CAGR – 2.7%
CAGR – 1.9%
-16
-11
-6
-1
4
9
14
2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 J F MAMJ J A
Total United StatesRoom Demand Percent ChangeJan 2001 – August 2005
50000000
70000000
90000000
110000000
130000000
150000000
1989 1991 1993 1995 1997 1999 2001 2003 2005
Supply Demand Linear (Demand)
Total U.S.Seasonally Adjusted Room Supply and DemandJanuary 1989 to August 2005
39.9%
37.1%
58
60
62
64
66
1989 1991 1993 1995 1997 1999 2001 2003 2005
Total United StatesOccupancy PercentTwelve Month Moving Average – 1989 to August 2005
61.9 %December 1991
Sep 95 & May 96
64.9%
63.3% Feb 2001
58.5%
Aug 02 & May 03
Aug 0562.2%
40
50
60
70
80
90
1989 1991 1993 1995 1997 1999 2001 2003 2005
Actual Seas Adj
Total U.S.Occupancy PercentJanuary 1989 to August 2005
50
55
60
65
70
1989 1991 1993 1995 1997 1999 2001 2003 2005
12 MA Seas Adj
Total U.S.Occupancy Percent – 12 Month MA and Seasonally AdjustedJanuary 1989 to August 2005
12 MA Lags
50
55
60
65
70
75
1999 2001 2003 2005
12 MA Seas Adj
Total U.S.Occupancy PercentJanuary 1989 to August 2005
12 MA Lags
-8
-6
-4
-2
0
2
4
6
8
1989 1991 1993 1995 1997 1999 2001 2003 2005
Occ % Chg
ADR % Chg
Total United StatesOccupancy/ADR Percent ChangeTwelve Month Moving Average – 1989 to August 2005
DivergenceDivergence?
50
60
70
80
90
1989 1991 1993 1995 1997 1999 2001 2003 2005
Total United StatesAverage Daily RateTwelve Month Moving Average – 1989 to August 2005
$54.93Jan 1989
$86.36
June2001 $89.13
Aug 05
Peak CAGR – 4.4%
Long Term CAGR – 2.9%
-15
-10
-5
0
5
10
1989 1991 1993 1995 1997 1999 2001 2003 2005
RevPAR % Chg
Total United StatesRevPAR Percent ChangeTwelve Month Moving Average – 1989 to August 2005
-2.6%Oct 91
6.5%
Feb 97
6.5% Feb 01
8.1%Feb 05
-10.6%Jun 02
8.1%
3000
4000
5000
6000
7000
8000
9000
1989 1991 1993 1995 1997 1999 2001 2003 2005
Total U.S.Seasonally Adjusted Room RevenuesJanuary 1989 to August 2005
Peak CAGR – 7.1%
Long-Term CAGR – 4.9%
0.4
2.6
4.9
3.84.03.3
7.1
0.8
3.1
7.6
0
5
10
Supply Demand Occupancy ADR RevPAR
2004 2005
Total United StatesKey Performance Indicators Percent ChangeAugust YTD
60
65
70
75
80
Last Year
This Year
Total United StatesOccupancy Percent 28-Day Moving AverageAug 7, 2005– October 16, 2005
80
85
90
95
Last Year
This Year
Total United StatesADR 28-Day Moving AverageAugust 7, 2005 – October 16, 2005
45
50
55
60
65
70
75
Last Year
This Year
Total United StatesRevPAR 28-Day Moving AverageAugust 7, 2005– October 16, 2005
1.01.8
0.9
-2.7
0.7
-0.2
4.6 4.33.2
0.3
4.4
2.8
-5
0
5
10
Luxury UpperUpscale
Upscale Mid w F&B Mid wo F&B Economy
SupplyDemand
Chain ScalesSupply/Demand Percent ChangeAugust 2005 YTD
3.52.8
7.3
6.4
7.3
4.6
7.3
3.42.3
2.62.4
3.7
0
5
10
Luxury UpperUpscale
Upscale Mid w F&B Mid wo F&B Economy
OccupancyADR
Chain ScalesOccupancy/ADR Percent ChangeAugust 2005 YTD
7.3
12.211.2
4.3
12.1
6.3
9.0
11.29.8
11.1
6.5
10.4
0
5
10
15
20
Luxury UpperUpscale
Upscale Mid w F&B Mid wo F&B Economy
RevPARRoom Revenue
Chain ScalesRevPAR/Room Revenue Percent ChangeAugust 2005 YTD
68.6
64.8
69.8
58.1
69.6
57.8
45
50
55
60
65
70
75
Urban Suburban Airport Interstate Resort Small Metro
Location SegmentsOccupancy PercentAugust 2005 YTD
120.2
78.884.8
60.3
128.8
71.8
50
70
90
110
130
150
Urban Suburban Airport Interstate Resort Small Metro
Location SegmentsAverage Daily Rate (In Dollars)August 2005 YTD
0.0
1.10.3
1.3
-1.7
0.8
3.84.3
3.1 3.1
-0.5
2.8
-5
0
5
10
Urban Suburban Airport Interstate Resort Small Metro
SupplyDemand
Location SegmentsSupply/Demand Percent ChangeAugust 2005 YTD
3.8
2.1
6.2
5.2
7.3
3.93.22.6
1.8
3.2
1.3
4.9
0
5
10
Urban Suburban Airport Interstate Resort Small Metro
OccupancyADR
Location SegmentsOccupancy/ADR Percent ChangeAugust 2005 YTD
5.8 6.3
10.2 9.810.6
7.1
4.4
6.1
8.6
10.310.2
5.3
0
10
20
Urban Suburban Airport Interstate Resort Small Metro
RevPARRoom Revenue
Location SegmentsRevPAR/Room Revenue Percent ChangeAugust 2005 YTD
-0.2
-0.4
-0.4
-0.5
-0.8
-1.4
-1.5
-1.8
-4.6
0.4
0.4
0.4
1.3
1.8
2.2
-5 -3 -1 1 3
Dallas
Philadelphia
New York
Los Angeles
Phoenix
Miami
San Francisco
Orlando
Honolulu
Chicago
Boston
Atlanta
New Orleans
Washington
San Diego
Key 15 MarketsRoom Supply Percent ChangeAugust 2005 YTD Year over Year
1.01.6
2.12.6
2.92.9
3.33.43.4
3.63.9
4.24.3
4.55.3
0 3 6
OrlandoBoston
HonoluluWashington
San FranciscoDallas
PhiladelphiaSan DiegoNew York
Los AngelesChicago
MiamiPhoenixAtlanta
New Orleans
Key 15 MarketsRoom Demand Percent ChangeAugust 2005 YTD Year over Year
63.463.9
64.767.7
68.7
71.3
76.4
82.274.8
73.374.5
70.6
58.9
86.2
75.8
45 55 65 75 85
DallasAtlanta
ChicagoBoston
New OrleansPhoenix
PhiladelphiaSan Francisco
WashingtonMiami
San DiegoLos Angeles
OrlandoNew YorkHonolulu
Key 15 MarketsOccupancy PercentAugust 2005 YTD
0.81.1
1.32.93.0
3.43.73.73.8
4.14.1
4.45.2
5.76.9
0 2 4 6 8
WashingtonSan Diego
BostonOrlando
DallasChicago
PhiladelphiaNew York
New OrleansLos Angeles
AtlantaSan Francisco
PhoenixMiami
Honolulu
Key 15 MarketsOccupancy Percent ChangeAugust 2005 YTD Year over Year
76.69
77.91
92.70
101.20
103.16
103.80
105.23
110.41
122.57
124.62
125.51
129.06
131.58
137.08
189.92
$50 $70 $90 $110 $130 $150 $170 $190 $210
Dallas
Atlanta
Orlando
Philadelphia
Los Angeles
Phoenix
Chicago
New Orleans
San Francisco
San Diego
Boston
Washington
Miami
Honolulu
New York
Top 15 MarketsADR August 2005 YTD
0.3
3.4
3.6
3.6
4.1
5.9
6.0
6.4
6.8
7.1
8.1
10.6
11.4
11.6
11.6
0 5 10 15
New Orleans
Dallas
Atlanta
Boston
San Francisco
Orlando
Chicago
Philadelphia
Phoenix
Los Angeles
San Diego
Washington
New York
Miami
Honolulu
Key 15 MarketsADR Percent ChangeAugust 2005 YTD Year over Year
Top 10 MarketsLTM August 2005 RevPar Change
22.1
26.4
8.5
7.6
4.0
6.0
4.5
4.4
5.9
7.0
9.9
4.7
9.7
8.5
12.0
9.6
11.1
10.9
7.8
4.8
MELBOURNE
MOBILE
WPB-BOCA
SARASOTA
NEW YORK
OHAU
FT LAUDERDALE
MIAMI
FT WORTH
ORLANDOocc rate
Source: Smith Travel Research
16.6%
14.2%
15.8%
16.4%
12.0%
16.0%
18.9%
32.2%
34.2%
16.2%
Bottom 10 MarketsLTM August 2005 RevPar Change
7.5%
6.3%
5.7%
5.5%
5.4%
5.3%
4.5%
3.1%
1.0%
-1.5%
-6% -4% -2% 0% 2% 4% 6% 8%
BUFFALO
JACKSON, MS
ROCHESTER, NY
DAYTON
LONG ISLAND
KNOXVILLE
HOUSTON
GREENSBORO
ALBANY
NORFOLK
Source: Smith Travel Research
$20
$40
$60
$80
$100
$120
$140
$160
Dalla
s, T
X
Houston, T
X
Detro
it, M
I
Nashvi
lle, T
N
St Louis
, MO
-IL
Atlanta
, GA
Denver
, CO
Norfolk
-Virg
inia
Bea
ch, VA
Total U
nited S
tate
s
Min
neapolis
-St P
aul,
MN-W
I
Tampa-
St Pet
ersb
urg, F
L
Chicag
o, IL
Orla
ndo, FL
Seattl
e, W
A
Phoenix, A
Z
Philadel
phia, P
A-NJ
New O
rlean
s, L
A
Anahei
m-S
anta A
na, CA
Los Angel
es-L
ong Bea
ch, C
A
Boston, M
A
San F
rancis
co/S
an M
ateo, C
A
San D
iego, C
A
Wash
ingto
n, DC-M
D-VA
Mia
mi-H
iale
ah, FL
Oah
u Isla
nd, HI
New Y
ork, N
Y
Top 25 MarketsRevPAR ($)August 2005 YTD
10
11
12
13
14
15
1989 1991 1993 1995 1997 1999 2001 2003 2005
Supply
Demand
Room Rev
Linear (Demand)
California Market Share of Total USRoom Supply, Demand and Room RevenueJanuary 1989 – August 2005
8
9
10
11
12
13
14
1989 1991 1993 1995 1997 1999 2001 2003 2005
Supply
Demand
Room Rev
Florida Market Share of Total USRoom Supply, Demand and Room RevenueJanuary 1989 – August 2005
1
2
3
4
5
6
1987 1989 1991 1993 1995 1997 1999 2001 2003 2005
Supply
Demand
Room Rev
New York City Market Share of Total USRoom Supply, Demand and Room RevenueJanuary 1987 – August 2005
Hurricane Katrina Impactas of 10/07/2005
SMITH TRAVEL RESEARCH
New Orleans
• 265 Hotels – 39K Rooms
• $1 Billion annual room revenue
• #17 based on room revenue
• #18 based on room supply
8 Impacted Tracts
8 Impacted TractsYTD OCC through July 2005
62.5%72.8% 75.2%
77.3%
65.2%
59.3%
66.0%
64.2%
8 Impacted Tracts – Verified Open/Close*
*as of 10/07/2005
Tract Name
Hotels open prior to Katrina
Open To the Public
Open to Relief
Workers / Evacuees Closed
Closed as a Percent of
Total
New Orleans CBD/French Quarter 129 14 20 95 73.6%
New Orleans East/Slidell 74 2 17 55 74.3%
New Orleans Metarie/Airport 63 8 30 25 39.7%
Louisiana South 141 48 91 2 1.4%
Biloxi/Gulfport MSA 130 18 30 82 63.1%
Mississippi South/Hattiesburg 97 48 47 2 2.1%
Mobile, Alabama (City of) 54 10 42 2 3.7%
Mobile, Alabama (Area) 46 36 4 6 13.0%
Total 734 183 281 269 36.6%
8 Impacted Tracts – Verified Open/Close*
*as of 10/07/2005
Tract Name
Rooms available prior to Katrina
Open To the Public
Open to Relief
Workers / Evacuees Closed
Closed as a Percent of
Total
New Orleans CBD/French Quarter
22,264
1,428
5,392
15,444 69.4%
New Orleans East/Slidell 6,588
136
1,888
4,564 69.3%
New Orleans Metarie/Airport 7,124
330
3,349
3,445 48.4%
Louisiana South 11,379
3,046
8,231
102 0.9%
Biloxi/Gulfport MSA 16,224
1,319
4,268
10,637 65.6%
Mississippi South/Hattiesburg 6,017
3,142
2,765
110 1.8%
Mobile, Alabama (City of) 5,574
834
4,625
115 2.1%
Mobile, Alabama (Area) 3,839
2,746
229
864 22.5%
Total 79,009
12,981
30,747
35,281 44.7%
Impact on the Region / Nation
Region: • Lower room supply through Dec ‘05• Much higher room demand through Dec ’05Nation:• Displaced meetings will go elsewhere• Displaced leisure travelers will go elsewhere• National supply number decreases• National demand number increases• National 2005 RevPAR higher than prior
estimates
Total United StatesActive Development Pipeline - RoomsChange From Last Year
Aug 2005 Aug 2004 Change % Chg
In Construction 93,361 97,660 (4,299) -4.4%
Final Planning 20,685 20,064 621 3.1%
Planning 181,413 177,705 3,708 2.1%
In Pre-Planning 63,559 76,527 (12,968) -16.9%
Total Development 359,018 371,956 (12,938) -3.5%
Source: STR / TWR / Dodge Construction Pipeline
Markets with Highest Construction ActivityJune 2005
Market # Rooms % Existing Supply
Washington, DC 4,383 4.8
New York 3,222 4.0
Boston 2,731 5.8
Chicago 2,472 2.4
Denver 1,844 5.1
22.3
28.2
33.0
36.9
54.2
62.8
0.0 12.0 24.0 36.0 48.0 60.0 72.0
Economy
Midscale w/out F&B
Midscale w/F&B
Upscale
Upper Upscale
Luxury
Months
Pipeline Projects by ScaleAverage Duration From Pre-Planning to Open
Source: STR / TWR / Dodge Construction
10.3
12.9
13.7
15.8
20.3
23.9
0.0 6.0 12.0 18.0 24.0 30.0
Economy
Midscale w/out F&B
Midscale w/F&B
Upscale
Upper Upscale
Luxury
Months
Pipeline Projects by ScaleAverage Duration From Construction Start to Open
Source: STR / TWR / Dodge Construction
Top 10 Construction Brands2001 – July 2005
Brand Rooms -------------------------------------------------------------------------------------------HI Express 26,260 Hampton* 22,159 Hilton Garden 16,046 Comfort* 15,077 Courtyard 14,106 Residence Inn 13,303 Marriott 13,034 Best Western 10,761 Extended Stay America 9,820 Country Inns & Suites 9,002 * Includes Inns and Inns & Suites
0
2,000
4,000
6,000
8,000
10,000
12,000
2001 2002 2003 2004 2005
Opened ClosedNet
Total United StatesAverage Monthly Rooms Added, Closed and NetJan 2001 To May 2005
Recession and 9/11 ClosingsHurricane and Condo Closings
1,886 NetOpeningsFeb 2005
Wynn Las Vegas2,611 Rooms
Total U.S.Summary of Condotel, Private Ownership and Timeshare in Pipeline
Source: STR Condotel Pipeline
289 projects in pipeline with 108,458 units
227 Condotel projects
93,425 condotel units
3,024 units under Private Ownership
62 Pure Timeshare projects
12,009 timeshare units
Total U.S.Summary of Condotel, Private Ownership and Timeshare in Pipeline
Source: STR Condotel Pipeline
Condotels86.14%
Pure Timeshare
11.07%Private
Ownership2.79%
Total U.S.Summary of Condotels in Pipeline
Source: STR Condotel Pipeline
227 Condotel projects in pipeline with 93,425 units
24,193 hotel rooms
61,674 condominiums under a rental program
3,898 residences under a rental program
3,660 apartments under a rental program
Total U.S.Summary of Condotels in Pipeline
Source: STR Condotel Pipeline
Hotels 25.90%
Condominiums 66%
Residences 4.20%
Apartments 3.90%
Total U.S.Top 10 Condotel Markets
246824952964301930673613
74697585
2083621012
0
5000
10000
15000
20000
25000
NV FL CA IL NJ CO AZ MA SC NY
Source: STR Condotel Pipeline
0.20.1
0.40.6
-0.3
-1
0
1
Supply Demand Occupancy ADR RevPAR
Total United StatesKatrina Impact - 2005
2.8
4.4
3.5
0.91.5
1.1 0.7
2.41.6
0.4
1.4
3.03.6
-3.4
-6
-3
0
3
6
2000 2001 2002 2003 2004 2005P 2006P
Supply % Chg
Demand % Chg
Total United StatesSupply/Demand Percent Change2000 – 2006P
2.8
4.43.6
0.4
1.51.1 0.7
2.41.6
0.4
1.4
3.03.6
-3.4
-6
-3
0
3
6
2000 2001 2002 2003 2004 2005P 2006P
Supply % Chg
Demand % Chg
Total United StatesSupply/Demand Percent Change2000 – 2006P
-1.2
0.31.4
0.8
2.63.5
-5.7
-10
-5
0
5
2000 2001 2002 2003 2004 2005P 2006P
Total United StatesOccupancy Percent Change2000 – 2006P
-1.2
0.31.4
-5.7
3.5 3.1
0.8
-10
-5
0
5
2000 2001 2002 2003 2004 2005P 2006P
Total United StatesOccupancy Percent Change2000 – 2006P
63.3
59.7
63.8
59.158.9
62.9
61.3
55
60
65
70
2000 2001 2002 2003 2004 2005P 2006P
Total United StatesOccupancy Percent2000 – 2006P
63.3
59.7
64.2
59.158.9
63.3
61.3
55
60
65
70
2000 2001 2002 2003 2004 2005P 2006P
Total United StatesOccupancy Percent2000 – 2006P
Total United StatesNominal Room Rates1998 – 2006P
85.3784.20
83.01 83.12
86.24
90.38
94.89
75
80
85
90
95
100
2000 2001 2002 2003 2004 2005P 2006P
Source: STR
Total United StatesNominal Room Rates1998 – 2006P
85.3784.20
86.24
90.52
95.05
83.1283.01
75
80
85
90
95
100
2000 2001 2002 2003 2004 2005P 2006P
Source: STR
-1.5
0.1
55.44.8
4
-1.4
-3
0
3
6
2000 2001 2002 2003 2004 2005P 2006P
Total United StatesADR Percent Change2000 – 2006P
-1.5
0.1
5.05.4 5.0
4.0
-1.4
-3.0
0.0
3.0
6.0
2000 2001 2002 2003 2004 2005P 2006P
Total United StatesADR Percent Change2000 – 2006P
0.4
7.8 7.56.5
-2.7
-7
6.1
-10
-5
0
5
10
2000 2001 2002 2003 2004 2005P 2006P
Total United StatesRevPAR Percent Change2000 – 2006P
0.4
6.57.8 8.2
-2.7
-7.0
6.1
-10.0
-5.0
0.0
5.0
10.0
2000 2001 2002 2003 2004 2005P 2006P
Total United StatesRevPAR Percent Change2000 – 2006P
United States Lodging Industry Estimated Profits (Billions $) 1990 – 2005E
-5.7
-2.8
0
2.4
5.5
8.5
12.5
17
20.922.1 22.5
16.2
14.212.8
16.7
20.8
-10
-5
0
5
10
15
20
25
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05E
$ 30.5%24.6%
Source: PWC (2004 & 2005 Estimates)
* Occupancy Gains Continue
* Demand Strength Broadens
* Increased Profitability
U.S. Lodging Outlook
* Supply Growth Remains Benign
* Aggressive Pricing Strategies
Lodging Industry Issues
Source: STR
• Rising Costs – Energy (Gas), Insurance, Labor (visa caps)
• Amenity Creep – “Bed Wars”, HDTV, Internet Access
• Rising Interest Rates
• Rebuilding from Hurricanes
• Transportation Problems - Airlines, Fuel Costs, Infrasturcture
• Hiring from Outside (Sr. Level) - Coke, Schweppes, Kraft
• Demand Leakage – Condo Hotels, Cruise, Timeshare
• Demand Growth…where are we in the cycle?
• Benign Supply Growth
• “Old Habits Hard to Break” ?
• Global Threats – Terrorism, Bird Flu
• Construction Costs – Interest Rates, Steel, Concrete
74.7
74.3
79.9
79.4
78.2
77.4
70 75 80 85
Auckland
Beijing
Hong Kong
Singapore
Sydney
Tokyo
Asia PacificOccupancy PercentAugust YTD 2005
-4.5
8.3
3
-2
-1.3
1.9
-5 0 5 10
Auckland
Beijing
Hong Kong
Singapore
Sydney
Tokyo
Asia PacificOccupancy Percent ChangeAugust YTD 2005
99.01
94.51
99.44
145.84
195.66
142.72
80 100 120 140 160 180 200
Auckland
Beijing
Hong Kong
Singapore
Sydney
Tokyo
Asia PacificAverage Daily Rate (In US $)August YTD 2005
8.6
14.5
14.9
23.7
4.5
11
0 10 20 30
Auckland
Beijing
Hong Kong
Singapore
Sydney
Tokyo
Asia PacificAverage Daily Rate Percent Change (In Local Currency)August YTD 2005
64.8
62.6
67.3
64.1
75.2
60 65 70 75 80
Mexico
Mexico City
Canada
Toronto
Caribbean
North AmericaOccupancy PercentAugust YTD 2005
3.4
5
2.6
3.5
0.9
0 5
Mexico
Mexico City
Canada
Toronto
Caribbean
North AmericaOccupancy Percent ChangeAugust YTD 2005
108.27
120.78
191.35
98.74
170.93
70 90 110 130 150 170 190 210
Mexico
Mexico City
Canada
Toronto
Caribbean
North AmericaAverage Daily Rate (In US $)August YTD 2005
10.4
1.5
11.3
11.1
12.1
0 5 10 15
Mexico
Mexico City
Canada
Toronto
Caribbean
North AmericaAverage Daily Rate Percent Change (In Local Currency)August YTD 2005
68.3
68.9
61.6
60.9
50.4
50 55 60 65 70 75
Buenos Aires
Quito
Rio de Janeiro
Santiago
Sao Paulo
Central & South AmericaOccupancy PercentAugust YTD 2005
8.2
7.3
7.5
14.6
14.1
5 10 15 20
Buenos Aires
Quito
Rio de Janeiro
Santiago
Sao Paulo
Central & South AmericaOccupancy Percent ChangeAugust YTD 2005
95.75
75.63
89.1
139.94
72.02
70 90 110 130 150
Buenos Aires
Quito
Rio de Janeiro
Santiago
Sao Paulo
Central & South AmericaAverage Daily Rate (In US $)August YTD 2005
18.6
3
-5.5
-3.4
-1.3
-10 0 10 20
Buenos Aires
Quito
Rio de Janeiro
Santiago
Sao Paulo
Central & South AmericaAverage Daily Rate Percent Change (In Local Currency)August YTD 2005
76.8
63
71
70.9
74.6
65
67.8
65.3
60 65 70 75 80
Amsterdam
Berlin
Brussels
London
Madrid
Paris
Rome
Vienna
EuropeOccupancy PercentAugust YTD 2005
2.3
-2.3
0.2
8.5
-1.5
2.6
5.6
7
-5 0 5 10
Amsterdam
Berlin
Brussels
London
Madrid
Paris
Rome
Vienna
EuropeOccupancy Percent ChangeAugust YTD 2005
149.67
104.24
114.15
190.65
189.07
117.45
226.6
133.42
100 140 180 220 260
Amsterdam
Berlin
Brussels
London
Madrid
Paris
Rome
Vienna
EuropeAverage Daily Rate (In US $)August YTD 2005
1.5
-2.7
6.2
1.4
4.5
2.9
2.8
-4.4
-5 0 5 10
Amsterdam
Berlin
Brussels
London
Madrid
Paris
Rome
Vienna
EuropeAverage Daily Rate Percent Change (In Local Currency)August YTD 2005
73.6
75.3
65.8
86
66.7
69.5
60 65 70 75 80 85 90
Cairo
Doha
Dubai
Johannesburg
Muscat
Riyadh
Middle East & AfricaOccupancy PercentAugust YTD 2005
-2.5
-2.5
6.7
-0.4
25.9
10.9
-5 0 5 10 15 20 25 30
Cairo
Doha
Dubai
Johannesburg
Muscat
Riyadh
Middle East & AfricaOccupancy Percent ChangeAugust YTD 2005
80.29
187.58
87.49
203.45
133.47
123.31
70 100 130 160 190
Cairo
Doha
Dubai
Johannesburg
Muscat
Riyadh
Middle East & AfricaAverage Daily Rate (In US $)August YTD 2005
9.6
74.5
5.5
41.6
12.5
52.5
0 20 40 60 80
Cairo
Doha
Dubai
Johannesburg
Muscat
Riyadh
Middle East & AfricaAverage Daily Rate Percent Change (In Local Currency)August YTD 2005
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