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STR MONTHLY HOTEL REVIEW

U.S. Hotel Industry Performance for the Month of: May 2012
Volume 12, Issue M5
Date Created: June 19, 2012

In this issue:
Page:
Translation Table 2
U.S. Hotel Industry at a Glance 3
Performance by Industry Segments 4
Performance In Top 25 Markets 5
Performance by State 6
Glossary 7
Translation Table
For the Month of: May 2012

May 2012 May 2011

Sun Mon Tue Wed Thu Fri Sat Sun Mon Tue Wed Thu Fri Sat

1 2 3 4 5 1 2 3 4 5 6 7
6 7 8 9 10 11 12 8 9 10 11 12 13 14
13 14 15 16 17 18 19 15 16 17 18 19 20 21
20 21 22 23 24 25 26 22 23 24 25 26 27 28
27 28 29 30 31 29 30 31

This Year Last Year

Sunday, May 13th - Mother's Day Sunday, May 8th - Mother's Day
Monday, May 28th - Memorial Day Monday, May 30th - Memorial Day

Number of Weekdays: 23 Number of Weekdays: 23

Number of Weekend Days: 8 Number of Weekend Days: 8

Note: Weekdays - Sunday through Thursday, Weekends - Friday and Saturday

DISCLOSURE
STR's Hotel Review is a publication of STR and is intended solely for use by paid subscribers. Reproduction or distribution of the Hotel Review, in whole or part, without written permission of STR is prohibited and subject to legal action.
Site licenses are available. Ownership, distribution and use of the Hotel Review and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2012 Smith Travel Research, Inc.

2
U.S. Hotel Industry at a Glance
For the Month of: May 2012

Current Month Running 3 Months Running 12 Months Year to Date

Supply up 0.4 % up 0.3 % up 0.4 % up 0.3 %

Demand up 4.0 % up 3.3 % up 4.0 % up 3.5 %

Occupancy up 3.6 % up 2.9 % up 3.6 % up 3.2 %

ADR up 3.9 % up 4.3 % up 4.0 % up 4.2 %

RevPAR up 7.7 % up 7.4 % up 7.8 % up 7.5 %

DISCLOSURE
STR's Hotel Review is a publication of STR and is intended solely for use by paid subscribers. Reproduction or distribution of the Hotel Review, in whole or part, without written permission of STR is
prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the Hotel Review and its contents are subject to the terms set forth in the contract you have entered into
with STR. Source 2012 Smith Travel Research, Inc.

3
Performance by Industry Segments
For the Month of: May 2012

RevPAR by Chain Scale - May 2012 vs May 2011 RevPAR by Chain Scale - Year to Date - May 2012 vs May 2011
2012 2011 2012 2011
$250 $250

$200 $200

$150 $150

$100 $100

$50 $50

$0 $0
Total United Luxury Upper Upscale Upper Midscale Economy Independents Total United Luxury Upper Upscale Upper Midscale Economy Independents
States Upscale Midscale States Upscale Midscale

May 2012 vs May 2011 Year to Date - May 2012 vs May 2011
Occ % ADR ($) RevPAR ($) Percent Change from May 2011 Occ % ADR ($) RevPAR ($) Percent Change from YTD May 2011
Room Rooms Rooms Room Rooms Rooms
2012 2011 2012 2011 2012 2011 Occ ADR RevPAR Rev Avail Sold 2012 2011 2012 2011 2012 2011 Occ ADR RevPAR Rev Avail Sold
Total United States 63.5 61.3 105.81 101.79 67.17 62.36 3.6 3.9 7.7 8.1 0.4 4.0 59.1 57.3 104.52 100.32 61.80 57.48 3.2 4.2 7.5 7.9 0.3 3.5
Chain Scale
Luxury 74.9 72.8 270.83 258.22 202.95 187.92 3.0 4.9 8.0 7.0 -1.0 2.0 72.9 70.3 273.53 260.84 199.51 183.43 3.7 4.9 8.8 7.8 -0.9 2.8
Upper Upscale 73.5 71.9 157.02 151.25 115.36 108.76 2.2 3.8 6.1 6.2 0.1 2.3 70.0 68.0 153.74 147.81 107.65 100.55 2.9 4.0 7.1 7.3 0.2 3.1
Upscale 73.4 71.5 117.79 112.96 86.48 80.78 2.7 4.3 7.0 8.9 1.7 4.4 69.7 67.8 115.53 110.76 80.47 75.08 2.8 4.3 7.2 8.8 1.5 4.3
Upper Midscale 65.9 63.4 98.02 94.25 64.57 59.76 3.9 4.0 8.0 10.4 2.2 6.2 60.3 58.2 94.84 91.49 57.22 53.26 3.7 3.7 7.4 12.2 4.4 8.2
Midscale 57.3 54.5 74.44 72.18 42.66 39.36 5.1 3.1 8.4 5.0 -3.1 1.8 52.0 50.1 72.11 70.52 37.52 35.33 3.9 2.3 6.2 -0.9 -6.7 -3.1
Economy 56.6 54.8 52.38 50.12 29.64 27.45 3.4 4.5 8.0 7.4 -0.6 2.8 51.8 50.8 50.14 48.07 25.95 24.40 2.0 4.3 6.4 6.1 -0.2 1.7
Independents 59.4 57.1 103.28 99.41 61.33 56.72 4.1 3.9 8.1 8.9 0.7 4.8 55.4 53.7 102.82 98.79 57.00 53.09 3.2 4.1 7.4 7.8 0.4 3.5
Region
New England 62.4 60.3 128.32 121.07 80.07 73.02 3.5 6.0 9.7 10.0 0.4 3.8 54.3 53.0 116.77 110.74 63.42 58.64 2.6 5.4 8.2 8.5 0.3 2.9
Middle Atlantic 68.7 67.4 154.26 147.99 106.02 99.71 2.0 4.2 6.3 8.4 2.0 4.0 60.4 58.9 140.64 134.88 84.97 79.46 2.6 4.3 6.9 8.6 1.5 4.1
South Atlantic 62.9 61.0 104.57 101.98 65.82 62.22 3.2 2.5 5.8 5.7 -0.1 3.0 61.6 59.9 106.89 103.48 65.88 62.01 2.8 3.3 6.2 6.1 -0.1 2.7
East North Central 61.2 58.1 92.96 90.27 56.88 52.48 5.2 3.0 8.4 8.3 -0.1 5.2 53.4 50.7 87.76 83.60 46.83 42.38 5.3 5.0 10.5 10.2 -0.2 5.0
East South Central 60.1 60.7 83.05 79.84 49.93 48.49 -1.0 4.0 3.0 2.7 -0.3 -1.3 55.2 53.5 78.77 76.30 43.49 40.82 3.2 3.2 6.5 6.1 -0.4 2.8
West North Central 60.8 57.6 82.54 78.76 50.20 45.33 5.7 4.8 10.8 11.0 0.2 5.9 52.4 50.3 80.99 77.69 42.48 39.09 4.2 4.3 8.6 9.0 0.3 4.5
West South Central 63.2 59.6 90.24 86.95 56.99 51.83 5.9 3.8 10.0 11.3 1.2 7.2 60.8 57.9 90.12 86.76 54.76 50.22 5.0 3.9 9.0 10.4 1.3 6.3
Mountain 60.9 59.4 92.06 87.81 56.10 52.13 2.6 4.8 7.6 8.1 0.5 3.1 57.8 57.7 100.43 96.25 58.02 55.49 0.2 4.3 4.6 5.1 0.5 0.7
Pacific 68.1 65.5 121.43 115.78 82.75 75.78 4.1 4.9 9.2 9.4 0.2 4.3 64.5 62.4 121.43 115.33 78.36 71.98 3.4 5.3 8.9 8.9 0.1 3.5
Price
Luxury 72.1 70.8 176.73 170.66 127.48 120.86 1.8 3.6 5.5 6.8 1.2 3.1 69.5 67.8 174.37 168.10 121.25 113.91 2.6 3.7 6.4 7.8 1.3 4.0
Upscale 67.4 65.2 127.22 123.01 85.74 80.16 3.4 3.4 7.0 8.4 1.4 4.9 62.7 60.8 125.93 121.77 79.01 73.98 3.3 3.4 6.8 8.3 1.4 4.7
Midprice 64.3 61.8 100.00 96.07 64.29 59.38 4.0 4.1 8.3 8.8 0.5 4.5 59.6 57.6 98.04 94.44 58.45 54.41 3.5 3.8 7.4 7.9 0.5 4.0
Economy 57.5 54.9 75.28 72.05 43.30 39.53 4.8 4.5 9.5 9.3 -0.2 4.6 52.7 50.8 73.08 70.06 38.52 35.61 3.7 4.3 8.2 7.6 -0.5 3.2
Budget 58.0 56.0 57.07 54.25 33.09 30.39 3.5 5.2 8.9 8.1 -0.7 2.8 53.5 52.2 55.05 52.32 29.46 27.32 2.5 5.2 7.8 6.9 -0.8 1.6
Location
Urban 72.2 70.7 160.62 154.77 115.94 109.35 2.2 3.8 6.0 6.9 0.8 3.0 67.2 65.0 147.69 141.32 99.27 91.80 3.5 4.5 8.1 8.9 0.7 4.2
Suburban 64.4 62.0 90.44 86.51 58.22 53.67 3.8 4.5 8.5 8.8 0.3 4.0 59.7 58.0 88.60 85.05 52.92 49.31 3.0 4.2 7.3 7.6 0.2 3.3
Airport 70.8 68.9 94.87 91.62 67.15 63.09 2.8 3.5 6.4 6.7 0.3 3.1 67.1 65.9 94.54 91.14 63.43 60.06 1.8 3.7 5.6 5.9 0.3 2.1
Interstate 57.6 54.9 74.03 71.16 42.63 39.04 5.0 4.0 9.2 9.7 0.5 5.4 51.6 49.2 71.59 68.99 36.92 33.94 4.8 3.8 8.8 9.0 0.2 5.1
Resort 62.3 60.3 134.86 128.66 84.02 77.59 3.3 4.8 8.3 8.4 0.1 3.5 63.2 61.6 147.41 140.60 93.18 86.65 2.6 4.8 7.5 7.5 0.0 2.6
Small Metro/Town 56.4 53.9 83.87 81.05 47.30 43.66 4.7 3.5 8.3 8.8 0.4 5.1 50.1 48.4 80.97 78.35 40.55 37.90 3.5 3.3 7.0 7.4 0.4 3.9

DISCLOSURE
STR's Hotel Review is a publication of STR and is intended solely for use by paid subscribers. Reproduction or distribution of the Hotel Review, in whole or part, without written permission of STR is prohibited and subject to legal action. Site
licenses are available. Ownership, distribution and use of the Hotel Review and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2012 Smith Travel Research, Inc.

4
Performance in Top 25 Markets
For the Month of: May 2012

RevPAR - May 2012 vs May 2011 RevPAR - Year to Date - May 2012 vs May 2011
2012 2011 2012 2011
$100 $92.46 $100
$90 $86.20 $90 $85.20
$78.91
$80 $80
$70 $70
$60 $55.61 $60
$51.50 $50.98
$47.60
$50 $50
$40 $40
$30 $30
$20 $20
$10 $10
$0 $0
Top 25 Markets All Other Markets Top 25 Markets All Other Markets

May 2012 vs May 2011 Year to Date - May 2012 vs May 2011
Occ % ADR ($) RevPAR ($) Percent Change from May 2011 Occ % ADR ($) RevPAR ($) Percent Change from YTD May 2011
Room Rooms Rooms Room Rooms Rooms
2012 2011 2012 2011 2012 2011 Occ ADR RevPAR Rev Avail Sold 2012 2011 2012 2011 2012 2011 Occ ADR RevPAR Rev Avail Sold
Anaheim-Santa Ana, CA 70.8 68.3 114.12 111.21 80.77 75.92 3.7 2.6 6.4 6.5 0.1 3.8 69.6 68.2 115.11 110.40 80.15 75.28 2.1 4.3 6.5 6.8 0.3 2.4
Atlanta, GA 62.7 59.7 86.08 81.54 54.01 48.66 5.1 5.6 11.0 10.4 -0.5 4.6 61.2 60.0 85.65 83.12 52.45 49.89 2.0 3.0 5.1 4.6 -0.5 1.5
Boston, MA 78.9 77.0 171.87 157.77 135.54 121.45 2.4 8.9 11.6 12.4 0.7 3.1 66.3 64.1 149.78 138.56 99.28 88.83 3.4 8.1 11.8 12.1 0.3 3.7
Chicago, IL 72.0 69.7 129.12 126.25 92.96 88.00 3.3 2.3 5.6 5.9 0.3 3.6 60.5 56.8 113.74 107.63 68.77 61.14 6.4 5.7 12.5 12.1 -0.4 6.0
Dallas, TX 60.8 60.3 86.19 84.38 52.39 50.88 0.8 2.2 3.0 4.9 1.9 2.7 60.4 59.3 88.32 89.62 53.32 53.17 1.8 -1.5 0.3 2.0 1.7 3.5
Denver, CO 70.0 70.0 101.23 101.44 70.88 70.98 0.1 -0.2 -0.1 1.4 1.5 1.6 62.1 61.4 97.26 94.07 60.37 57.77 1.1 3.4 4.5 5.8 1.2 2.3
Detroit, MI 61.0 60.9 79.67 78.55 48.63 47.86 0.2 1.4 1.6 1.2 -0.4 -0.2 57.5 55.8 79.25 77.02 45.53 42.96 3.0 2.9 6.0 5.8 -0.2 2.8
Houston, TX 68.8 62.7 101.29 99.71 69.66 62.50 9.7 1.6 11.5 12.1 0.6 10.3 67.3 61.5 97.33 94.54 65.49 58.10 9.5 3.0 12.7 13.7 0.9 10.4
Los Angeles-Long Beach, CA 75.0 70.9 126.09 120.39 94.53 85.32 5.8 4.7 10.8 10.2 -0.6 5.2 73.2 69.9 127.40 122.15 93.20 85.35 4.7 4.3 9.2 8.6 -0.5 4.1
Miami-Hialeah, FL 73.9 73.2 152.16 145.13 112.50 106.26 1.0 4.8 5.9 7.6 1.6 2.6 80.4 79.1 185.83 172.74 149.49 136.69 1.7 7.6 9.4 11.1 1.6 3.3
Minneapolis-St Paul, MN-WI 64.2 63.8 97.31 93.02 62.45 59.35 0.6 4.6 5.2 4.2 -1.0 -0.4 58.2 58.3 94.70 91.22 55.14 53.21 -0.2 3.8 3.6 2.7 -0.9 -1.1
Nashville, TN 70.3 63.6 97.29 92.99 68.42 59.14 10.6 4.6 15.7 17.5 1.5 12.3 64.8 58.6 95.38 91.77 61.80 53.78 10.6 3.9 14.9 16.4 1.3 12.0
New Orleans, LA 71.9 71.2 139.22 134.25 100.06 95.57 1.0 3.7 4.7 9.7 4.8 5.8 71.0 69.7 146.67 132.49 104.08 92.40 1.7 10.7 12.6 18.1 4.9 6.7
New York, NY 86.3 85.7 264.01 251.78 227.74 215.86 0.6 4.9 5.5 9.2 3.5 4.1 78.5 75.6 225.84 218.02 177.21 164.82 3.8 3.6 7.5 10.4 2.7 6.6
Norfolk-Virginia Beach, VA 59.7 58.0 86.52 82.79 51.69 48.01 3.0 4.5 7.7 6.3 -1.3 1.7 50.5 49.0 75.78 73.31 38.30 35.95 3.0 3.4 6.5 4.7 -1.7 1.3
Oahu Island, HI 82.6 75.8 175.02 158.61 144.52 120.16 9.0 10.3 20.3 22.7 2.0 11.2 83.7 79.1 175.62 160.25 147.04 126.76 5.8 9.6 16.0 18.2 1.9 7.9
Orlando, FL 65.3 63.5 94.71 92.55 61.85 58.77 2.8 2.3 5.2 5.6 0.4 3.2 72.8 71.2 103.81 100.35 75.56 71.44 2.2 3.5 5.8 5.8 0.0 2.2
Philadelphia, PA-NJ 73.1 72.1 128.61 124.24 94.01 89.63 1.3 3.5 4.9 6.7 1.8 3.1 63.7 63.4 119.05 113.68 75.89 72.05 0.6 4.7 5.3 6.5 1.1 1.7
Phoenix, AZ 56.3 54.9 100.87 100.73 56.76 55.31 2.5 0.1 2.6 3.3 0.6 3.1 66.5 67.0 121.58 117.67 80.87 78.85 -0.7 3.3 2.6 3.5 0.9 0.2
San Diego, CA 68.2 65.6 127.56 118.45 86.94 77.76 3.8 7.7 11.8 11.9 0.1 3.9 68.3 65.4 125.99 121.28 86.08 79.36 4.4 3.9 8.5 8.5 0.1 4.5
San Francisco/San Mateo, CA 82.3 82.6 166.34 157.26 136.83 129.84 -0.4 5.8 5.4 5.0 -0.3 -0.7 75.4 73.9 159.96 145.26 120.63 107.32 2.1 10.1 12.4 12.1 -0.3 1.8
Seattle, WA 71.5 69.2 118.64 111.42 84.88 77.11 3.4 6.5 10.1 10.2 0.2 3.5 64.6 62.3 113.77 108.46 73.51 67.59 3.7 4.9 8.8 8.9 0.2 3.8
St Louis, MO-IL 70.6 60.6 85.96 83.53 60.68 50.61 16.5 2.9 19.9 20.1 0.1 16.7 57.2 54.7 84.79 80.69 48.50 44.14 4.6 5.1 9.9 10.1 0.2 4.8
Tampa-St Petersburg, FL 63.0 58.5 96.83 92.61 61.02 54.14 7.8 4.6 12.7 12.2 -0.4 7.3 69.5 66.0 106.09 100.95 73.74 66.62 5.3 5.1 10.7 10.7 0.0 5.3
Washington, DC-MD-VA 77.5 76.8 156.62 158.45 121.37 121.61 1.0 -1.2 -0.2 0.0 0.2 1.2 66.3 65.8 148.74 150.10 98.62 98.73 0.8 -0.9 -0.1 0.5 0.6 1.4

Top 25 Markets 70.5 68.2 131.08 126.43 92.46 86.20 3.5 3.7 7.3 7.9 0.6 4.1 67.2 65.1 126.73 121.28 85.20 78.91 3.3 4.5 8.0 8.6 0.5 3.9
All Other Markets 60.3 58.1 92.30 88.63 55.61 51.50 3.7 4.1 8.0 8.3 0.3 4.0 55.4 53.7 92.05 88.62 50.98 47.60 3.1 3.9 7.1 7.3 0.2 3.3
Total United States 63.5 61.3 105.81 101.79 67.17 62.36 3.6 3.9 7.7 8.1 0.4 4.0 59.1 57.3 104.52 100.32 61.80 57.48 3.2 4.2 7.5 7.9 0.3 3.5

DISCLOSURE
STR's Hotel Review is a publication of STR and is intended solely for use by paid subscribers. Reproduction or distribution of the Hotel Review, in whole or part, without written permission of STR is prohibited and subject to legal action. Site licenses are available. Ownership, distribution and use of the
Hotel Review and its contents are subject to the terms set forth in the contract you have entered into with STR. Source 2012 Smith Travel Research, Inc.

5
Performance by State
For the Month of: May 2012

May 2012 vs May 2011 Year to Date - May 2012 vs May 2011
Occ % ADR ($) RevPAR ($) Percent Change from May 2011 Occ % ADR ($) RevPAR ($) Percent Change from YTD May 2011
Room Rooms Rooms Room Rooms Rooms
2012 2011 2012 2011 2012 2011 Occ ADR RevPAR Rev Avail Sold 2012 2011 2012 2011 2012 2011 Occ ADR RevPAR Rev Avail Sold
Alabama 57.0 64.7 78.37 74.89 44.70 48.48 -11.9 4.6 -7.8 -8.8 -1.1 -12.8 54.6 56.3 74.39 72.09 40.63 40.60 -3.0 3.2 0.1 -0.8 -0.9 -3.9
Alaska 68.5 64.9 111.66 112.68 76.46 73.14 5.5 -0.9 4.5 4.1 -0.4 5.0 60.5 59.5 90.12 88.06 54.51 52.38 1.7 2.3 4.1 3.6 -0.5 1.2
Arizona 58.2 57.0 95.32 94.53 55.48 53.86 2.1 0.8 3.0 3.2 0.2 2.3 62.4 62.6 107.31 104.53 66.97 65.42 -0.3 2.7 2.4 2.9 0.6 0.3
Arkansas 55.1 52.9 71.19 69.94 39.23 36.98 4.3 1.8 6.1 5.1 -1.0 3.3 49.2 46.9 70.63 69.49 34.74 32.62 4.8 1.6 6.5 5.9 -0.5 4.2
California 69.2 66.6 120.04 114.90 83.02 76.50 3.9 4.5 8.5 8.5 0.0 3.9 66.0 63.7 118.49 112.87 78.22 71.94 3.6 5.0 8.7 8.6 -0.1 3.4
Colorado 59.6 57.7 96.75 95.53 57.65 55.11 3.3 1.3 4.6 5.2 0.6 3.9 54.6 53.6 118.26 114.62 64.60 61.47 1.9 3.2 5.1 5.5 0.4 2.3
Connecticut 59.9 58.4 107.07 103.74 64.15 60.61 2.5 3.2 5.8 6.3 0.4 3.0 52.7 53.1 101.29 98.33 53.40 52.21 -0.7 3.0 2.3 2.4 0.1 -0.6
Delaware 57.0 57.5 105.43 109.97 60.14 63.18 -0.7 -4.1 -4.8 -4.4 0.4 -0.3 47.5 48.6 96.24 94.85 45.68 46.12 -2.4 1.5 -1.0 0.2 1.1 -1.3
Florida 63.2 60.8 109.39 105.88 69.16 64.39 4.0 3.3 7.4 7.3 0.0 3.9 69.7 67.5 123.84 118.17 86.32 79.77 3.3 4.8 8.2 8.1 -0.1 3.1
Georgia 58.4 56.4 82.80 79.68 48.38 44.90 3.7 3.9 7.7 6.7 -1.0 2.7 57.0 55.9 81.90 79.58 46.68 44.52 1.9 2.9 4.8 3.8 -1.0 0.8
Hawaii 72.9 66.6 188.63 175.91 137.48 117.08 9.5 7.2 17.4 18.4 0.8 10.4 77.2 72.9 201.42 188.45 155.54 137.43 5.9 6.9 13.2 14.2 0.9 6.8
Idaho 60.9 58.1 80.59 76.96 49.08 44.70 4.9 4.7 9.8 9.3 -0.5 4.4 51.3 48.7 76.96 74.10 39.49 36.12 5.3 3.9 9.3 9.2 -0.1 5.1
Illinois 68.8 65.7 114.06 111.54 78.51 73.33 4.7 2.3 7.1 6.8 -0.3 4.4 58.0 54.5 102.43 97.18 59.37 52.92 6.4 5.4 12.2 11.3 -0.8 5.6
Indiana 59.9 57.6 85.10 83.55 50.99 48.10 4.1 1.9 6.0 6.2 0.2 4.2 53.3 49.9 84.87 78.63 45.27 39.27 6.8 7.9 15.3 15.5 0.2 7.0
Iowa 60.1 59.4 77.42 74.23 46.56 44.11 1.2 4.3 5.5 7.1 1.5 2.7 51.0 49.4 75.89 72.93 38.68 36.05 3.1 4.1 7.3 8.4 1.0 4.1
Kansas 61.6 59.1 74.69 71.90 46.01 42.48 4.3 3.9 8.3 10.6 2.1 6.5 53.9 51.4 73.34 70.56 39.52 36.28 4.8 3.9 8.9 11.3 2.2 7.1
Kentucky 62.6 58.5 92.79 91.20 58.06 53.34 7.0 1.7 8.8 8.9 0.1 7.0 54.0 50.9 82.20 79.97 44.39 40.69 6.1 2.8 9.1 9.1 0.0 6.1
Louisiana 66.1 63.8 105.41 101.87 69.63 65.03 3.5 3.5 7.1 10.0 2.8 6.3 64.4 62.3 108.57 100.70 69.96 62.77 3.4 7.8 11.5 14.8 3.0 6.5
Maine 52.9 50.6 91.12 88.75 48.16 44.89 4.5 2.7 7.3 8.3 0.9 5.4 45.3 44.5 84.01 81.60 38.09 36.27 2.0 3.0 5.0 6.5 1.4 3.4
Maryland 68.6 66.9 116.95 114.06 80.22 76.31 2.5 2.5 5.1 6.1 1.0 3.5 57.4 56.8 107.49 106.22 61.73 60.36 1.0 1.2 2.3 3.2 0.9 2.0
Massachusetts 70.2 68.2 155.62 143.70 109.29 98.00 3.0 8.3 11.5 11.8 0.3 3.2 59.7 57.6 136.52 127.14 81.51 73.18 3.7 7.4 11.4 11.7 0.3 4.0
Michigan 56.0 53.7 81.06 78.19 45.37 41.97 4.3 3.7 8.1 8.6 0.5 4.8 50.7 49.0 79.18 76.66 40.14 37.54 3.5 3.3 6.9 7.2 0.3 3.8
Minnesota 59.1 57.7 90.07 87.19 53.22 50.27 2.5 3.3 5.9 5.2 -0.6 1.9 53.2 53.1 88.60 86.02 47.14 45.71 0.1 3.0 3.1 2.6 -0.5 -0.4
Mississippi 59.3 60.7 77.88 76.25 46.15 46.32 -2.5 2.1 -0.4 -0.8 -0.4 -2.9 57.2 56.4 76.33 75.16 43.64 42.35 1.4 1.6 3.0 2.4 -0.6 0.9
Missouri 60.5 55.6 82.22 79.01 49.75 43.93 8.8 4.1 13.2 10.9 -2.1 6.6 50.6 48.1 80.79 77.65 40.85 37.37 5.1 4.0 9.3 7.7 -1.5 3.5
Montana 59.1 56.7 84.04 77.67 49.68 44.06 4.2 8.2 12.7 13.8 0.9 5.1 49.6 47.0 77.92 73.94 38.67 34.74 5.6 5.4 11.3 12.3 0.9 6.6
Nebraska 60.6 56.2 81.73 75.66 49.53 42.52 7.9 8.0 16.5 18.4 1.6 9.6 50.2 47.7 78.11 75.43 39.18 35.95 5.3 3.6 9.0 10.6 1.5 6.8
Nevada 63.2 62.9 96.24 87.80 60.86 55.22 0.6 9.6 10.2 10.9 0.7 1.2 60.8 62.5 98.87 93.07 60.10 58.15 -2.7 6.2 3.4 4.0 0.7 -2.1
New Hampshire 53.3 51.1 97.87 95.53 52.16 48.82 4.3 2.5 6.9 6.2 -0.6 3.6 48.0 46.6 99.19 96.00 47.59 44.78 2.9 3.3 6.3 4.5 -1.6 1.2
New Jersey 61.8 60.7 110.42 106.66 68.26 64.78 1.8 3.5 5.4 7.8 2.3 4.1 53.6 53.1 103.66 100.63 55.53 53.48 0.8 3.0 3.8 5.1 1.2 2.0
New Mexico 61.4 60.2 79.05 75.03 48.55 45.15 2.0 5.4 7.5 8.4 0.8 2.9 54.5 54.1 75.20 72.27 41.01 39.09 0.8 4.1 4.9 5.7 0.7 1.6
New York 74.0 72.8 198.22 189.59 146.78 138.01 1.7 4.6 6.4 8.7 2.2 4.0 66.2 63.8 176.15 169.53 116.53 108.11 3.7 3.9 7.8 9.8 1.9 5.7
North Carolina 60.7 58.8 86.90 83.49 52.76 49.08 3.3 4.1 7.5 8.0 0.5 3.8 55.7 53.8 82.46 79.33 45.96 42.68 3.6 3.9 7.7 8.3 0.5 4.2
North Dakota 76.8 71.6 98.30 86.54 75.54 61.95 7.4 13.6 21.9 29.6 6.3 14.1 72.1 65.8 96.29 84.89 69.44 55.82 9.7 13.4 24.4 31.7 5.9 16.1
Ohio 61.9 57.1 83.16 79.37 51.46 45.29 8.4 4.8 13.6 13.0 -0.5 7.8 53.6 50.5 80.53 77.34 43.19 39.02 6.3 4.1 10.7 10.1 -0.5 5.7
Oklahoma 63.5 58.1 74.95 71.98 47.57 41.78 9.3 4.1 13.9 13.9 0.1 9.4 57.6 54.1 73.14 70.10 42.13 37.91 6.5 4.3 11.1 11.5 0.4 6.9
Oregon 59.9 58.6 91.18 88.23 54.57 51.67 2.2 3.3 5.6 6.4 0.7 3.0 51.8 51.5 87.25 84.17 45.23 43.37 0.6 3.6 4.3 5.0 0.6 1.3
Pennsylvania 66.2 64.5 111.63 107.51 73.89 69.33 2.6 3.8 6.6 8.0 1.4 4.0 57.1 56.1 105.21 100.74 60.04 56.51 1.7 4.4 6.2 7.6 1.3 3.0
Rhode Island 63.8 63.6 125.78 121.79 80.23 77.45 0.3 3.3 3.6 4.7 1.1 1.4 53.4 52.4 104.79 102.72 55.92 53.87 1.8 2.0 3.8 6.1 2.2 4.1
South Carolina 59.5 59.2 95.99 92.05 57.08 54.50 0.4 4.3 4.7 4.3 -0.5 0.0 55.3 53.4 85.52 82.35 47.29 43.98 3.5 3.9 7.5 7.2 -0.3 3.2
South Dakota 56.2 51.6 71.85 69.00 40.41 35.58 9.1 4.1 13.6 15.6 1.8 11.0 47.1 43.6 69.03 67.20 32.52 29.28 8.1 2.7 11.1 11.9 0.7 8.9
Tennessee 61.1 59.5 82.96 79.17 50.72 47.08 2.8 4.8 7.7 7.8 0.0 2.8 55.3 51.8 80.83 77.81 44.66 40.29 6.7 3.9 10.9 10.6 -0.3 6.4
Texas 63.4 59.8 91.08 87.59 57.78 52.35 6.1 4.0 10.4 11.8 1.3 7.6 61.8 58.8 90.17 87.58 55.73 51.53 5.1 2.9 8.2 9.5 1.2 6.4
Utah 62.2 59.4 85.83 83.82 53.42 49.82 4.7 2.4 7.2 7.4 0.1 4.8 56.5 54.9 104.84 99.41 59.27 54.56 3.0 5.5 8.6 8.8 0.1 3.1
Vermont 56.4 51.8 111.60 105.05 62.96 54.41 8.9 6.2 15.7 16.3 0.5 9.5 53.3 50.5 113.91 110.61 60.70 55.88 5.5 3.0 8.6 9.2 0.5 6.0
Virginia 64.8 62.8 102.35 101.34 66.30 63.66 3.1 1.0 4.1 3.8 -0.3 2.8 55.8 54.3 95.96 95.29 53.58 51.72 2.9 0.7 3.6 3.3 -0.2 2.6
Washington 65.1 63.3 102.99 98.87 67.05 62.59 2.9 4.2 7.1 7.7 0.5 3.4 57.5 56.2 98.82 95.55 56.85 53.70 2.3 3.4 5.9 6.4 0.5 2.8
Washington, DC 83.6 84.1 232.05 237.75 194.06 199.89 -0.5 -2.4 -2.9 -3.0 0.0 -0.6 74.3 74.8 213.72 215.75 158.79 161.46 -0.7 -0.9 -1.7 -1.2 0.4 -0.3
West Virginia 68.7 64.9 87.78 83.42 60.27 54.15 5.8 5.2 11.3 11.6 0.3 6.1 61.7 57.9 82.49 78.78 50.92 45.65 6.5 4.7 11.5 11.5 -0.1 6.5
Wisconsin 53.7 51.5 83.78 80.84 44.96 41.67 4.1 3.6 7.9 7.9 0.0 4.1 47.5 46.7 80.68 77.97 38.29 36.40 1.7 3.5 5.2 5.2 0.0 1.7
Wyoming 59.2 51.5 81.16 80.21 48.09 41.33 15.0 1.2 16.3 16.8 0.4 15.5 48.5 44.4 84.65 83.30 41.08 36.97 9.3 1.6 11.1 11.0 -0.1 9.3
Total United States 63.5 61.3 105.81 101.79 67.17 62.36 3.6 3.9 7.7 8.1 0.4 4.0 59.1 57.3 104.52 100.32 61.80 57.48 3.2 4.2 7.5 7.9 0.3 3.5

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6
Glossary

Airport Price
Properties near (usually within 5 miles) an international airport that primarily serve demand (Luxury, Upscale, Mid-Price, Economy, Budget)
generated from airport traffic. The five categories of a metro STR market which are defined by actual
or estimated average room rate.
Average Daily Rate (ADR)
Room revenue divided by rooms sold. Resort
Properties located in resort areas that primarily serve leisure demand.
Chain Scale
(Luxury Chains, Upper Upscale Chains, Upscale Chains, Midscale Chains with F & B, Revenue Per Available Room (RevPAR)
Midscale Chains without F & B, Economy Chains, Independents) Room revenue divided by rooms available (occupancy times average room rate will
The chain scale segments are based primarily on the actual, system-wide average room closely approximate RevPAR).
rates of the major chains.
Rooms Available (Room Supply)
East North Central The number of rooms times the number of days in the period.
Michigan, Wisconsin, Illinois, Indiana, Ohio
Room Revenue
East South Central Total room revenue generated from the sale or rental of rooms.
Kentucky, Tennessee, Alabama, Mississippi
Rooms Sold (Room Demand)
Interstate The number of rooms sold (excludes complimentary rooms).
Properties near interstate highways that primarily serve demand generated from the interstate.
Interstate hotels located in suburban areas are classified in the Suburban location type. Small Metro/Town
Properties located in markets with less than 150k population.
Location
Hotel classifications driven by physical location. Chain management has provided STR South Atlantic
with location classifications for a significant number of properties. Maryland, Delaware, West Virginia, Virginia, North Carolina, South Carolina, Georgia,
Florida, Washington D.C.
Middle Atlantic
New York, Pennsylvania, New Jersey Suburban
Properties located in suburbs of urban markets.
Mountain
Montana, Idaho, Wyoming, Colorado, Utah, Nevada, Arizona, New Mexico Urban
Properties located in urban areas with populations greater than 150k.
New England
Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island West North Central
Minnesota, North Dakota, South Dakota, Iowa, Nebraska, Missouri, Kansas
Occupancy
Rooms sold divided by rooms available. West South Central
Arkansas, Oklahoma, Texas, Louisiana
Pacific
Alaska, Washington, Oregon, California, Hawaii