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3

Despite the slackening national industry growth, the U.S. hotel

industry expansion currently sits at 76 months, with RevPAR

increasing 3.1 percent in the last six months. In line with the

expectation expressed in 2015, national RevPAR growth

decelerated in the first half of 2016, and industry experts are

revising their expectations downward for the remainder of the

year. The following chart depicts operating performance for the

U.S. Lodging Industry from 1995 through 2015. Additionally, we

have illustrated quarter-over-quarter comparisons for the last

two quarters compared to the same time frame from the

prior 12 months

The graph on the following page illustrates trends in occupancy,

average rate and RevPAR from 1990 through 2015, as well as the

2016 and 2017 projections.

NATIONAL HISTORICAL ANALYSIS