1
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
NORTH AMERICAN HOSPITALITY REVIEWQ2 2017 – Q1 2018
Issue Number:
106
Issue Date:
Apr 10, 2017
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
This report and its contents are proprietary information and may not be disclosed or discussed with any third party, except as permitted by the Publisher, TravelClick, Inc. Neither the contents of the report, actions taken based upon the report nor implications of the report may be shared with anyone outside of the Subscriber’s organization. The contents of the report are based upon data provided to TravelClick by third parties and the report is provided “as is.” TravelClick makes no representation expressed or implied regarding the accuracy or completeness of the contents of the report and the recipient of the report expressly assumes all risk, whether known to the Subscriber, in relying upon the contents of the report.
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Preface …………………………………………………………………………………………. 3
Executive Summary ……...…………………………………….………………………... 4
Q2 2017 ………………………………………………………………………………………. 11
Q3 2017 ………………………………………………………………………………….…… 25
Q4 2017 ………………………………………………………………………………………. 32
Q1 2018 ………………………………………………………………………………………. 38
Appendix …………….……………………………………………………………….………. 44
Table of Contents
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
This report is based on reservation and committed group sales (block) data provided by
hotel companies participating in TravelClick’s Demand360® Business Intelligence
product
The scope of the reporting:
– 25 major North American markets
o 270 million annual room nights
o $46 billion in annual room revenue
– Q2 2017 – Q1 2018
– As of April 1, 2017
The participating companies/brands and the scope of the data in terms of room
capacity by market can be found in the appendix
Preface
4
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Total Occupancy OutlookCommitted occupancy for the second quarter of 2017 through the first quarter of 2018 (current quarter and the upcoming three quarters) is up 0.2% compared to a year ago. New commitments added over the last month (pace) are down at -0.1%. Thirteen of the top 25 North American markets are showing committed occupancy increases compared to a month ago.
Group Sales OutlookThe group segment is down -0.9% in committed room nights over the same time last year. New group business added over the last month (pace) is down at -0.3% over the comparable period last year. The group outlook is strongest in the fourth quarter of 2017 with a 4.4% growth over the same time last year. At the early outlook, the first quarter of 2018 is showing a 1.0% growth.
Transient OutlookTransient room nights booked are up 2.5% over the same time last year. New reservations booked over the last month (pace) are up 0.4% over the comparable period last year. Business demand, which includes weekday transient negotiated and transient retail segments, is down -2.1%, and leisure demand, which includes transient discount, transient qualified segments and transient wholesale, is up 5.6%.
Average Daily Rate OutlookAverage Daily Rate (ADR) is up 1.6% based on reservations currently on the books for 2017. ADR is growing in 21 of the top 25 North American markets. Group ADR is up 1.1% and transient segment ADR is up 1.8% compared to the previous year. Transient business and leisure ADR are both up 2.8% and 1.3%, respectively.
Executive Summary
EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Legend:TY Room NightLY Room NightsAs of This MonthAs of Last Month
12 Month Outlook by Month
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
-5,000,000
0
5,000,000
10,000,000
15,000,000
20,000,000
04/17 05/17 06/17 07/17 08/17 09/17 10/17 11/17 12/17 01/18 02/18 03/18
Ro
om
Nig
hts
Current on the Books and Last Year Variance – Future 12 Months
-10%
0%
10%
20%
30%
40%
Variance %
vs Last Year
April2017
EXECUTIVE SUMMARY
6
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+0.2%
Occupancy OutlookCommitted Occupancy
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-0.1%
Legend:Total
Variance – All Markets
-2.3%
5.1%
-4.7%
2.1%
-4.4%
-2.2%
-3.1%
-1.2%
-14.6%
2.1%
2.9%
2.6%
-2.2%
3.8%
0.0%
-7.0%
0.2%
3.0%
7.1%
-4.2%
3.7%
0.5%
-4.1%
9.6%
-1.1%
-0.4%
-1.6%
0.6%
0.2%
-1.1%
0.8%
-0.4%
1.4%
2.1%
0.0%
0.8%
0.2%
-2.0%
-0.5%
0.1%
-3.0%
-1.3%
0.0%
0.9%
-0.8%
3.5%
-1.3%
0.4%
0.6%
-0.1%
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
Q2 2017 –Q1 2018
EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Group Occupancy OutlookCommitted Occupancy
Legend:Group Block
Variance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Group Block)
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-0.9%
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-0.3%
-2.7%
5.7%
-6.2%
1.1%
-3.4%
-4.1%
-5.5%
-3.1%
-17.4%
3.3%
3.6%
1.3%
-1.3%
2.4%
-1.4%
-8.6%
-1.4%
1.4%
5.5%
-7.3%
2.9%
0.8%
-4.5%
10.7%
-3.2%
-0.5%
-3.1%
1.5%
0.4%
-0.5%
0.2%
-0.1%
2.1%
3.0%
-0.2%
0.5%
-0.9%
-1.4%
0.4%
-0.8%
-3.1%
-2.2%
-1.9%
-0.9%
-1.5%
5.0%
-1.8%
0.6%
-0.8%
0.1%
Q2 2017 –Q1 2018
EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Group Occupancy OutlookReserved Occupancy
Legend:Group Reserved
Variance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Group Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-2.1%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-3.8%
-6.5%
-12.3%
-6.9%
-11.4%
-4.0%
1.8%
-0.9%
17.7%
-6.8%
-17.3%
-2.3%
-21.7%
-10.5%
7.5%
-3.1%
0.3%
-7.9%
-0.8%
6.7%
-6.8%
25.3%
-3.0%
-17.6%
8.1%
-0.9%
-4.8%
-5.7%
-3.9%
-6.7%
-1.4%
-6.5%
-0.6%
6.3%
0.1%
-9.2%
1.5%
-10.3%
-7.6%
2.9%
-2.5%
4.7%
-2.5%
4.3%
-1.1%
-6.4%
2.1%
0.5%
-9.1%
4.8%
0.2%
Q2 2017 –Q1 2018
EXECUTIVE SUMMARY
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Transient Occupancy Outlook
Legend:Transient Reserved
Variance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.4%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+2.5%
-1.8%
3.7%
-1.8%
5.1%
-7.1%
3.1%
1.9%
1.3%
-9.1%
-0.9%
1.8%
4.3%
-4.8%
5.3%
3.8%
-2.8%
5.5%
7.2%
11.7%
2.0%
5.3%
0.0%
-3.4%
7.1%
4.4%
0.1%
1.5%
-1.2%
-0.2%
-2.8%
2.7%
-0.9%
0.6%
0.3%
0.6%
1.3%
1.7%
-3.7%
-1.4%
2.5%
-2.6%
1.7%
5.0%
6.2%
0.7%
0.4%
0.1%
0.2%
3.7%
-0.5%
Q2 2017 –Q1 2018
EXECUTIVE SUMMARY
10
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Average Daily Rate Outlook
Note: CAD has appreciated versus the USD by 2% year-over-year
Legend:TotalGroup ReservedTransient ReservedVariance - All Markets
As Of:April 1, 2017
Scope:ADR (Group Reserved, Transient Reserved)
-10% -5% 0% 5% 10%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-10% -5% 0% 5% 10%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+1.6%
2.4%
2.8%
3.3%
0.1%
0.2%
2.0%
1.4%
4.5%
-9.8%
2.3%
2.4%
-0.5%
1.8%
-0.9%
3.8%
2.5%
5.6%
3.9%
0.0%
-1.9%
6.3%
3.4%
0.8%
3.7%
2.8%
Q2 2017 –Q1 2018
EXECUTIVE SUMMARY
11
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Q2 2017 Highlights
Q2 2017
• Committed occupancy for second quarter is up 1.2% year-over-year. Reserved occupancy is up 0.5%. New reservations added over the prior 30 days (pace) are up 0.2% compared to a year ago. RevPAR is up 1.9% based on reservations to this point.
• Group committed occupancy (based on group contracts) for second quarter is down -0.1%. Group reserved occupancy (based on reservations against contracted blocks) is up 0.1%.
• Transient demand for second quarter is up 2.9% over the same time last year. New reservations added over the prior 30 days (pace) are up 0.3% over the comparable period last year.
• Business and Leisure: Business demand, which includes the weekday transient negotiated and transient retail segments, is down -1.9% for second quarter. Leisure demand, which includes the transient discount, transient qualified, and transient wholesale segments, is up 6.6% for second quarter. New reservations added over the last month (pace) for the leisure segment is up 2.8%, while the business segment is -2.5%.
• ADR for second quarter is up 1.4% over the same time last year. The ADR increase is driven by transient, which is up 1.9%. Group ADR is up 0.4%. Business ADR is up 2.9% and leisure ADR is up 1.3%.
12
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
-4,000,000
0
4,000,000
8,000,000
12,000,000
16,000,000
20,000,000
Ro
om
Nig
hts
04/17 05/17 06/17
Var % vs LY Comm OCC -0.2% 2.9% 2.0%
Var % vs LY ADR 0.7% 1.6% 3.1%
Var % vs LY RevPAR -0.4% 5.7% 4.1%
-5%
0%
5%
10%
15%
20%
25%
Varian
ce % vs Last Ye
ar
Current on the Books and Last Year Variance
Performance By Month
Legend:
LY Room Nights
TY Room Nights
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved), ADR, RevPAR
Q2 2017
Q2 2017
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Occupancy OutlookCommitted Occupancy
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
0.4%
6.0%
-7.2%
2.2%
-5.8%
-4.4%
-1.0%
-0.2%
-6.5%
-4.6%
4.7%
2.2%
1.0%
2.7%
6.3%
0.3%
0.0%
5.0%
10.5%
-6.7%
7.4%
1.5%
-5.7%
9.3%
1.1%
0.8%
-1.8%
1.3%
-1.1%
-1.7%
1.4%
1.3%
0.6%
1.7%
0.7%
1.3%
2.4%
-2.5%
-1.1%
0.7%
-2.6%
1.9%
2.9%
1.9%
-0.1%
3.1%
0.8%
-0.3%
1.3%
-0.1%
+1.2% +0.2%
Q2 2017
Q2 2017
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Occupancy OutlookReserved Occupancy
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Reserved Occupancy (Group Reserved + Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-0.7%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-2.3%
-0.1%
-4.8%
-3.3%
-7.5%
1.6%
-1.0%
-1.1%
-3.5%
-8.5%
1.1%
-1.6%
-6.6%
4.1%
5.1%
-0.8%
-0.6%
6.9%
8.7%
-0.5%
9.7%
1.0%
-7.8%
11.2%
2.2%
-1.9%
-1.0%
-2.7%
-3.6%
-3.2%
-1.9%
-0.6%
-1.0%
0.7%
-3.8%
1.5%
-0.8%
-5.4%
-1.2%
0.6%
0.4%
-0.3%
5.6%
2.3%
-1.6%
-0.7%
1.0%
-3.0%
5.3%
-0.3%
+0.5%
Q2 2017
Q2 2017
15
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-0.1%
Group Occupancy OutlookCommitted Occupancy
Legend:
Group BlockVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Group Block)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.1%
6.5%
6.8%
-11.4%
1.7%
-4.2%
-9.3%
-2.4%
4.0%
-10.0%
-5.2%
7.8%
-3.8%
3.2%
1.7%
3.5%
1.1%
-4.2%
0.7%
9.6%
-15.1%
10.8%
0.5%
-8.9%
9.6%
-1.8%
1.4%
-4.6%
3.7%
-1.3%
-0.2%
0.8%
2.8%
4.8%
2.3%
0.9%
1.4%
1.1%
-1.9%
0.6%
-1.1%
-3.0%
1.5%
1.1%
-1.2%
-1.3%
7.1%
0.7%
-1.3%
-0.5%
0.0%
Q2 2017
Q2 2017
16
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Group Occupancy OutlookReserved Occupancy
As Of:April 1, 2017
Scope:Occupancy (Group Reserved)
Legend:
Group ReservedVariance – All Markets
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-2.8%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-4.5%
0.4%
-10.2%
-10.3%
-12.9%
-6.4%
-1.6%
-4.7%
15.6%
-5.1%
-17.4%
-1.2%
-25.5%
-13.3%
7.3%
-2.5%
-0.8%
-9.5%
0.2%
4.0%
-9.0%
25.5%
-2.4%
-19.6%
16.0%
-2.9%
-4.9%
-6.1%
-6.4%
-7.9%
-2.4%
-9.6%
-1.0%
8.5%
-0.1%
-11.4%
2.0%
-12.6%
-8.4%
3.7%
-3.2%
6.0%
-3.6%
5.7%
-3.7%
-8.7%
-0.3%
1.1%
-11.3%
8.3%
-0.3%
Q2 2017
Q2 2017
17
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Transient Occupancy Outlook
Legend:
Transient ReservedVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.3%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+2.9%
-3.9%
-3.9%
-2.7%
3.0%
-8.1%
3.4%
0.6%
-2.8%
-2.9%
-3.7%
1.9%
7.0%
-2.3%
3.4%
10.5%
-0.8%
7.2%
11.0%
11.7%
2.9%
4.1%
2.8%
-2.4%
8.8%
5.5%
0.0%
1.5%
-1.2%
-0.7%
-3.8%
2.4%
-0.4%
-2.0%
1.0%
0.4%
1.3%
3.4%
-3.4%
-2.2%
3.4%
-2.1%
2.5%
5.5%
6.3%
1.2%
-0.9%
1.0%
0.7%
3.8%
-0.3%
Q2 2017
Q2 2017
18
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Transient Occupancy OutlookTransient Retail
Legend:
Transient ReservedVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Transient Retail)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-3.6%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-0.5%
-1.0%
-3.8%
-7.7%
-3.1%
-7.0%
0.4%
-1.5%
-8.5%
-3.0%
-1.9%
-6.6%
-5.0%
-5.1%
-6.2%
-0.6%
-1.6%
1.9%
5.6%
-0.5%
-5.7%
-4.1%
-1.0%
-4.4%
4.1%
-6.0%
-2.2%
-3.4%
-14.4%
1.6%
-9.5%
-2.7%
-6.5%
-6.0%
-13.1%
-8.4%
-5.8%
-0.7%
-6.7%
1.6%
10.3%
6.3%
13.6%
12.3%
1.4%
-6.7%
13.0%
4.2%
-5.1%
17.8%
3.3%
Q2 2017
Q2 2017
19
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Transient Occupancy OutlookTransient Discount
Legend:
Transient ReservedVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Transient Discount)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+3.8%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+8.5%
-3.3%
18.4%
-6.1%
12.5%
-5.8%
7.3%
7.6%
0.4%
2.4%
1.2%
9.1%
16.2%
3.3%
6.1%
12.8%
0.5%
12.6%
13.2%
21.2%
7.1%
1.7%
14.1%
1.1%
8.2%
14.8%
2.9%
6.9%
-3.0%
5.5%
-1.6%
5.0%
3.0%
4.0%
0.9%
3.9%
7.9%
8.6%
1.9%
-0.6%
4.0%
1.4%
8.1%
7.1%
10.4%
4.8%
0.8%
6.7%
4.7%
5.0%
5.8%
Q2 2017
Q2 2017
20
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Transient Occupancy OutlookRetail + Discount Combined
Legend:
Transient ReservedVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Transient Retail + Transient Discount)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+1.0%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+5.0%
-2.8%
9.4%
-10.2%
7.9%
-7.7%
2.9%
0.3%
-1.1%
-4.9%
-4.1%
2.7%
11.8%
-1.3%
5.0%
12.0%
3.3%
13.0%
12.8%
13.3%
2.1%
6.3%
9.1%
-1.5%
11.7%
10.0%
1.1%
2.5%
-5.3%
1.9%
-4.4%
3.0%
0.7%
1.0%
-1.0%
0.7%
1.7%
5.0%
-1.4%
-2.0%
2.5%
0.0%
5.6%
6.5%
6.1%
1.0%
-1.2%
2.8%
0.9%
4.7%
0.9%
Q2 2017
Q2 2017
21
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Transient Occupancy OutlookTransient Negotiated
Legend:
Transient ReservedVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Transient Negotiated)
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-3.1%
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-2.1%
-6.2%
-2.4%
9.6%
-5.0%
-9.8%
1.9%
1.3%
-18.4%
-4.2%
-1.6%
-5.5%
-10.1%
-4.7%
-3.7%
3.0%
-6.6%
-5.5%
6.6%
8.6%
-1.7%
0.5%
-12.1%
-6.3%
2.1%
0.2%
-3.9%
-0.4%
4.3%
-5.4%
-3.5%
0.6%
-2.1%
-14.9%
1.3%
-1.4%
-2.8%
-8.0%
-7.4%
-4.1%
4.0%
-5.6%
-3.7%
5.8%
6.4%
-2.1%
1.8%
-4.4%
-3.9%
2.4%
-1.2%
Q2 2017
Q2 2017
22
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed Occupancy OutlookWeekday Performance
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Weekday Group Block + Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.0%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+1.4%
0.0%
7.5%
-7.1%
2.0%
-6.0%
-5.3%
1.1%
-0.8%
-6.1%
-5.0%
5.8%
0.3%
1.8%
2.7%
7.3%
-0.6%
-0.2%
6.6%
10.5%
-8.3%
7.4%
3.5%
-5.9%
11.8%
1.0%
0.7%
-2.1%
1.0%
-1.6%
-2.0%
1.2%
1.7%
0.5%
1.4%
0.8%
0.8%
2.0%
-3.1%
-1.2%
1.5%
-3.1%
1.8%
3.2%
1.6%
-0.5%
2.8%
0.4%
-0.4%
2.1%
-0.5%
Q2 2017
Q2 2017
23
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed Occupancy OutlookWeekend Performance
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Weekend Group Block + Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.6%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+1.0 %
1.3%
2.8%
-7.4%
2.6%
-5.3%
-2.2%
-4.4%
1.3%
-7.1%
-3.9%
2.5%
6.1%
-0.5%
2.7%
4.1%
1.8%
0.5%
1.9%
10.6%
-2.9%
7.6%
-1.8%
-5.2%
4.4%
1.2%
1.1%
-1.2%
1.9%
-0.1%
-1.1%
2.1%
0.7%
0.8%
2.1%
0.6%
2.4%
3.1%
-1.3%
-0.7%
-1.0%
-1.8%
2.0%
2.5%
2.6%
0.8%
3.6%
1.5%
0.0%
-0.3%
0.6%
Q2 2017
Q2 2017
24
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Average Daily Rate Outlook
Legend:
Total
Group ReservedTransient ReservedVariance - All Markets
As Of:April 1, 2017
Scope:ADR (Group Reserved, Transient Reserved)
Note: CAD has appreciated versus the USD by 2% year-over-year
-10% -5% 0% 5% 10%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-10% -5% 0% 5% 10%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+1.4 %
3.9%
2.6%
3.0%
0.2%
0.2%
1.0%
1.8%
3.8%
-10.4%
-0.2%
1.6%
-1.5%
-1.7%
0.4%
3.4%
3.9%
7.6%
3.3%
-1.1%
-3.4%
7.8%
2.5%
0.8%
4.4%
2.5%
Q2 2017
Q2 2017
25
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
• Committed occupancy for the third quarter of 2017 is down -4.3% year-over-year. July committed occupancy is down -3.9% compared to a year ago, while August and September demand are both down -0.8% and -8.1% from last year.
• Group committed occupancy is down -5.9% compared to a year ago. New group commitments (sales) over the past 30 days (pace) are down -0.6% over the comparable period last year.
• Transient demand is up 1.3%. New transient bookings over the past 30 days (pace) are up 0.9% in comparison to the same period last year. Business demand, which includes the weekday transient negotiated and transient retail segments, is down -3.1%. Leisure demand, which includes the transient discount, qualified and wholesale segments, is up 3.2%. New booking pace over the past 30 days is up for leisure segment at 2.5%. The business segment is down at -2.2%.
• ADR for Q3 is up 1.9% over the same time last year, based on reservations currently on the books at this point in the booking window. The ADR increase is driven by Group, which is up 4.5%. Transient ADR is up 0.8%.
Q3 2017 Highlights
Q3 2017
26
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
-2,000,000
0
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
Ro
om
Nig
hts
07/17 08/17 09/17
Var % vs LY Comm OCC -3.9% -0.8% -8.1%
Var % vs LY ADR 1.4% 3.4% 1.6%
Var % vs LY RevPAR 0.9% 7.0% -3.7%
-10%
0%
10%
20%
30%
Varian
ce % vs Last Ye
ar
Current on the Books and Last Year Variance
Performance By Month
Legend:
LY Room Nights
TY Room Nights
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
Q3 2017
Q3 2017
27
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Occupancy OutlookCommitted Occupancy
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
Q3 2017-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-0.2%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-4.3%
-3.2%
0.3%
17.2%
-5.0%
-4.7%
-7.6%
0.2%
-4.9%
-31.0%
9.7%
-3.2%
6.2%
-16.8%
2.9%
-10.4%
-28.8%
-1.2%
-4.9%
1.8%
-0.2%
-2.7%
0.0%
4.3%
0.9%
-3.5%
-1.3%
-2.9%
1.6%
-0.7%
-0.6%
0.2%
-1.0%
3.5%
1.3%
0.1%
0.7%
-1.0%
-2.7%
0.8%
-1.8%
-2.2%
0.1%
2.9%
0.5%
-0.3%
2.3%
-4.1%
-0.6%
-0.4%
0.0%
Q3 2017
28
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Group Occupancy OutlookCommitted Occupancy
Legend:
Group BlockVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Group Block)
Q3 2017-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-0.6%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-5.9%
-4.1%
0.4%
11.4%
-7.0%
-4.7%
-8.3%
-0.6%
-13.6%
-33.5%
9.1%
-3.9%
9.8%
-16.5%
-1.1%
-11.4%
-30.0%
-2.0%
-4.3%
-0.1%
0.3%
-5.8%
-1.1%
7.4%
0.8%
-4.9%
-1.8%
-4.0%
0.8%
-0.9%
-1.1%
-0.4%
-0.5%
1.9%
1.7%
-0.1%
1.1%
-1.6%
-2.4%
0.8%
-2.6%
-1.5%
0.1%
2.9%
-1.2%
-0.6%
2.0%
-5.3%
0.0%
-1.4%
0.3%
Q3 2017
29
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Transient Occupancy Outlook
Legend:
Transient ReservedVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.9%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+1.3%
-0.6%
-0.3%
48.5%
5.2%
-4.8%
-4.0%
3.7%
9.9%
-18.5%
12.2%
-1.3%
0.9%
-18.6%
10.0%
-7.6%
-21.7%
5.0%
-7.7%
9.1%
-1.2%
6.9%
5.3%
-6.1%
1.3%
2.8%
1.2%
1.0%
5.9%
0.4%
2.6%
3.1%
-3.4%
6.2%
-0.7%
0.9%
-0.2%
-0.1%
-4.5%
0.7%
0.7%
-5.9%
0.1%
2.7%
6.5%
0.3%
3.3%
2.0%
-2.8%
2.7%
-1.3%
Q3 2017
Q3 2017
30
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed Occupancy OutlookWeekday Performance
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Weekday Group Block + Transient Reserved)
Q3 2017-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-0.4%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-4.8%
-4.1%
2.8%
22.7%
-5.8%
-5.5%
-7.2%
0.5%
-5.3%
-35.6%
13.8%
-3.4%
5.8%
-17.8%
2.2%
-10.4%
-37.4%
-2.3%
-3.6%
2.4%
-0.5%
-3.0%
1.4%
5.9%
-0.3%
-3.9%
-1.5%
-3.3%
2.4%
-1.5%
-1.8%
-0.2%
-0.1%
3.1%
0.8%
0.5%
0.8%
-1.6%
-1.9%
0.6%
-2.0%
-1.9%
0.0%
2.3%
0.2%
-0.3%
2.1%
-6.0%
-1.6%
-0.4%
0.5%
Q3 2017
31
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed Occupancy OutlookWeekend Performance
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Weekend Group Block + Transient Reserved)
Q3 2017-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.1%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-3.2%
-1.6%
-3.9%
9.3%
-3.6%
-3.2%
-8.3%
-0.2%
-4.2%
-23.1%
4.0%
-2.9%
7.1%
-15.2%
4.1%
-10.5%
-15.7%
2.0%
-7.7%
0.6%
0.4%
-2.2%
-2.1%
1.2%
3.2%
-2.7%
-1.0%
-2.3%
0.4%
0.7%
1.8%
1.0%
-1.9%
4.2%
2.3%
-0.5%
0.7%
0.3%
-4.1%
1.0%
-1.2%
-2.6%
0.3%
4.3%
1.0%
-0.2%
2.8%
-1.5%
1.3%
-0.5%
-0.9%
Q3 2017
32
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed occupancy growth for the fourth quarter of 2017 is up 4.5%. Reserved occupancy is up
6.0%. New occupancy commitments added over the past 30 days (pace) are flat at 0.0% versus the
comparable period last year. There is strong growth in the following markets compared to the
same time last year: Toronto (+31.2%), Seattle (+18.2%), Philadelphia (+15.4%), Atlanta (+13.9%)
and Denver (+13.8%).
Q4 2017 Highlights
Q4 2017
33
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
-2,000,000
0
2,000,000
4,000,000
6,000,000
8,000,000
Ro
om
Nig
hts
10/17 11/17 12/17
Var % vs LY Comm OCC 6.8% 1.8% 3.5%
-10%
0%
10%
20%
30%
Varian
ce % vs Last Ye
ar
Current on the Books and Last Year Variance
Performance By Month
Legend:
LY Room Nights
TY Room Nights
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
Q4 2017
Q4 2017
34
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Occupancy OutlookCommitted Occupancy
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
Q4 2017-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.0%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+4.5%
-13.9%
7.6%
-5.6%
6.1%
2.7%
13.8%
-7.0%
3.1%
-3.3%
9.1%
5.2%
0.7%
-14.2%
4.8%
-3.1%
15.4%
5.7%
2.9%
7.6%
-3.9%
18.2%
4.4%
1.2%
31.2%
-0.7%
-0.1%
0.7%
1.3%
1.4%
-0.4%
1.6%
3.1%
1.0%
4.3%
-0.1%
-1.9%
-2.3%
-2.6%
-0.8%
1.1%
0.0%
-4.0%
0.4%
1.2%
-2.8%
6.7%
-6.2%
4.7%
-0.8%
0.8%
Q4 2017
35
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Group Occupancy OutlookCommitted Occupancy
Legend:
Group BlockVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Group Block)
Q4 2017-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-0.1%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+4.4%
-12.8%
8.3%
-3.9%
3.7%
2.0%
12.0%
-10.4%
3.0%
-0.6%
10.9%
5.0%
3.5%
-12.9%
4.4%
-1.9%
13.9%
5.9%
3.9%
6.1%
-5.0%
17.4%
11.9%
0.3%
33.1%
-0.7%
-0.1%
0.3%
1.8%
1.2%
-1.0%
1.1%
3.6%
0.6%
5.3%
-0.6%
-3.0%
-0.9%
-2.5%
-0.3%
1.1%
0.0%
-4.1%
0.0%
1.0%
-3.0%
5.8%
-5.4%
5.2%
-1.8%
0.8%
Q4 2017
36
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed Occupancy OutlookWeekday Performance
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Weekday Group Block + Transient Reserved)
Q4 2017-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.0%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+4.6%
27.8%
-17.3%
8.4%
-10.1%
7.5%
1.7%
20.6%
-11.4%
2.5%
1.0%
7.1%
4.8%
0.4%
-14.1%
5.1%
-3.6%
16.2%
4.1%
5.3%
5.8%
-0.8%
23.8%
13.1%
1.0%
33.7%
-1.8%
-1.1%
1.4%
0.6%
1.6%
0.6%
1.5%
6.3%
1.4%
3.6%
-0.6%
-2.1%
-1.5%
-2.5%
-1.0%
1.1%
0.6%
-3.8%
-0.6%
0.9%
-3.2%
6.6%
-5.0%
4.5%
-2.5%
0.6%
Q4 2017
37
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed Occupancy OutlookWeekend Performance
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Weekend Group Block + Transient Reserved)
Q4 2017-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
+0.1%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+4.2%
-7.6%
6.2%
1.7%
3.2%
5.0%
-1.3%
-2.1%
4.5%
-11.4%
12.4%
6.0%
1.5%
-14.6%
4.3%
-1.5%
14.5%
10.0%
-2.6%
11.9%
-12.8%
5.7%
-7.2%
1.6%
25.6%
1.7%
2.1%
-0.6%
2.4%
1.0%
-2.6%
1.8%
-0.4%
-0.1%
5.5%
0.7%
-1.6%
-4.2%
-2.8%
-0.4%
1.2%
-0.7%
-4.5%
2.6%
2.1%
-1.4%
7.0%
-7.9%
5.0%
3.1%
1.2%
Q4 2017
38
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed occupancy for the first quarter of 2018 is up 0.3% year-over-year. New commitments
added over the last month (pace) are down -1.7% compared to a year ago. There is strong growth
in the following markets compared to the same time last year: Minneapolis St Paul (+87.4%),
Chicago (+34.2%), New York (+22.3%) and Boston (+16.0%).
Q1 2018 Highlights
Q1 2018
39
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
-1,500,000
0
1,500,000
3,000,000
Ro
om
Nig
hts
01/18 02/18 03/18
Var % vs LY Comm OCC 3.3% 1.1% -4.6%
-10%
0%
10%
20%
Varian
ce % vs Last Ye
ar
Current on the Books and Last Year Variance
Performance By Month
Legend:
LY Room Nights
TY Room Nights
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
Q1 2018
Q1 2018
40
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Occupancy OutlookCommitted Occupancy
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Group Block + Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-1.7%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+0.3%
13.8%
16.0%
-37.8%
34.2%
-6.7%
9.1%
-52.7%
-3.6%
-40.5%
4.8%
8.7%
-0.9%
87.4%
22.3%
4.0%
-6.0%
-4.5%
9.4%
5.3%
-2.2%
-16.9%
-16.9%
-22.1%
11.3%
-12.9%
-4.4%
0.3%
-5.9%
17.6%
0.0%
-3.4%
-37.2%
-0.7%
3.2%
-5.9%
2.4%
-5.9%
9.1%
0.4%
-0.1%
-24.1%
-11.2%
-18.7%
-1.9%
-2.3%
5.7%
7.1%
0.7%
4.1%
-2.4%
Q1 2018
Q1 2018
41
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Group Occupancy OutlookCommitted Occupancy
Legend:
Group BlockVariance – All Markets
As Of:April 1, 2017
Scope:Occupancy (Group Block)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-1.7%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+1.0%
14.0%
16.8%
-29.9%
34.5%
-5.8%
9.3%
-54.0%
-5.7%
-32.1%
6.9%
7.4%
-1.4%
81.6%
20.2%
4.7%
-6.9%
-3.0%
9.6%
5.6%
-2.6%
-17.4%
-17.4%
-20.4%
11.6%
-11.5%
-4.2%
0.3%
-4.1%
17.5%
1.0%
-3.5%
-38.5%
-1.4%
5.1%
-5.6%
2.1%
-6.7%
9.6%
-1.2%
-0.1%
-24.5%
-11.5%
-20.4%
-2.0%
-1.5%
5.6%
8.2%
0.9%
4.0%
-2.0%
Q1 2018
Q1 2018
42
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed Occupancy OutlookWeekday Performance
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Weekday Group Block + Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-1.2%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
+1.6%
8.8%
18.2%
-36.2%
54.4%
-7.0%
15.5%
-53.9%
-3.9%
-34.5%
1.0%
11.1%
0.0%
78.3%
23.3%
3.4%
-17.2%
-2.6%
14.9%
2.3%
-2.2%
-18.0%
-28.7%
-26.0%
14.0%
-10.8%
-3.8%
2.9%
-6.0%
25.0%
1.2%
1.6%
-40.1%
-1.1%
4.6%
-4.6%
4.9%
-3.8%
7.6%
0.8%
-0.8%
-23.5%
-13.6%
-17.2%
-3.3%
-3.4%
6.5%
0.4%
-1.4%
6.0%
-0.3%
Q1 2018
Q1 2018
43
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Committed Occupancy OutlookWeekend Performance
Legend:
TotalVariance – All Markets
As Of:April 1, 2017
Scope:Committed Occupancy (Weekend Group Block + Transient Reserved)
-20% -10% 0% 10% 20%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Pace Variance % versus Last Year
-2.9%
-30% -15% 0% 15% 30%
Atlanta
Boston
Charlotte
Chicago
Dallas
Denver
Detroit
Honolulu
Houston
Indianapolis
Los Angeles
Miami
Minneapolis St Paul
New York
Orlando
Philadelphia
Phoenix
San Antonio
San Diego
San Francisco
Seattle
St Louis
Tampa
Toronto
Washington DC
Variance % versus Last Year
-2.5%
25.2%
12.4%
-39.9%
4.5%
-5.8%
-2.3%
-50.8%
-2.8%
-50.4%
10.6%
3.4%
-3.3%
102.7%
20.4%
6.2%
10.5%
-9.7%
-1.3%
15.4%
-2.2%
-14.2%
0.1%
-13.6%
6.7%
-17.3%
-5.6%
-4.0%
-5.6%
6.5%
-2.5%
-12.3%
-33.0%
0.4%
1.0%
-7.9%
-2.9%
-11.4%
11.6%
-0.5%
2.3%
-24.9%
-4.5%
-21.7%
2.6%
1.1%
3.7%
16.9%
5.2%
0.7%
-6.7%
Q1 2018
Q1 2018
44
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Appendix
• Markets and Data Participation
• Typical Demand Curve
• Quadrant Analysis
• Glossary
APPENDIX
45
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Markets and Data ParticipantsMarket # of Properties # of Rooms
Atlanta 303 52,402
Boston 192 40,380
Charlotte 130 18,612
Chicago 320 74,052
Dallas 390 64,151
Denver 206 34,821
Detroit 145 21,811
Honolulu 18 13,537
Houston 339 49,642
Indianapolis 138 19,236
Los Angeles 374 83,004
Miami 131 27,468
Minneapolis St. Paul 128 22,562
New York 432 105,238
Orlando 167 44,997
Philadelphia 191 32,391
Phoenix 176 34,435
San Antonio 166 27,325
San Diego 140 32,430
San Francisco 119 34,421
Seattle 126 24,746
St. Louis 108 17,686
Tampa 150 21,533
Toronto 130 30,278
Washington DC 329 71,053
All Markets 5,048 998,211
Companies(may include some or all brands)
Four Seasons Hotels and Resorts
Hilton Hotels & Resorts
Hyatt
InterContinental Hotels Group
La Quinta Inns & Suites
Loews Hotels
Marriott International
Omni Hotels & Resorts
Independent/ Small Brands
APPENDIX
46
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
Typical Demand Curve
0%
20%
40%
60%
80%
100%
120%
0 1 2 3 4 5 6 7 8 9 10 11 12
% B
oo
ked
Months Left
Group Comm Transient Res Total Comm
Current Quarter Quarter Current + 1
Quarter Current + 2
QuarterCurrent + 3
The above graph illustrates the typical booking pattern of group committed, transient reserved, and total committed demand. The booking curve is based on historical booking data from the last year, across the reported markets. The graph shows how far in advance group blocks are committed, as well as how relatively late in the booking cycle transient demand appears. The four quarter regions on the diagram provide an indication of the business that is typically on the books for each of the four reported quarters (current + three quarters). Because of this booking dynamic, reporting for the current quarter focuses on reserved business, since the group committed business is virtually all on the books. Conversely, reporting for third and fourth quarters in the reported horizon focuses on the group committed demand, since very little transient reserved business is on the books at that early point.
% Booked =Percent of final room nights on the books at a particular number of months prior to arrival
APPENDIX
47
EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
GlossaryADR: Average Daily Rate; ADR is the room revenue/rooms sold (including non-revenue rooms). Revenue and rooms sold is based on
reservations on the books. It does not include remain rooms committed to group blocks, against which no reservation have been
received.
Capacity: The number of rooms in the hotel(s) (total, regardless of out-of-order rooms).
Committed Occupancy %: (Transient rooms reserved + group rooms committed)/capacity
Group Block: The number of rooms held aside in inventory for group blocks.
Discount Transient: The transient market segment containing reservation and stay activity for unaffiliated customers booking discounted
rate products.
Group Room Nights: The number of group rooms sold (actually booked, not just committed) (includes non-revenue rooms).
Market: The aggregate of properties in a particular city.
Occupancy %: (Transient rooms reserved + group rooms reserved)/capacity
Pace: Pace is occupancy added over a four week period.
Pace Variance % versus Last Year: The variance % in recent pace versus the last years commitments of the same period last year.
Position: Also referred to as Variance % versus Last Year. The variance % of a current measure, such as committed occupancy, to the
measure as of the same point in time last year.
Retail Transient: The transient market segment containing reservation and stay activity for customers booking retail/rack, undiscounted
rate products.
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EXECUTIVE SUMMARY Q4 2017 APPENDIXQ2 2017 Q3 2017 Q1 2018
Copyright © 2017, TravelClick, Inc. Proprietary & Confidential
GlossaryRevenue: The amount of booked room revenue for a particular stay date.
RevPAR: Revenue Per Available Room; The booked room revenue/capacity.
Room Nights Committed: Transient rooms reserved + group rooms committed
Room Nights: Transient rooms reserved + group rooms reserved
Transient Room Nights: Transient rooms reserved
Variance % versus Last Year: Also referred to as position. The variance % of a current measure, such as committed occupancy,
to the measure as of the same point in time last year.
Weekday: Sunday through Thursday
Weekend: Friday through Saturday
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