【正文】 DR $ % ? RevPAR $ % ? Room Rev $ b % % of US Hotel Supply generates % of US Rooms Revenue 1 0864202468101989 1991 1993 1995 1997 1999 2021 2021 2021S u p p l y % C h a n g eD e m a n d % C h a n g eDestination Resorts Room Supply/Demand Percent Change Twelve Month Moving Average – 1989 to January 2021 Segment Always Attracts New Supply – Except in the Most Recent Past % % 1 21 0864202468101989 1991 1993 1995 1997 1999 2021 2021 2021O c c % C h gA D R % C h gDestination Resorts Occupancy/ADR Percent Change Twelve Month Moving Average – 1989 to January 2021 Above 6% Rate Growth Lasts Not Forever… But for Now 02550751001251501752001989 1991 1993 1995 1997 1999 2021 2021 2021O c c u p a n c yADRDestination Resorts Occupancy Percent, Average Daily Rate Twelve Month Moving Average – 1989 to January 2021 Still Room For Improvement Post 9/11 in Both Measures May 1997: % July 2021: $171 Jan 2021: $182 Jan 2021: % 50556065707580J a n u a r y F e b r u a r y M a r c h A p r i l M a y J u n e J u l y A u g u s t S e p t e m b e r O c t o b e r N o v e m b e r D e c e m b e r20212021Destination Resorts Monthly Occupancy 2021 vs. 2021 In the Off Season, Year 2021 Still Is the Benchmark To Beat % % 130140150160170180J a n u a r y F e b r u a r y M a r c h A p r i l M a y J u n e J u l y A u g u s t S e p t e m b e r O c t o b e r N o v e m b e r D e c e m b e r20212021Destination Resorts Monthly ADR 2021 vs. 2021 December Rate Differential Still $6 $6 +$14 Destination Resorts Day of Week Analysis – Occupancy 2021 2021 5 4 . 7 %5 9 . 1 %6 2 . 4 %6 4 . 2 %6 5 . 5 %7 1 . 0 %7 4 . 3 %6 6 . 7 %6 7 . 9 %6 9 . 0 %5 8 . 8 %6 4 . 0 %6 8 . 2 %6 9 . 5 %7 0 . 3 %7 4 . 3 %7 7 . 0 %5 8 . 9 %6 3 . 3 %7 7 . 1 %7 4 . 1 %50%55%60%65%70%75%80%S u n M o n T u e W e d T h u F r i S a t202120212021Strong “Long Weekends” (Thu – Sat) But Have Fr/Sat Reached Their Peak? Destination Resorts Day of Week Analysis – ADR 2021 2021 $ 1 4 5 . 7 4$ 1 4 2 . 0 7$ 1 4 1 . 1 3$ 1 4 2 . 4 4$ 1 4 3 . 6 2 $ 1 4 3 . 4 5$ 1 4 4 . 4 3$ 1 4 8 . 9 1$ 1 4 3 . 7 5$ 1 4 4 . 0 8$ 1 4 7 . 3 1$ 1 5 7 . 1 9$ 1 5 3 . 1 1$ 1 5 2 . 1 8$ 1 5 5 . 0 5$ 1 5 6 . 6 1$ 1 4 5 . 0 4$ 1 4 8 . 7 5$ 1 4 8 . 1 9$ 1 5 8 . 6 3$ 1 5 1 . 8 3$130$135$140$145$150$155$160S u n M o n T u e W e d T h u F r i S a t202120212021Second Part of the Cycle: Rate Increase ?04/?03: 2% Rate Increase ?05/?04: 6% Agenda ? Total US Overview ? Resort Locations ? Destination Resorts ? Condo Hotels ? Total US Projections Definitions ? Condo Hotel Rooms: Rooms placed in Rental Pool ? Residences: Rooms not placed in Rent