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of total): ? Hotel Rooms: 34,166 35% ? Condo Hotel Rooms: 48,678 50% Total Affecting Nightly Room Supply: 82,844 85% ? Nonrental Residences: 13,938 14% ? Timeshare Rooms: 1,360 1% * Some projects have not yet reported room counts Total . Top 10 Condotel MSAs March 2021 2 8 , 2 8 81 1 , 5 7 61 0 , 0 8 46 , 8 8 03 , 7 1 2 3 , 6 9 93 , 2 1 53 , 0 7 32 , 9 1 12 , 6 7 205 , 0 0 01 0 , 0 0 01 5 , 0 0 02 0 , 0 0 02 5 , 0 0 03 0 , 0 0 0L as Ve g as M i am i F o r tL au d er d al eN o n M SA O r l an d o N Y C / N J C h i ca g o T am p a / ST .Pe teM yr tl e B ea ch B o st o n Sa n D i eg o5 9 . 26 1 . 36 3 . 15 2 . 75 6 . 05 9 . 46 3 . 46 6 . 96 7 . 6404550556065702021 2021 2021T o t a l U SC o n d o H o t e l sD e st i n a t i o n R e so r t sAnnual Occupancy 2021 2021 Total US vs. Condo Hotels vs. Destination Resorts % $ 8 2 . 8 6$ 8 6 . 2 4$ 9 0 . 8 3$ 1 6 8 . 4 4$ 1 7 9 . 2 6$ 1 9 4 . 1 8$ 1 4 8 . 7 7$ 1 5 1 . 8 5$ 1 5 8 . 6 84060801001201401601802002202021 2021 2021T o t a l U SC o n d o H o t e l sD e st i n a t i o n R e so r t sAnnual ADR 2021 2021 Total US vs. Condo Hotels vs. Destination Resorts $ Condotel: Data Reporting Topics ? Reporting Availability Static vs. Fluctuating Rooms Available ? Reporting Rooms Sold Issue: Owner Occupied, NonRevenue Generating Rooms ? Reporting Rooms Revenue The Rule: No Restatements after 120 days ? Comp Set Issues Choosing a Condotel in your Comp Set will likely do more harm than good Agenda ? Total US Overview ? Resort Locations ? Destination Resorts ? Condo Hotels ? Total US Projections Lodging Industry Issues ? Supply Growth Remains Benign – Construction Costs, Condo Conversions ? Higher Operating Costs – Insurance, Labor, Amenities, Energy ? Solid Demand Growth – Degrees of Good, Some Not So Good ? Changing Demand – Experience Travel, Baby Boomers ? Occupancy Growth Slows – Varies Widely by Market ? Aggressive Pricing – Could Double CPI, Control of Inter Pricing ? Transportation Problems – Troubled Airlines, Gasoline, Infrastructure ? Higher Industry Profits – More Difficult for each Property ? Global Issues – Terrorism, Bird Flu, Currency Fluctuations ? Outlook – Great ‘till ‘08? . Economic Outlook Blue Chip Economic Indicators – March 2021 2021A 2021F 2021F Real GDP +% +% +% CPI (= Inflation) +% +% +% Corporate Profits + % +% +% Disp Personal Ine +% +% +% Unemployment Rate % % % 1 . 63 . 10 . 41 . 21 . 10 . 64 . 23 . 30 . 31 . 40123452021 2021 2021 2021 2021PSu p p l y % C h gD e m a n d % C h gTotal United States Supply/Demand Percent Change 2021 –