TEXAS HOTEL PERFORMANCE REPORT: FOURTH QUARTER AND YEAR OF

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1 February 28, 2009 Market Texas Tourism, Office of the Governor, Economic Development & Tourism TEXAS HOTEL PERFORMANCE REPORT: FOURTH QUARTER AND YEAR OF 2008 Texas lodging room revenues gained 8.5 percent to $7.25 billion in the year of 2008, after gaining 8.9 percent in 2007 and 13 percent in However, signs of a developing recession have appeared, indicating likely declines early in Revenues declined 9 percent in 2001, 1.3 percent in 2002, and 1.9 percent in 2003; they then gained 7.4 percent in the turnaround year of 2004, and 15 percent in In the Fourth quarter of 2008, room revenues reached $ billion, up 7.6 percent from the Fourth quarter of Prices in the quarter rose by 4 percent. Annual 2008 roomnights sold, the measure of real consumer demand, increased by a healthy 3.2 percent including a percent increase in the Fourth quarter, about 3 points below the same as the prior year. Room supply grew 3 percent. For the year, occupancy remained constant to last year at 61.4 percent, continuing well above the 58 percent long-term industry average. This occupancy level follows an 0.1 point increase in 2007, a 1.2 point increase in 2006 and a 3.9 point increase in Annual REVPAR was $55.12, up 5.1%. In the Fourth quarter, occupancy was percent, down 1.1 up 0.3 points, and REVPAR gained 2.0% 4.5%, to $49.42 $50.62, up $.97$2.18. Hurricane Impact: In the Fourth quarter, in one-quarter of the state (93,700 rooms), room revenues gained a massive but temporary 19.1% versus the Fourth quarter of last year (+12.1 percent in roomnights sold); these rooms are within 75 miles of the Gulf of Mexico and were dramatically affected by September hurricanes Ike, Dolly and Gustav. These hurricanes displaced many coastal residents, who then stayed in hotels. Additionally, the coastal areas are hosting construction crews, not only to rebuild residential and commercial damage, but to build the huge additions to refineries. Recession Looms: in the remaining three-quarters of the state (266,900 rooms), revenues gained only 2.9 percent, reflecting the drag of the national economy, with growth rates well below the 8+ percent gains of the past two years; worse, roomnights sold gained only 0.5 percent in the Fourth quarter, well below the 3+ percent gains of recent years.

2 With current signs of a slow-down, we expect 2009 revenues to decline by 5 percent or more. However, 2008 room revenues continue to match the longterm trend-line. For 2008, twelve of twenty-seven areas posted double digit revenue increases; three areas declined. For the Fourth quarter, metros gaining more than 15 percent were mostly influenced by hurricanes or the expansion of the petroleum industry, or both; they include Beaumont / Port Arthur, Texarkana (Tx), Midland, Houston/Baytown/Sugar Land, and Odessa. Declining areas were Brownsville/Harlingen, Sherman/Denison, Laredo, Victoria, Dallas, McAllen/Edinburg, Waco and El Paso. The following table demonstrates the varying effects of recession, hurricanes, petrochemicals, and also, disruptions on the border: Fourth Quarter 2008 % Total Revenue* % Chains Only: Current MSA Definitions Market Change % $ ADR REVPAR Dallas-Ft Worth-Arlington 26.8% $458.0 $ % 58.7 $89.59 $52.59 Houston-Baytown-Sugarlnd 26.0% $363.1 $ % 70.4 $ $71.77 San Antonio 11.9% $186.2 $ % 53.7 $ $60.57 Austin-Round Rock 10.5% $170.7 $ % 62.6 $ $65.07 El Paso 2.1% $35.3 $ % 66.8 $80.01 $53.45 Corpus Christi 1.9% $30.0 $ % 43.3 $77.58 $33.59 Brownsville-Harlingen 0.9% $19.2 $ % 47.5 $71.34 $33.89 Balance of Texas 19.8% $301.7 $ % 58.6 $77.62 $45.49 Total State of Texas 100.0% $1,564.2 $1, % 60.4 $92.87 $56.09 *$ millions Because of the hurricane-driven, Coastal-area growth in the market, state-wide growth rates continue to look solid and do not yet reflect the emerging economic downturn: Texas Lodging: Percentage Change Vs. Year Ago Room Room Rooms % $ $ Qtr/Yr Supply Rev $ Sold Occ Price RPAR 3rd ' th ' st ' nd rd th st ' nd rd th 3.0* * 2008 Room supply excludes hurricane-closed hotels,

3 most of which will re-open after repairs

4 By Product Segment: For 2008 in total, all chain segments, 1 except Luxury and Upscale hotels, had revenue gains of 9 to 12 percent. Mini-suites lost room supply as AmeriSuites converted to Mid-Upscale Hyatt Place. Independents gained strongly. This probably indicates greater price sensitivity among consumers. Segment Performance Annual Results ($ 000's) # # # $ Room % % Mkt % Point Rate Segments Hotels Rooms Chg Revenues Chg Share Occup Chg Chg Luxury , % 5.1% % Upscale ,229, % 17.0% % Suites , % 8.8% % Mid/Upscales ,029, % 14.2% % Mini-Suites , % 4.6% % L.S./Midscales ,449, % 20.0% % Extended Stay , % 3.5% % Budget , % 9.8% % Total Chains 2, ,013, % 83.0% % Tot. Independ. 1, ,232, % 17.0% % Total Market 4, ,245, % 100.0% % Room Supply Room supply increased by 3.3% in 2008, similarly to recent history; supply growth should start to moderate in In the Fourth quarter of 2008, total room inventory expanded by 10,600 rooms over the Fourth quarter of 2007, after expanding 9,800 units last year and by 7,400 the year before. Note that numerous coastal hotels were closed in the Fourth quarter due to hurricane damage, are under repair and will return to inventory, causing the above supply expansions to be understated. In the Fourth quarter of 2008, room supply offered at rates of $135 and above rose 19 percent (8,100 net rooms). Rooms offered at rates from $90 up to $135 increased 12 percent (10,000 net rooms). Conversely, rooms priced below $90 declined by 3 percent (7,300 net rooms); this latter result reflects both hotels closing and hotels moving up above $90 in price. 1 Limited Service chain hotels offer high-quality rooms without restaurants at average prices (e.g. Holiday Express, Hampton Inn, Fairfield Inn, La Quinta). Mini-suite hotels feature room sizes of about 400 square feet and limited service. Luxury hotels are the highest priced chains (Westin, Four Seasons, Gaylord, Ritz Carlton). Upscales are the large full-service, higher-priced hotels (e.g. Marriott, Hilton, Hyatt, Omni, Wyndham). Mid-Upscale hotels are lowerpriced, partially-full-service hotels (e.g. Marriott Courtyard, Hilton Garden, Holiday Inn, Hyatt Place, Sheraton). Low Priced Extended Stay includes brands such as Budget Suites of America, Extended Stay America, etc. Budget chains include Motel 6, Super 8, Days Inn, Ramada and similar hotels.

5 The Largest Metros in the Fourth Quarter Houston-Baytown-Sugar Land metro roomnights-sold gained a majestic 14.6 percent in the Fourth quarter while room revenues grew 20.7 percent to $438 million (aided by a 5.4 percent price rise). With occupancy up 8.2 points to 68.5 percent in the quarter, the Houston metro hotel industry is enjoying the temporary benefits of hurricanes and petrochemical refinery expansion. Metro room supply rose 0.8 percent (600 rooms), but is understated by about 1,500 temporarily closed rooms in Galveston and other coastal areas. In the year of 2008, Houston room revenues gained 13.3 percent because of an 8 percent increase in room rates and a 4.8 percent rise in roomnights sold from Occupancy rose 1.3 points to a desirable 65.9 percent average. San Antonio metro roomnights-sold in the Fourth quarter were up a modest 1.7 percent from the same quarter a year ago, while rates gained a strong 6.1 percent causing revenues to improve 7.9 percent to $201 million. As net room supply increased by 7.2 percent (2,600 net rooms), average occupancy eroded by 2.7 points, to 51.5 percent. In the year of 2008, San Antonio room revenues gained 9.2 percent because of a 4.9 percent increase in room rates and a solid 4.1 percent rise in roomnights sold from Occupancy slipped 1 point to a 60.4 percent average. Ft. Worth-Arlington Metropolitan Division roomnights-sold were flat, edging higher by 0.5 percent in the quarter, with revenues up 3.5 percent, to $146 million. Net room supply grew by 1,300 rooms (4.7 percent) causing occupancy to drop to 60.1 percent, down 2.6 points. In the year of 2008, Ft. Worth room revenues gained a strong 9.5 percent, roomnights increased 3.4 percent and occupancy eroded 1 point to a still-strong 65.9 percent average. Austin-Round Rock roomnights-sold dropped 2.4 percent in the Fourth quarter in a nonlegislative year. Resulting revenues gained just 2.1 percent based solely on a 4.7 percent price increase, to $156 million. Net room supply rose only 1.5 percent (400 net rooms). Occupancy consequently dropped 2.7 points to 61.3 percent. For all of 2008, Austin metro occupancy dropped 2.4 points to a still-healthy 66.1 percent. Dallas Metropolitan Division roomnights-sold dropped an unsettling 2.5 percent in the Fourth quarter, causing revenues to decline 3.4 percent to $306 million. As net room supply increased by 2.1 percent (1,400 net rooms), average occupancy eroded by 2.6 points, to 56.4 percent. In the year of 2008, Dallas room revenues gained just 2.8 percent because of a 1.8 percent increase in room rates and a 1 percent rise in roomnights sold from Occupancy slipped 0.5 points to a 59.6 percent average, indicating an opportunity for only highly selective new supply additions.

6 Fourth Quarter Occupancy The latest quarter occupancy averaged 57.9 percent compared to 57.6 percent in 2007 and 57.3 percent in A 2008 total year occupancy of 61.4 percent is about 6 percent above long term averages. Chain occupancy was 60.4 percent in the Fourth quarter, down by 0.7 points from a year ago. Chains accounted for 84 percent of market revenues, the same as a year ago. Independents generated 49.9 percent occupancy, up by 2.6 points. Nineteen of 27 areas showed occupancy losses versus the Fourth quarter of Only eight areas exceeded the state occupancy average of 57.9 percent in the quarter. Metro Area Performance Year of 2008 Fourth Quarter 2008 Occ Pt. Rev Occ Pt. Rev Metro Area % Chg % Chg % Chg % Chg Odessa % % El Paso % % Midland % % Beaumont-Pt Arthur % % Austin-Round Rock % % Ft Worth-Arlington MD % % Houston-Baytown-Sugarland % % College Station-Bryan % % Longview % % Texarkana (Tx) % % San Angelo % % Tyler % % Lubbock % % State Average % % San Antonio % % Waco % % Dallas MD % % Amarillo % % McAllen-Edinburg-Pharr % % Non Metro % % Killeen-Temple-Ft Hood % % Laredo % % Abilene % % Victoria % % Sherman-Denison % % Wichita Falls % % Corpus Christi % % Brownsville-Harlingen % % TEXAS HOTEL PERFORMANCE REPORT: THIRD QUARTER 2009

7 Texas lodging room revenues dropped 16.3 percent in the Third quarter, after losing 12.4 percent in the first six months of 2009; there is no sign yet of any slowing of the decline or bottoming. In prior years, gains have been positive: 8.5 percent in 2008, 8.9 percent in 2007, and 13 percent in This is the largest percentage revenue decline in 23 years (compares to -22 percent in the Third quarter of 1986). This decline in the Third quarter represents a 26 percentage point turnaround in the negative direction from last year; growth in the Third quarter last year was +9.4 percent compared to percent this year. Third quarter room revenues dropped sharply to $1.598 billion from $1.908 billion a year ago. Prices declined by 7.7 percent, one of the largest drops on record. Revenue Per Available Room per day plummeted by 20.4 percent. Room-nights sold decreased by 9.3 percent in the Third quarter, virtually the same as in the Second quarter. These declines compare to gains of 3.2 percent in 2008 and 2.9 percent in Third quarter room-nights sold were about 2.7 million lower than normal expectations (versus a reasonable trend projection); room-nights sold dropped 9.3 percent instead of rising seasonally as has been typical. Room-nights sold are the fundamental measure of real demand and the most important driver of industry health. Net room supply in the quarter grew 5.2 percent, encouraged by high occupancies of the past three years. In the next few years, development and opening of new hotels will likely be offset by the closure of older, obsolete

8 lodging properties that are unable to survive in this weak market environment. Consequently, we expect net new supply will decline nearly to zero quite soon because of the current recession and its abysmal affect on operating results. Third quarter occupancy dropped by 13.8 percent, from 63 percent to 54.3 percent (by 8.7 points), a level well below the 60 percent long-term Texas industry average. If historical patterns from the recessions of the 1980 s repeat themselves, major declines in room-nights sold will continue at least through year s end. Demand gains in 2010 will probably show only a slight recovery given the emerging and apparent ineffectiveness of federal stimuli, crippling governmental deficits, near 20 percent unemployment (includes part-time workers and those giving up the search), and the negative effects of proposed federal programs (i.e. nationalized health care, questionable energy development efforts, and huge tax increases). State-wide performance measures continue trending negatively: Texas: Percentage Change Vs. Year Ago Room Room Rooms % $ $ Qtr/Yr Supply Rev $ Sold Occ Price RPAR 1st ' nd rd th st ' nd rd th st ' nd rd All four major metros suffered revenue declines approaching 20 percent. Leisure-driven Corpus Christi and Brownsville (Padre Island) were the only gainers except for Wichita Falls (military). Seventeen areas posted double digit revenue declines. Areas losing more than the 16.3 percent average state-wide included Odessa, Houston-Baytown-Sugarland, Victoria, McAllen-Edinburg-Pharr, Dallas, Longview, Austin-Round Rock, non-metro areas, Abilene, College Station-Bryan, Tyler and Laredo. Third Quarter % Total Revenue* % Chains Only: Metropolitan Areas Market Change %Occ $ ADR REVPAR Dallas-Ft Worth-Arlington 26.5% $503.6 $ % 55.9% $85.18 $47.62 Houston-Baytown-SugarLand 20.9% $432.4 $ % 56.6% $98.83 $55.94 San Antonio 13.0% $256.6 $ % 55.8% $ $58.12 Austin-Round Rock 9.3% $180.8 $ % 57.8% $ $58.76 Corpus Christi 4.1% $62.9 $ % 60.9% $82.11 $50.00 El Paso 2.1% $36.3 $ % 62.1% $77.86 $48.35 Brownsville-Harlingen 2.4% $35.0 $ % 79.7% $60.10 $47.87 Balance of Texas 21.8% $400.4 $ % 56.3% $72.56 $40.85 Total State of Texas 100.0% $1,907.9 $1, % 56.2% $86.31 $48.51 * $ millions

9 By Price The majority of the revenue losses have been among business travelers, traditionally purchasing at the higher prices. In 2008, lodging priced above $135 gained 23.5 percent over In the Third quarter, this category lost over 30 percent versus last year in part due to a 23 percent decline in supply (as hotels dropped down to the Mid-priced category). Mid-priced hotel revenues ($90-$135) were down 14.4 percent in the Third quarter after being up 11.8 percent for all of 2008; net supply gained 5 percent. Under $90 lodging eroded slightly in the Third quarter (by 3.2 percent) in spite of a 17.6 percent supply gain.. Change In Room Revenues by Price (vs. year ago) Average Rate: Under $90 $90 to $135 $135+ Total Year of % 15.0% 21.9% 8.9% Year of % 11.8% 23.5% 8.5% 1st Quarter % -0.7% -22.5% -8.9% 2nd Quarter % -10.0% -30.0% -15.5% 3rd Quarter % -14.4% -31.1% -16.3% By Product Segment Overall, segment results signal a continued drop in Business-related demand in the market, but now augmented by lower Leisure volume. For the Third quarter of 2009, room revenues for the Luxury, Upscale and Mid/Upscales chain segments 2 lost 15 to 17 percent. Suites were the best performers, but still lost 11 percent versus year ago in this down market. Segment Performance Third Quarter 2009 Results # # # $ Room % % % Point Rate REVPAR Segments Hotels Rooms* Chg Revenues* Chg Mkt Occup Chg Chg Chg Luxury , % 4.7% % -16.7% Upscale , % 16.5% % -18.7% Suites , % 9.1% % -20.1% Mid/Upscales , % 13.9% % -20.7% Mini-Suites , % 4.7% % -25.9% L.S./Midscales , % 20.5% % -23.1% Extended Stay , % 3.5% % -23.6% Budget , % 9.4% % -26.7% - Total Chains 2, ,315, % 82.4% % -21.6% Independents 2, , % 17.6% % -16.8% Total Market 4, ,597,614 *( 000's) High Room Supply Gains Will Cease % 100.0% % -20.5% 2 Limited Service chain hotels offer high-quality rooms without restaurants at average prices (e.g. Holiday Express, Hampton Inn, Fairfield Inn, La Quinta). Mini-suite hotels feature room sizes of about 400 square feet and limited service. Luxury hotels are the highest priced chains (Westin, Four Seasons, Gaylord, Ritz Carlton). Upscales are the large full-service, higher-priced hotels (e.g. Marriott, Hilton, Hyatt, Omni, Wyndham). Mid- Upscale hotels are lower-priced, partially-full-service hotels (e.g. Marriott Courtyard, Hilton Garden, Hyatt Place, Holiday Inn, Sheraton). Low Priced Extended Stay includes brands such as Budget Suites of America, Extended Stay America, etc. Budget chains include Motel 6, Super 8, Days Inn, Ramada and similar low-priced hotels.

10 Room supply increased by 5.3 percent in the Third quarter, faster than recent history due to the high occupancy rates of the past few years. In the next few years, development and opening of new hotels will likely be offset by the closure of older, obsolete lodging properties that are unable to survive in this weak market environment. After completion of hotels now under construction, or soon to break ground, net supply growth in Texas should consequently drop to zero. In the Third quarter of 2009, room inventory expanded by 19,300 net rooms 3 over last year, after expanding by 16,800 in the Second and by 14,300 units in the First quarter. In the Third quarter, rooms priced below $90 increased dramatically (by 17.6 percent or 36,500 net rooms), due mostly to hotels reducing rates below $90. Rooms offered at rates from $90 up to $135 declined 2.2 percent (-2,100 net rooms), while room supply offered at rates of $135 and above declined 22.9 percent (-15,000 net rooms). The Largest Areas in the Third Quarter Houston-Baytown-Sugar Land room-nights-sold dropped precipitously by 13.4 percent in the Third quarter while room revenues dropped 23 percent to $333 million (with a 11 percent price erosion). Occupancy dropped 10.5 points to 53.8 percent in the quarter. Metro room supply rose normally, by 3.5 percent (2,600 rooms), but is still slightly understated by closed rooms in Galveston. In the year of 2008, Houston room revenues gained 13.3 percent because of an 8 percent increase in room rates and a 4.8 percent rise in room-nights sold from Last year, occupancy rose 1.3 points to a strong 65.9 percent average. Dallas Metropolitan Division room-nights-sold dropped 11.7 percent in the Third quarter, causing revenues to decline 18.8 percent to $278 million. As net room supply increased by 3.9 percent (2,700 net rooms), average occupancy slipped 8.9 points, to 54.7 percent; this indicates little opportunity for additional new supply. In the year of 2008, Dallas room revenues gained just 2.8 percent because of a 1.8 percent increase in room rates and a 1 percent rise in room-nights sold from 2007; occupancy slipped 0.5 points to a 59.6 percent average San Antonio Metro room-nights-sold declined sharply by 8.1 percent from the Third quarter a year ago, while rates dropped 6.4 percent causing revenues to decline 14.0 percent to $215 million. As net room supply increased dramatically by 7.4 percent (2,900 net rooms), average occupancy eroded by 9.1 points, to 54.1 percent; this also indicates little or no opportunity for any new supply additions. In the year of 2008, San Antonio room revenues gained 9.2 percent because of a 4.9 percent increase in room rates and a 4.1 percent rise in room-nights sold; occupancy slipped 1 point to a 60.4 percent average. Austin-Round Rock room-nights-sold dropped 6.2 percent in the Third quarter even though the legislature was in session. Influenced by a 8.3 percent price decrease, revenues dropped 14 percent to $164 million. Net room supply rose 3.7 percent (1,000 net rooms). Occupancy consequently slid 8.1 points to 56.7 percent. For all of 2008, Austin metro occupancy dropped 2.4 points to a still-healthy 66.1 percent as room revenues gained 3 percent. Ft. Worth-Arlington Metropolitan Division room-nights-sold slipped 3.9 percent in the quarter, with revenues down 9.8 percent, to $145 million. Net room supply grew massively, by 9.8 percent (2,600 rooms) contributing to an occupancy decline of 8.5 points, to 61.1 percent. 3 net being the combination of new supply openings less closures, and rooms moving to or from another price grouping

11 In the year of 2008, Ft. Worth room revenues gained a strong 9.5 percent, room-nights increased 3.4 percent and occupancy eroded 1 point to a still-strong 65.9 percent average.

12 Third Quarter Occupancy The latest quarter occupancy averaged 54.3 percent. This compares to 63.0 percent in the Third quarter of 2008 and to 62.4 percent In 2008, total year occupancy was 61.4 percent, almost 2 percent above long term averages. Chain occupancy was 56.2 percent in the Third quarter, down by 9.2 points from a year ago. Chains accounted for 82.4 percent of market revenues, the same as a year ago. Independents generated 48.1 percent occupancy, down by 7.8 points. Twenty-four of the 27 Texas areas showed decreased occupancy versus the Third quarter of Fourteen areas exceeded the state occupancy average. Metro Area Performance Year of 2008 Third Quarter 2009 Occ Pt. Rev Occ Pt. Rev Metro Area % Chg % Chg % Chg % Chg Amarillo % % Texarkana (Texas) % % Ft Worth-Arlington MD % % San Angelo % % El Paso % % Corpus Christi % % Lubbock % % Austin-Round Rock % % Wichita Falls % % Waco % % Killeen-Temple-Ft Hood % % College Station-Bryan % % Brownsville-Harlingen % % Midland % % State Average % % San Antonio % % Houston-Baytown-Sugarland % % Tyler % % Longview % % Laredo % % Dallas MD % % Non Metro % % Beaumont-Pt Arthur % % Sherman-Denison % % McAllen-Edinburg-Pharr % % Victoria % % Abilene % % Odessa % %

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14 Tables Page 14 Metropolitan Statistical Areas Abilene , , Amarillo , , Austin-Rd Rock , , , , Beaumt-Pt A , , Browns/Harlin , , ColSt-Bryan , , Corpus Chris , , Dallas MD , , , , Ft W-Arl MD , , , , DFW Metro , , , , El Paso , , Hou-Bay-Sugat , , , , Kil-Tem-Ft H , , Laredo , , Longview , , Lubbock , , McAl-Ed-Ph , , Midland , , Odessa , , San Angelo , , San Antonio , , , , Shermn/Denis , , Texarka(TX) , , Tyler , , Victoria , , Waco , , Wichita Falls , , Non-Metro , , , , Tot Texas 4, ,297 1,694, , ,395 1,375,

15 Tables Page 15 Abilene CHAIN $ $ $ $ , $ , , $ , , TOTAL , , $ $ $ ***** ***** ***** TOTAL , , Abilene $ , , $ , $ $ , $ , , $ , , Abilene , , Amarillo CHAIN $ , , $ , , $ , , $ , , $ , $ , , $ , ***** ***** ***** TOTAL , ,

16 Tables Page 16 $ , , $ $ , , $ $ ***** ***** TOTAL , , Amarillo $ , , $ , , $ , , $ , , $ , $ , , $ , ***** ***** ***** Amarillo , , Austin-Round Rock CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , ***** ***** ***** $ , , TOTAL , , , ,

17 Tables Page 17 $ , , $ $ ***** ***** ***** $ $ $ $ , $ , , $ $ $ , , TOTAL , , Austin-R R $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ , , Austin-R R , , , ,

18 Tables Page 18 Beaumont-Port Arthur CHAIN $ , $ , , $ , , $ , $ , , $ , , $ , ***** ***** ***** $ ***** ***** ***** $ , ***** ***** ***** TOTAL , , $ $ , $ $ $ , $ , ***** ***** ***** $ ***** ***** ***** TOTAL , , Beaumt-PT $ , , $ , , $ , , $ , , $ , , $ , , $ , ***** ***** ***** $ ***** ***** ***** $ , ***** ***** ***** Beaumt-PT , ,

19 Tables Page 19 Brownsville/Harlingen CHAIN $ , $ , , $ , , $ , , $ , , $ , , $ $ ***** ***** ***** TOTAL , , $ , $ $ $ $ $ , $ $ $ $ ***** ***** ***** $ TOTAL , ,

20 Tables Page 20 Browns/Har $ , , $ , , $ , , $ , , $ , , $ , , $ , $ $ , $ ***** ***** ***** $ Browns/Har , , College Station-Bryan CHAIN $ $ , , $ , , $ , $ , , $ , $ , , $ , ***** ***** ***** TOTAL , , $ $ $ , $ $ ***** ***** $ $ $ TOTAL , ,

21 Tables Page 21 ColSt-Brya $ , , $ , , $ , , $ , $ , , $ , $ , , $ , $ $ ColSt-Brya , , Corpus Christi CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , TOTAL , , $ $ $ $ , $ $ , , $ , , $ $ $ TOTAL , ,

22 Tables Page 22 Corpus Chr $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ $ $ Corpus Chr , , Dallas Metropolitan Division CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL , , , ,

23 Tables Page 23 $ , , $ , , $ , $ , , $ , , $ ***** ***** ***** $ , , $ , , $ , , $ ***** 72.0 $ , , TOTAL , , Dallas MD $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , Dallas MD , , , ,

24 Tables Page 24 Ft Worth-Arlington Metropolitan Division CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , ***** ***** ***** $ , , $ , , TOTAL , , , , $ , , $ , , $ , ***** ***** $ , $ $ $ , , $ $ $ ***** ***** ***** $ TOTAL , ,

25 Tables Page 25 Ft W-Arl M $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ , , $ , , Ft W-Arl M , , , , DALLAS/FT WORTH METROPOLITAN STATISTICAL AREA CHAIN $ , ,016 33, $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL , , , ,

26 Tables Page 26 $ , , $ , , $ , , $ , , $ , , $ $ , , $ , , $ , , $ $ , , TOTAL , , TOTAL DFW $ ,390 44, ,417 43, $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL DFW , , , ,