TEXAS HOTEL PERFORMANCE REPORT: FOURTH QUARTER AND YEAR OF

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Market Texas Tourism, Office of the Governor, Economic Development & Tourism TEXAS HOTEL PERFORMANCE REPORT: FOURTH QUARTER AND YEAR OF 2009 Texas lodging room revenues dropped 15% ($1.

1 Market Texas Tourism, Office of the Governor, Economic Development & Tourism TEXAS HOTEL PERFORMANCE REPORT: FOURTH QUARTER AND YEAR OF 2009 Texas lodging room revenues dropped 15% ($1.085 billion) in the year of 2009, to $6.174 billion. This compares to gains of 8.5 percent in 2008, 8.9 percent in 2007 and 13 percent in Worse, the rate of loss increased to 18.8 percent in the latest period, the Fourth quarter. This decline in the Fourth quarter represents a 26 percentage point turnaround - in the negative direction - from 2008; growth in the Fourth quarter last year was +7.6 percent compared to the 18.8 percent decline this year. This is the largest percentage revenue decline in 23 years (compares to -22 percent in the Third quarter of 1986). Fourth quarter room revenues dropped sharply to $1.376 billion from $1.695 billion a year ago. Prices declined by 9.9 percent, one of the largest drops on record. Revenue Per Available Room per day plummeted by 23.9 percent. Annual 2009 room-nights sold decreased by 8.6 percent. This decline compares to gains of 3.2 percent in 2008 and 2.9 percent in The 2009 decline includes a 9.9 percent decrease in the Fourth quarter. Room-nights sold are the fundamental measure of real demand and the most important driver of industry health. Annual 2009 occupancy dropped by 13 percent (by 8 points ), from a healthy 61.5 percent in 2008 to 53.5 percent. In the Fourth quarter, occupancy dropped by 15.5 percent (9 points ), from 58.1 percent to 49.1 percent, a level well below the 60 percent long-term Texas industry average. In the quarter, room supply grew 6.8 percent, caused by the strength of the industry before 2009 (but now unneeded given demand February 28, 2010

2 declines). Consequently, we expect net new supply will decline nearly to zero quite soon because of the current recession and its abysmal effect on operating results. Texas lodging performance measures continue trending negatively and more severely. Of critical note, the trend towards higher and higher declines has slowed, but has not stopped: Texas: Percentage Change Vs. Year Ago Room Room Rooms % $ $ Qtr/Yr Supply Rev $ Sold Occ Price RPAR 4th st ' nd rd th st ' nd rd th Twenty-one of the 28 measured areas suffered revenue declines. The worst declines were in oil-dependent areas and in areas benefitting from the 2008 hurricanes: Beaumont-Port Arthur dropped over 50 percent, Odessa over 40 percent, Houston over 30 percent, and Midland, Victoria and Abilene over 20 percent. Six others dropped over 10 percent. Five areas enjoyed small gains, the highest of which was 5 percent in Wichita Falls. Fourth Quarter % Total Revenue* % Chains Only: Metropolitan Areas Market Change %Occ ADR REVPAR Dallas-Ft Worth-Arlington 28.1% $441.1 $ % 51.6% $82.86 $42.76 Houston-Baytown-Sugarland 22.0% $458.1 $ % 51.0% $88.46 $45.11 San Antonio 12.6% $200.7 $ % 49.1% $97.33 $47.79 Austin-Round Rock 10.1% $156.0 $ % 56.3% $96.60 $54.39 Corpus Christi 2.0% $30.7 $ % 36.6% $77.53 $28.38 El Paso 2.5% $34.6 $ % 67.1% $71.30 $47.84 Brownsville-Harlingen 1.1% $16.1 $ % 39.1% $70.05 $27.39 Balance of Texas 21.7% $357.3 $ % 50.7% $70.31 $35.65 Total State of Texas 100.0% $1,694.6 $1, % 51.2% $83.41 $42.71 * $ millions Analyst s Prediction: If historical patterns from the recessions of the 1980 s repeat themselves, the severe rate of decline in room-nights sold may moderate, but no recovery is foreseen. In other words, demand in 2010 is unlikely to increase. This opinion is based on the ineffectiveness of federal stimuli, crippling deficits, near 20 percent unemployment (includes parttime workers and those giving up ), lack of meaningful energy development, and the negative effects on the free enterprise economy of proposed federal programs, including nationalized health care, card check,, cap & trade, immigration reform, and huge, looming tax increases. **********************

3 By Price Fourth Quarter Revenues: The majority of the revenue losses have been among travelers purchasing at the higher prices. In 2008, lodging priced above $135 gained 23.5 percent over In the Fourth quarter of 2009, this category lost over 40 percent versus last year in large part due to a 34 percent decline in supply (as hotels dropped down to the Mid-priced category). Mid-priced hotel revenues ($90-$135) were down 12.9 percent in the Fourth quarter after being up 11.8 percent for all of 2008; net supply was unchanged. Under $90 lodging eroded slightly in the Fourth quarter (by 3.2 percent) in spite of a 20 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 '09-2.9% -0.7% -22.5% -8.9% 2nd Quarter '09-3.5% -10.0% -30.0% -15.5% 3rd Quarter '09-3.2% -14.4% -31.1% -16.3% 4th Quarter '09-3.2% -12.9% -42.5% -18.8% By Product/Price Segment Annual Basis: Revenues show double digit declines in all segments, 1 signaling a drop in both Business- and Leisure-related demand in the market. However, the largest declines were at the high- and low-end of the market, with Luxury down almost 19 percent, Budgets down 20 percent and Independents 17 percent. Suites and Limited Service chains were the best performers, but still lost 10+ percent versus year ago in this down market. Segment Performance Year of 2009 Results ( 000's) # # # $ Room % % % Point Rate REVPAR Segments Hotels Rooms Chg Revenues Chg Mkt Occup Chg Chg Chg Luxury , % 4.8% % -18.9% Upscale ,053, % 17.1% % -20.1% Suites , % 9.3% % -18.5% Mid/Upscales , % 14.3% % -20.2% Mini-Suites , % 4.7% % -23.0% L.S./Midscales ,272, % 20.6% % -21.1% Extended Stay , % 3.5% % -19.1% Budget , % 9.2% % -22.5% Total Chains 2, ,160, % 83.6% % -20.3% Tot. Independ. 1, ,013, % 16.4% % -15.9% Total Market 4, ,174, % 100.0% % -18.1% 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 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.

4 Room Supply Increases Will Quickly Cease: Room supply increased by 6.8 percent in the Fourth quarter, due to the high occupancy rates of the past few years. In the next few years, development and opening of new hotels will be offset by the closure of older, obsolete lodging properties that are unable to survive in this weak market environment. After completion and opening of new hotels now under construction, or soon to break ground, net supply growth in Texas should consequently drop to zero. There will still be new openings, selectively, where old hotels are closed, and in local market pockets of economic growth. In the Fourth quarter of 2009, room inventory expanded by 24,500 net rooms 2 over last year, after expanding by 19,300 in the Third, by 16,800 in the Second and by 14,300 units in the First quarter. In the Fourth quarter, rooms priced below $90 increased dramatically (by 20 percent or 43,400 net rooms), due mostly to hotels that reduced rates below $90 and shifted to the lower-priced category. Rooms offered at rates from $90 up to $135 declined 0.1 percent (-100 net rooms), while room supply offered at rates of $135 and above declined 35 percent (-18,800 net rooms). The Largest Metro Areas in the Fourth Quarter San Antonio Metro room-nights-sold declined only by 0.3 percent from the Fourth quarter a year ago, while rates dropped 13.5 percent causing revenues to decline 13.8 percent to $173 million. As net room supply increased dramatically by 7.5 percent (2,900 net rooms), average occupancy eroded by 3.7 points, to 47.4 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 4.1 percent rise in roomnights sold; occupancy slipped 1 point to a 60.4 percent average. Ft. Worth-Arlington Metropolitan Division room-nights-sold slipped 2.5 percent in the quarter, with revenues down 7.3 percent, to $129 million. Net room supply grew massively, by 10.1 percent (2,900 rooms) contributing to an occupancy decline of 6.9 points, to 52.9 percent. 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. Austin-Round Rock room-nights-sold dropped 3.9 percent in the Fourth quarter. Influenced by a 7.5 percent price decrease, revenues dropped 11 percent to $139 million. Net room supply rose 4.9 percent (1,300 net rooms). Occupancy consequently slid 5.1 points to 55.3 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. Dallas Metropolitan Division room-nights-sold dropped 6.3 percent in the Fourth quarter, causing revenues to decline 14.7 percent to $257 million. As net room supply increased by 4.1 percent (2,800 net rooms), average occupancy slipped 5.5 points, to 50.2 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 room-nights sold from 2007; occupancy slipped 0.5 points to a 59.6 percent. Houston-Baytown-Sugar Land room-nights-sold dropped precipitously by 24.4 percent in the Fourth quarter while room revenues dropped 34 percent, to $303 million (with a 12.5 percent price erosion). Occupancy dropped 21 points to 49.7 percent in the quarter. Metro room supply rose by 7.6 percent (5,500 rooms). In the year of 2008, Houston gained by Hurricane-related housing demand as room revenues gained 13.3 percent and room-nights sold rose 4.8 percent; then, occupancy increased 1.3 points to a 65.9 percent average 2 net being the combination of new supply openings less closures, and rooms moving to or from another price grouping

5 Annual Occupancy In 2009, occupancy averaged 53.5 percent, almost 11 percent below long term averages. This compares to 61.5 percent in 2008 and to 61.4 percent In the Fourth quarter of 2008, occupancy was 49.1 percent, down from 58.1 percent in the prior year. Chain occupancy was 55.6 percent in 2009, down by 8.8 points from a year ago. Chains accounted for 83.7 percent of market revenues, slightly above a year ago. Independents generated 46.7 percent occupancy, down by 6.1 points. In 2009, twenty-six of the 27 Texas areas showed decreased occupancy versus Twelve areas exceeded the state occupancy average, as the areas are ranked by 2009 occupancy below: Metro Area Performance Year of 2008 _Year of 2009 Occ Pt. Rev Occ Pt. Rev Metro Area % Chg % Chg % Chg % Chg El Paso % % Texarkana (Tx) % % San Angelo % % Austin-Round Rock % % Lubbock % % Amarillo % % College Station-Bryan % % Ft Worth-Arlington MD % % Midland % % Beaumont-Pt Arthur % % Houston-Baytown-Sugarland % % Waco % % State Average % % Longview % % Tyler % % Wichita Falls % % San Antonio % % Dallas MD % % Killeen-Temple-Ft Hood % % McAllen-Edinburg-Pharr % % Odessa % % Non Metro % % Laredo % % Corpus Christi % % Abilene % % Brownsville-Harlingen % % Sherman-Denison % % Victoria % %

11 Tables Page 11 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER 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,

12 Tables Page 12 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Abilene CHAIN $ $ $ $ , $ , , $ , , TOTAL , , $ $ $ TOTAL , , Abilene $ , , $ , $ $ , $ , , $ , , Abilene , , Amarillo CHAIN $ , , $ , , $ , , $ , , $ , $ , , $ , TOTAL , ,

13 Tables Page 13 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER $ , , $ $ , , $ $ TOTAL , , Amarillo $ , , $ , , $ , , $ , , $ , $ , , $ , Amarillo , , Austin-Round Rock CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ , , TOTAL , , , ,

14 Tables Page 14 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER $ , , $ $ $ $ $ $ , $ , , $ $ $ , , TOTAL , , Austin-R R $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ , , Austin-R R , , , ,

15 Tables Page 15 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Beaumont-Port Arthur CHAIN $ , $ , , $ , , $ , $ , , $ , , $ , $ $ , TOTAL , , $ $ , $ $ $ , $ , $ TOTAL , , Beaumt-PT $ , , $ , , $ , , $ , , $ , , $ , , $ , $ $ , Beaumt-PT , ,

16 Tables Page 16 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Brownsville/Harlingen CHAIN $ , $ , , $ , , $ , , $ , , $ , , $ $ TOTAL , , $ , $ $ $ $ $ , $ $ $ $ $ TOTAL , ,

17 Tables Page 17 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Browns/Har $ , , $ , , $ , , $ , , $ , , $ , , $ , $ $ , $ $ Browns/Har , , College Station-Bryan CHAIN $ $ , , $ , , $ , $ , , $ , $ , , $ , TOTAL , , $ $ $ , $ $ $ $ $ TOTAL , ,

18 Tables Page 18 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER ColSt-Brya $ , , $ , , $ , , $ , $ , , $ , $ , , $ , $ $ ColSt-Brya , , Corpus Christi CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , TOTAL , , $ $ $ $ , $ $ , , $ , , $ $ $ TOTAL , ,

19 Tables Page 19 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Corpus Chr $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ $ $ Corpus Chr , , Dallas Metropolitan Division CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL , , , ,

20 Tables Page 20 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER $ , , $ , , $ , $ , , $ , , $ $ , , $ , , $ , , $ $ , , TOTAL , , Dallas MD $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , Dallas MD , , , ,

21 Tables Page 21 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Ft Worth-Arlington Metropolitan Division CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ , , $ , , TOTAL , , , , $ , , $ , , $ , $ , $ $ $ , , $ $ $ $ TOTAL , ,

22 Tables Page 22 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Ft W-Arl M $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ , , $ , , Ft W-Arl M , , , , DALLAS/FT WORTH METROPOLITAN STATISTICAL AREA CHAIN $ , ,016 33, $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL , , , ,

23 Tables Page 23 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER $ , , $ , , $ , , $ , , $ , , $ $ , , $ , , $ , , $ $ , , TOTAL , , TOTAL DFW $ ,390 44, ,417 43, $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL DFW , , , ,

24 Tables Page 24 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER El Paso CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , TOTAL , , $ , , $ $ , TOTAL , , El Paso $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , El Paso , ,

25 Tables Page 25 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Houston-Baytown-Sugar Land CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ , , TOTAL , , , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ , , $ , , TOTAL , ,

26 Tables Page 26 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Hou-Bay-Su $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , Hou-Bay-Su , , , , Killeen-Temple-Ft Hood CHAIN $ , , $ , , $ , , $ , , $ , , $ , TOTAL , , $ , , $ $ $ $ $ $ $ $ $ TOTAL , ,

27 Tables Page 27 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Kil-Tem-Ft $ , , $ , , $ , , $ , , $ , , $ , $ $ $ $ Kil-Tem-Ft , , Laredo CHAIN $ $ $ , , $ , , $ , $ $ , , TOTAL , , $ , $ , , $ $ TOTAL , ,

28 Tables Page 28 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Laredo $ , , $ , , $ , , $ , , $ , , $ $ , , Laredo , , Longview CHAIN $ $ $ , $ , $ , , $ , TOTAL , , $ , $ $ TOTAL , Longview $ , , $ $ , $ , $ , , $ , Longview , ,

29 Tables Page 29 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Lubbock CHAIN $ , , $ , $ , , $ , , $ , , $ , , $ , $ , TOTAL , , $ $ $ $ $ , TOTAL , , Lubbock $ , , $ , $ , , $ , , $ , , $ , , $ , $ , Lubbock , ,

30 Tables Page 30 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER McAllen-Edinburg-Pharr CHAIN $ $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL , , $ , , $ , $ , $ $ $ TOTAL , , McAl-Ed-Ph $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ $ McAl-Ed-Ph , ,

31 Tables Page 31 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Midland CHAIN $ $ $ $ , , $ , $ , $ $ , $ TOTAL , , $ $ $ $ TOTAL , , Midland $ , $ , , $ , $ , , $ , $ , $ $ , $ Midland , ,

32 Tables Page 32 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Odessa CHAIN $ $ $ $ , $ , $ $ , $ TOTAL , , $ $ $ $ , $ , TOTAL , , Odessa $ $ $ $ , $ , $ , $ , $ Odessa , ,

33 Tables Page 33 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER San Angelo CHAIN $ $ $ $ $ , , $ TOTAL , , $ $ $ TOTAL San Angelo $ $ , $ , $ $ , , $ San Angelo , , San Antonio CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL , , , ,

34 Tables Page 34 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER $ , , $ $ , $ , $ , $ , , $ , $ , $ $ $ , , TOTAL , , San Antoni $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , San Antoni , , , , Sherman/Denison CHAIN $ $ $ $ , $ TOTAL , ,

35 Tables Page 35 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER $ $ $ $ $ $ TOTAL , , Shermn/Den $ $ $ $ , $ $ $ Shermn/Den , , Texarkana(TX) CHAIN $ $ $ $ $ , $ , $ TOTAL , , $ $ TOTAL

36 Tables Page 36 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Texarka(TX $ $ $ $ $ , $ , $ Texarka(TX , , Tyler CHAIN $ , $ , $ , $ , $ , , $ , TOTAL , , $ $ $ $ $ $ $ TOTAL

37 Tables Page 37 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Tyler $ , , $ , $ , , $ , $ , , $ , $ Tyler , , Victoria CHAIN $ $ $ $ , $ $ , TOTAL , , $ $ $ $ $ $ TOTAL , , Victoria $ , , $ , $ $ , $ $ , Victoria , ,

38 Tables Page 38 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Waco CHAIN $ , , $ , , $ , , $ , , $ , , $ , TOTAL , , $ $ TOTAL , , Waco $ , , $ , , $ , , $ , , $ , , $ , Waco , , Wichita Falls CHAIN $ , $ , $ , $ , , $ $ $ TOTAL , , $ TOTAL

39 Tables Page 39 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Wichita Fa $ , , $ , $ , $ , , $ $ $ Wichita Fa , , Non-Metro CHAIN $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ TOTAL ,185 88, ,103 74, $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ $ , , TOTAL , ,

40 Tables Page 40 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER Non-Metro $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , $ $ , , Non-Metro , , , ,

41 Tables Page 41 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER TOTAL TEXAS CHAIN $ ,240 80, ,800 96, $ , , ,848 97, $ , , , , $ , , , , $ , , , , $ , , , , $ , , , $ , , $ , , $ , , $ , , TOTAL CHAIN 2, ,308 1,430, , ,034 1,170, ENDENTS $ ,892 59, , ,916 56, $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , $ , , TOTAL 1, , , , , ,

42 Tables Page 42 HOTEL/MOTEL PERFORMANCE BY METRO; FOURTH QUARTER TOTAL TEXAS $ , , , , , , $ , , , , $ , , , , $ , , , , $ , , , , $ , , , , $ , , , , $ , , , $ , , $ , , $ , , TOT TEXAS 4, ,297 1,694, , ,395 1,375,

TEXAS HOTEL PERFORMANCE REPORT: FOURTH QUARTER AND YEAR OF

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