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New Hampshire Outlook

Rachel J. Roginsky, ISHC Matthew R. Arrants Pinnacle Advisory Group 76 Canal Street Boston, MA 02114 Telephone: 617-722-9916 Fax: 617-722-9917 rroginsky@pinnacle-advisory.com marrants@pinnacle-advisory.com. New Hampshire Outlook. Pinnacle Realty Investments. Pinnacle Advisory Group.

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New Hampshire Outlook

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  1. Rachel J. Roginsky, ISHC Matthew R. Arrants Pinnacle Advisory Group 76 Canal Street Boston, MA 02114 Telephone: 617-722-9916 Fax: 617-722-9917 rroginsky@pinnacle-advisory.com marrants@pinnacle-advisory.com New Hampshire Outlook Pinnacle Realty Investments Pinnacle Advisory Group

  2. Total United StatesRoom Supply/Demand Percent Change12 Month Moving Average To August 2003 Source: Smith Travel Research

  3. Total United StatesOccupancy / ADR Percent Change12 Month Moving Average To August 2003 Source: Smith Travel Research

  4. Total United StatesOccupancy and ADR12 Month Moving Average To August 2003 Source: Smith Travel Research

  5. Total U.S.Monthly OccupancyYear-Over-Year Aug 2001 – Aug 2003 Source: Smith Travel Research

  6. Total U.S.Monthly ADRYear-Over-Year Aug 2001 – Aug 2003 Source: Smith Travel Research

  7. Total U.S.Monthly RevParYear-Over-Year Aug 2001 – Aug 2003 Source: Smith Travel Research

  8. Total U.S.Daily Occupancy*Sep 13 YTD 2000 - 2003 *Excluding Sunday

  9. Total U.S.Average Daily Room Revenue (M)Sep 13 YTD 2000 - 2003 In Millions *Excluding Sunday

  10. Total United StatesSupply/Demand Percent Change1998 – 2004P Source: Smith Travel Research

  11. Total United StatesOccupancy Percent1998 – 2004P Source: Smith Travel Research

  12. Total United StatesADR Percent Change1998 – 2004P Source: Smith Travel Research

  13. Total U.S.Estimated ADR ChangeImpact of 3rd Party Intermediaries

  14. Total U.S.Estimated Lost Room Revenue3rd Party Intermediaries In Millions

  15. New England Lodging Market

  16. New England Occupancy - 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  17. New England Average Daily Rate – 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  18. New England RevPAR – 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  19. New England Change in Performance - 2002 Source: Smith Travel Research / Pinnacle Advisory Group

  20. New England Change in Performance – YTD August 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  21. New Hampshire Lodging Market

  22. Year-to-date Occupancy – August Major Markets vs. Statewide Average Source: Smith Travel Research / Pinnacle Advisory Group

  23. Year-to-date Average Rate – August Major Markets vs. Statewide Average Source: Smith Travel Research / Pinnacle Advisory Group

  24. Year-to-date RevPAR – August Major Markets vs. Statewide Average Source: Smith Travel Research / Pinnacle Advisory Group

  25. Change In Performance by Market YTD Aug 2003 Source: Smith Travel Research / Pinnacle Advisory Group

  26. Portsmouth Lodging Market

  27. Portsmouth Year To Date Occupancy (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  28. Portsmouth Year To Date Avg. Rate (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  29. Portsmouth Year To Date RevPAR (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  30. Portsmouth - Factors Affecting Market Performance • Lack of Scandals (Cabletron/Tyco) • New Supply • Wentworth • 2 Hotels in Zoning • Developer Interest • Improving economy? • Cautious Optimism

  31. Nashua / Merrimack Lodging Market

  32. Nashua / Merrimack Year To Date Occupancy (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  33. Nashua / Merrimack Year To Date Avg. Rate (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  34. Nashua / Merrimack Year To Date RevPAR (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  35. Nashua - Factors Affecting Market Performance • Improving Business Travel • Increases in Group Demand • No New Supply • Cautious Optimism

  36. Manchester Lodging Market

  37. Manchester Year To Date Occupancy (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  38. Manchester Year To Date Avg. Rate (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  39. Manchester Year To Date RevPAR (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  40. Manchester - Factors Affecting Market Performance • New Supply • New Supply • New Supply

  41. Manchester – New Supply • Springhill Suites – 3/02 • Holiday Express – 3/03 • Hampton Inn and Suites – 10/03 • Homewood Suites – 10/03 • Residence Inn - 2005? • Hilton Garden Inn – 2005?

  42. Concord Lodging Market

  43. Concord Year To Date Occupancy (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  44. Concord Year To Date Avg. Rate (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  45. Concord Year To Date RevPAR (Aug) Source: Smith Travel Research / Pinnacle Advisory Group

  46. Concord - Factors Affecting Market Performance • No New Supply • Changes at the Hampton Inn Bow • Departure of Allegro • Some Modest Growth

  47. White Mountains and Lakes Region

  48. White Mountains and Lakes Region – Market Performance • Rates are Up Occupancy is down • Overall, markets are relatively flat but there are winners and losers • Short Booking Window • Shorter Lengths of Stay • Outlook for corporate and tour groups looks good for 2004

  49. Conclusion / Summary • Signs are positive for Most Markets • Group Pace for 04 is ahead of 03 • More Stable Geopolitical Situation • Improving Economy • Overall – Cautious Optimism

  50. 2004 Projections* • White Mountains and Lakes Region • Occupancy up 3 Points • Rates up 2 Percent • Portsmouth • Occupancy up 1 point • Rates up 3 percent • Nashua - Merrimack • Occupancy up 2 points • Rates up 2 percent • Manchester • Occupancy down 2 points • Rates Flat • Concord • Occupancy up 2 points • Rates up 2 percent *(Do not reflect impact of Primaries)

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