03-05-07 Special Called Joint Meeting of the La Porte Development Corporation Board of Directors and the La Porte City Council Minutes

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HOTEL MARKET ANALYSIS IV-3 Competitive Hotels Outside the Market Area South Shore Harbour Clear Lake 242 1980 25,000 8,800 103 Hilton Hobby Airport 303 1982 15,626 8,147 52 Hilton NASA/Clear Lake 243 1983 13,894 5,000 57 Marriott Hobby Airport 287 1986 21,500 11 ,400 75 Homewood Suites Clear Lake 92 1995 306 306 3 Candlewood Suites Clear Lake 121 1997 Boardwalk Inn Kemah 52 1998 12,226 4,150 235 Hampton Inn Webster 108 2000 1,810 946 17 Hampton Inn Seabrook 70 2003 1,000 1,000 14 Total 1,518 . Meeting space does not include prefunction space. Source: PKF Consulting All of these properties are either located in the Clear Lake area, approximately 10 miles south of the primary market, or at Hobby Airport, located approximately 20 miles west of the subject property. These properties are not considered directly competitive to the subject hotel because only a small part of their demand is generated by the primary market area. These properties range in type from full-service to select-service and extended-stay. HISTORICAL PERFORMANCE The operating performance of the existing area hotels, comparable hotels and competitive hotels located outside the market are presented below. . Percent Market Occupi. ' ~IHlf!:!I!! Year Available Pe t'l' Market Percent RevPAR4 Rooms Change OCC,%1 R09~~ ChilBIiliI, ADR3 Change , --- 0 --- --- 2003 182,865 9.6% 61% 111 ,900 -09% $47 4.4% $29 2004 210,240 15.0% 54% 114,000 1.9% $52 10.6% $28 2005 210,240 0.0% 72% 150,600 32.1% $52 0.0% $37 2006 210,240 0.0% 71% 149,000 -1.1% $56 7.7% $40 CACs 6.0% 7.2% 5.6% 7.5% 1 Rounded to the nearest whole percent 4 RevPAR = Gee. x ADR using rounded numbers 2 Rounded to the nearest hundred 5 Compound Annual Change 3 Rounded to the nearest whole dollar Source: Smith Travel Research & PKF Consulting Estimated Historic Market Performance Proposed Sylvan Beach Hotel E'r A Htl 2002 166 805 68* 112 900 $45 $30