San Francisco MSA Upper-Priced Hotels 8 20082009201020112012F2013F2014F Long-Run Average Occupancy76.3%73.3%77.7%80.6%80.8%80.6%80.7%73.0% % Change 0.3%-4.0%6.0%3.8%0.3%-0.3%0.1%- ADR$185.46$157.60$160.81$182.53$201.92$214.85$226.63- % Change 4.1%-15.0%2.0%13.5%10.6%6.4%5.5%2.5% RevPAR$141.51$115.49$124.88$147.09$163.25$173.22$182.86- % Change 4.4%-18.4%8.1%17.8%11.0%6.1%5.6%3.2% Improved Occupancy = Better ADR Performance in 2012
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