New Hampshire Outlook

Total United States Room Supply/Demand Percent Change 12 Month Moving Average To August

Total United States Occupancy / ADR Percent Change 12 Month Moving Average To

Total United States Occupancy and ADR 12 Month Moving Average To August 2003

Source:

Total U.S. Monthly Occupancy Year-Over-Year Aug 2001 – Aug 2003

Source: Smith Travel Research

Total U.S. Monthly ADR Year-Over-Year Aug 2001 – Aug 2003

Source: Smith Travel Research

Total U.S. Monthly RevPar Year-Over-Year Aug 2001 – Aug 2003

Source: Smith Travel Research

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

* Excluding Sunday

Total U.S. Average Daily Room Revenue (M) Sep 13 YTD 2000 - 2003

In

Total United States Supply/Demand Percent Change 1998 – 2004P

Source: Smith Travel Research

Total United States Occupancy Percent 1998 – 2004P

Source: Smith Travel Research

Total United States ADR Percent Change 1998 – 2004P

Source: Smith Travel Research

Total U.S. Estimated ADR Change Impact of 3rd Party Intermediaries

Total U.S. Estimated Lost Room Revenue 3rd Party Intermediaries

In Millions

New England Lodging Market

New England Occupancy - 2002

Source: Smith Travel Research / Pinnacle Advisory

New England Average Daily Rate – 2002

Source: Smith Travel Research /

New England RevPAR – 2002

Source: Smith Travel Research / Pinnacle Advisory

New England Change in Performance - 2002

Source: Smith Travel Research /

New England Change in Performance – YTD August 2003

Source: Smith Travel

New Hampshire Lodging Market

Year-to-date Occupancy – August Major Markets vs. Statewide Average

Source: Smith Travel

Year-to-date Average Rate – August Major Markets vs. Statewide Average

Source: Smith

Year-to-date RevPAR – August Major Markets vs. Statewide Average

Source: Smith Travel

Change In Performance by Market YTD Aug 2003

Source: Smith Travel Research

Portsmouth Lodging Market

Portsmouth Year To Date Occupancy (Aug)

Source: Smith Travel Research / Pinnacle

Portsmouth Year To Date Avg. Rate (Aug)

Source: Smith Travel Research /

Portsmouth Year To Date RevPAR (Aug)

Source: Smith Travel Research / Pinnacle

Portsmouth - Factors Affecting Market Performance

Lack of Scandals (Cabletron/Tyco)
New Supply
Wentworth
2

Nashua / Merrimack Lodging Market

Nashua / Merrimack Year To Date Occupancy (Aug)

Source: Smith Travel Research

Nashua / Merrimack Year To Date Avg. Rate (Aug)

Source: Smith Travel

Nashua / Merrimack Year To Date RevPAR (Aug)

Source: Smith Travel Research

Nashua - Factors Affecting Market Performance

Improving Business Travel
Increases in Group Demand
No

Manchester Lodging Market

Manchester Year To Date Occupancy (Aug)

Source: Smith Travel Research / Pinnacle

Manchester Year To Date Avg. Rate (Aug)

Source: Smith Travel Research /

Manchester Year To Date RevPAR (Aug)

Source: Smith Travel Research / Pinnacle

Manchester - Factors Affecting Market Performance

New Supply
New Supply
New Supply

Manchester – New Supply

Springhill Suites – 3/02
Holiday Express – 3/03
Hampton Inn

Concord Lodging Market

Concord Year To Date Occupancy (Aug)

Source: Smith Travel Research / Pinnacle

Concord Year To Date Avg. Rate (Aug)

Source: Smith Travel Research /

Concord Year To Date RevPAR (Aug)

Source: Smith Travel Research / Pinnacle

Concord - Factors Affecting Market Performance

No New Supply
Changes at the Hampton

White Mountains and Lakes Region

White Mountains and Lakes Region – Market Performance

Rates are Up Occupancy

Conclusion / Summary

Signs are positive for Most Markets
Group Pace for 04

2004 Projections*

White Mountains and Lakes Region
Occupancy up 3 Points
Rates up