HOTEL BUSINESS® is currently conducting an anonymous survey of hotel financing sources, financing providers and investment advisors about the state of the hotel capital markets. The results of this survey will be published in the Jan. 21 Decoding…Hotel Capital Markets supplement along with several reports and expert analysis on this critical subject. Please take just a moment to fill out the 10 quick questions that comprise this survey. Thank you for your time and expertise.

It’s the worst hotel capital market I’ve ever seen It’s comparable to 2001 It’s comparable to the early 1990s It’s not as bad as previous recent downturns

2. Which general course of action would you currently recommend for hotel owners?

Buy Hold Sell

3. What is the average hotel loan to value now available to borrowers?

Below 40% 40% to 50% 50% to 60% 60% to 70% 70% to 80% Above 80%

4. What is the best source for a hotel loan at the moment?

Wall Street Life insurance company Regional bank Local community bank Hotel lending institutions (such GE, Capmark, etc.) Investment firms (such as RockBridge) CMBS

5. For an upscale, select-service asset (a Courtyard, for example) is it currently easier to obtain an acquisition loan or a construction loan?

Acquisition loan Construction loan

6. For an opportunistic hotel investor, which investment would you currently recommend?

Stabilized hotel Distressed, possibly underperforming hotel Foreclosed property Note Joint venture equity in hotel New construction

7. What is the most crucial factor right now in obtaining a hotel loan?

Equity Brand Location Sponsorship

8. In 2009, how much will the hotel foreclosure rate increase?

0% 1% to 5% 6% to 10% 11% to 15% 16% or more

9. When do you think the hotel capital markets will begin to return to “normal?”

Three months Six months One year Two years or more

10. When will hotel asset prices arrive at their lowest point?

They are already at the their lowest point Three months Six months One year More than one year