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Lodging Outlook is STR's monthly newsletter which provides key performance information on the U.S. lodging industry and insights on relevant issues. Each month, Lodging Outlook provides occupancy, room rate, room supply, room demand and room revenue information for the total U.S. lodging industry. Monthly and
year-to-date results are also provided for census region, price levels, location types, top 25 lodging markets and all fifty states.

In addition to current trend tracking, Lodging Outlook periodically includes special market segment analyses and STR's view of future industry performance. Past topics addressed in Lodging Outlook include analysis of newly
constructed hotels, all-suites, small hotels and specific state and market reviews. Lodging Outlook is endorsed by the American Hotel & Motel Association.

Lodging Outlook may be subscribed to for a nominal fee.

•       Estimates for 1997 and the Outlook for 1998 - November 1997
•       Is Newness a Factor in the Customer Decision? - October 1997
•       The First Half of 1997: Part 2 - Changes in Market Share - September 1997
•       The First Half of 1997: Part 1 - Analysis of Performance Measures - August 1997
•       The HOST Study - 1996 Operating Results - July 1997
•       Industry Expands 1987-1996 - June 1997
•       New Hotel Construction - 1996 - May 1997
•       Chain-Affiliated and Independent Hotels - 5 Year Trends - April 1997
•       Top 25 Markets - March 1997
•       Full- and Limited-Service Hotels - February 1997
•       Look back at 1996 - First glance at 1997 - January 1997
•       STR's New Industry Processing Method - December 1996
•       Performance of Urban Hotels - November 1996
•       Cross-Tabulating the 1996 AH&MA Member Survey - October 1996
•       First Six Months of 1996 - How does it stack up? - September 1996
•       Hotel F & B Operations - Full partner or subsidized service? - August 1996
•       Small Hotels - July 1996
•       Preliminary HOST Results - June 1996
•       Impact of Supply Additions on 1995 Estimates - May 1996
•       Changes in Average Daily Rate 1994-1995 - April 1996
•       Construction and Conversion Activity - March 1996
•       Price Level and Location Segment Performance - February 1996
•       A Look at 1995 and the Outlook for 1996 - January 1996
•       Measuring the Impact of a Large Convention Center - December 1995
•       Developing Planning Formulas - November 1995
•       A Few Words on Hotel Density - October 1995
•       Benchmarking - September 1995
•       Using TREND and HOST Reports-Part II - August 1995
•       Using Historical TREND and Custom HOST Reports - July 1995

"See How They Grow" (Sement Report)

     -Chuck Ross, Lodging, October, 1997
          Synopsis: Continued disparity between supply and demand growth will inhibit improvement
          in the mid-price segment.

"Supply, Demand and Revenue" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management, September, 1997
          Synopsis: For economy chains, net supply growth during this decade has been in excess
          of 31 percent.

"Rising Rates Lift All Segments" (Segment Report)

     -Chuck Ross, Lodging, September, 1997
          Synopsis: Despite streamlined operations, the industry would have lost $200 million in
          1996 without them.

"Upscale Upswing" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management, June, 1997
          Synopsis: Upper upscale chains have consistantly led the other market segments in
          growth and occupancy.

"Current Supply & Demand Trends" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management, May, 1997
          Synopsis: Recent changes in the relationship between supply growth and demand growth
          trends.

"Bigger is Better" (Segment Report)

     -Chuck Ross, Lodging, May, 1997
          Synopsis: How the 10 largest U.S. hotel markets fared in 1996.

"Top Ten Golden Markets" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management, April, 1997
          Synopsis: A summary of markets experiencing the highest occupancy, ADR growth, high
          suppy and demand growth during 1996 (excluding Las Vegas).

"Destination (Resorts): Continual Profitability" (Segment Report)

     -Chuck Ross, Lodging, April, 1997
          Synopsis: Demand outpacing limited growth in the Resort segment.

"Numbers for '96" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management , March, 1997
          Synopsis: Comparison of 1996 performance with 1995 by chain scale category.

"1996: A Vintage Year" (Segment Report)

     -Chuck Ross, Lodging, March, 1997
          Synopsis: Midprice and Upscale segments should look for flattening occupancy.

"Closer Focus" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management , February, 1997
          Synopsis: The focus of industry performance has shifted from a short-term to long-term
          perspective--and new methodology is needed for more accurate analysis.

"What's in a Segment Name?" (Segment Report)

     -Chuck Ross, Lodging, February, 1997
          Synopsis: Explanation and analysis of splitting the "Midscale Chain Scale" along F&B
          Lines.

"Revving-up RevPAR" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management , January, 1997
          Synopsis: While RevPAR growth has been healthy in most segments, it has been
          exceptionally strong among urban hotels in major metro markets.

"A Flat Economy" (Segment Report)

     -Chuck Ross, Lodging, January 1997
          Synopsis: Penetration, Yield and RevPAR all down in the Budget and Economy segments.

"Worldwide Performance" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management, December 16, 1996
          Synopsis: Recap of the Worldwide Hotel Industry Study by STR, Horwath International and
          the International Hotel Association.

"Strong and Independent" (Segment Report)

     -Chuck Ross, Lodging, December 1996
          Synopsis: High end independent hotels can expect solid occupancy and RevPAR growth.

"The Limits of Growth" (Guest Column)

     -Randell A. Smith, Lodging Hospitality, November 1996
          Synopsis: Keeping a level head about supply growth is critical.

"Things Are Not All-Suite" (Segment Report)

     - Chuck Ross, Lodging, November 1996
          Synopsis: Demand in the all-suite segment could trail supply by 8 percent in 1997.

"Middling Performance in Mid-America" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management, November 4, 1996
          Synopsis: There is now a large segment of the industry that is beginning to experience the
          end of the upward cycle.

"Hottest U.S. Hotel Markets"

     -Mark V. Lomanno, Hotel & Motel Management, October 21, 1996
          Synopsis: Top MSA's in which hotels offer affordable facilities, are good neighbors in the
          market area, and provide income incentives for owners, (but not necessarily hot new
          development markets).

"Coasting Along" (Trends & Statistics)

     -Mark V. Lomanno, Hotel & Motel Management, October, 21, 1996
          Synopsis: Industry performance indications vary by region of the country... coastal areas
          posting better results in 1996.

"Supply, Demand, and the Midmarket" (Segment Report)

     -Chuck Ross, Lodging, September, 1996
          Synopsis: Revenue growth in mid-price hotels is up, expenses are down and... supply is
          up.

"Dividing the Pie" (Trends & Statistics)

     - Mark V. Lomanno, Hotel & Motel Management, August 12, 1996
          Synopsis: A current look at where we are now in the U.S. lodging industry.

"Boom Year: Maneuvering In A Seller's Market"

     -Randell Smith, Business Travel News, August 5, 1996
          Synopsis: Strategies for corporate travel planners in the face of rising room rates.

"Technology Forces Many Physical Room Enhancements"

     -Randell Smith, National Real Estate Investor, August, 1996
          Synopsis: Hotels that will be constructed in the future must contain the facilities and
          space to accommodate advances in information technology.

"Economy Stalls" (Segment Report)

     -Chuck Ross, Lodging, May, 1996
          Synopsis: Growth in the Economy/Budget segment was not as strong as projected in
          1995.

"Slow Growth Ahead" (Segment Report)

     -Chuck Ross, Lodging, April, 1996
          Synopsis: Luxury segment results were strong in 1995, but a slower demand growth and
          shifting seasonal patterns bear watching in '96.

"Resorts: A Year of Moderate Growth" (Segment Report)

     -Chuck Ross, Lodging, March, 1996
          Synopsis: 1996 will be a year of moderating demand growth and increasing supply growth.
          Occupancies are expected to plateau, but average room rates should continue their
          ascent.

"Don't Shoot the Messenger--Forecasting Lodging Performance"

     -Randell A. Smith and John D. Lesure, Cornell Hotel and Restaurant Administration Quarterly,
     February, 1996.
          Synopsis: Forecasts have valid uses, especially in the short term, but no one should bet
          the ranch (or the hotel) on long-term predictions... also includes "Why Forecasts Vary".