Summary StatisticsQ2 2016 Las Vegas Market Q2-2015 Q1-2016 Q2-2016

Room Inventory 146,750 146,340 146,340

Room Occupancy 90.1% 87.9% 89.7%

Average Daily Rate $121.06 $129.63 $130.64

Revenue Per Available Room $109.15 $113.70 $117.18

Revenue Per Available Room (RevPar)

$0.00

$20.00

$40.00

$60.00

$80.00

$100.00

$120.00

$140.00

2 Q 2014 3 Q 2014 4 Q 2014 1 Q 2015 2 Q 2015 3 Q 2015 4 Q 2015 1 Q 2016 2 Q 2016

RevPAR

Market IndicatorsRelative to prior period Now Future

Room Inventory

Room Occupancy

Average Daily Rate

Revenue Per Available Room

*Projected

+3.9%

CONVENTIONAttendance

AIRPassengers

-1.2

RevPAR

-9.1%

Q22016

The Streak Continues

Research & Forecast Report

LAS VEGAS | HOTELQ2 2016

> Southern Nevada remains a popular destination; visitor volume continues to be strong

> Lower room inventory is translating into better performance for existing resorts

> Hospitality development may increase in 2017

At mid-year, 2016 is proving that Las Vegas is still on a winning streak. Visitor volume in the first five months of 2016 is an improvement over the first five months of 2015, and room occupancy, average daily room rate (ADR) and revenue per available room (RevPAR) are up as well, year-over-year.

While gaming revenue continues to lag behind its peak levels in 2006/2007, it has shown improvement since the Great Recession, though not as much as we would like to see. Gaming revenue has averaged year-over-year growth of negative 0.6 percent for Clark County and negative 1.5 percent growth on the Las Vegas “Strip” so far in 2016. In April 2016, Downtown gaming revenue decreased by 13.5 percent year-over-year, and the Boulder Strip, which primarily plays host to local casino patrons, posted negative 18.9 percent gaming revenue growth.

Economic Indicators

SalesVolume

$0

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

$1,400,000,000

$1,600,000,000

$1,800,000,000

$2,000,000,000

2 Q 2014 3 Q 2014 4 Q 2014 1 Q 2015 2 Q 2015 3 Q 2015 4 Q 2015 1 Q 2016 2 Q 2016

Sales Volume

Sales vs.Price Per Unit

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2 Q 2014 3 Q 2014 4 Q 2014 1 Q 2015 2 Q 2015 3 Q 2015 4 Q 2015 1 Q 2016 2 Q 2016

Sales vs. Price Per Unit

Sales (Units) Average Price Per Unit

Market HealthData Point 2016 YTD* 2015 2014 2013 2012

Visitor Volume (Millions) 18.0 42.3 41.6 39.9 39.7

Room Occupancy 88.3 87.7% 86.8% 84.3% 84.4%

ADR 128.45 $119.94 $116.48 $110.64 $108.02

RevPAR 113.26 $105.21 $101.05 $93.27 $91.17

Convention Attendance (Millions) 3.05 5.71 5.17 5.11 4.93

Passengers McCarran Int’l (Millions) 19.1 45.3 42.9 41.8 41.7

Gaming Revenue (Clark County, Billions) 4.1 $9.6 $9.6 $10.0 $9.4

Gaming Revenue (“Strip”, Billions) 2.6 $7.5 $6.4 $6.5 $6.2

Data from Las Vegas Convention & Visitors Authority

* Data from May

2 Las Vegas Research & Forecast Report | Q2 2016 | Hospitality | Colliers International

Room inventory remained static in the second quarter, and no additional closures are planned for 2016. The 201 room Lucky Dragon, under construction in the Resort Corridor, should be completed before the end of 2016, and the 124 room Residence Inn under construction in South Las Vegas as well. These two properties would represent very mild inventory growth for Southern Nevada. The much larger Resorts World Las Vegas property is currently under construction, with completion of the first phase planned for 2017.

Southern Nevada’s non-gaming construction boom has continued in 2016, with recent additions to Southern Nevada’s entertainment complex including Topgolf International’s four-story golf entertainment complex at the MGM Grand, a 415,085 square foot IKEA store along the I-215 Beltway, new retail fronting the Treasure Island, the Rock N Rio festival, and the 20,000 seat MGM Resorts International Arena behind New York-New York and Monte Carlo which will one day host Las Vegas’ NHL hockey franchise. Still to come are a $75 million renovation of Caesars Palace’s original Roman Tower, a new 5,000-seat theatre at the Monte Carlo and a $47 million renovation of the Thomas & Mack Center. The LVCVA is currently undertaking a major expansion of the convention center to keep Southern Nevada at the forefront of convention destinations in the United States. In all, we expect approximately $4.7 billion will have been spent on Southern Nevada’s hospitality market between 2014 and the end of 2016, before another $4 billion is spent developing the first phase of Resorts World Las Vegas in 2017.

Hospitality sales appeared to be cooling in 2016 compared to the past three years. A total of 1,261 rooms sold in Southern Nevada in the first half of 2016. Sales volume in the first half of 2016 was $90.2 million and the average sales price was $72,000 per room. Final sales volume in 2015 was $1.2 billion in 14 sales totaling 8,586 units with an average sales price of $143,000 per room. 2015 saw as many rooms selling as 2014, but at a lower sales volume.

While Southern Nevada’s hospitality market continues to perform well, the hospitality real estate market seems to be slowing down. 2015 saw some major sales in the hospitality market, including the Las Vegas Club in Downtown and such “Strip” properties as the Riviera and Tropicana.

3

Hospitality Sales*

Year Volume Units Sold Price/Unit

2016 YTD $90 MM 1,261 $72,000

2015 $854 MM 7,558 $113,000

2014 $1,864 MM 7,749 $241,000

2013 $55 MM 1,129 $49,000

2012 $121 MM 2,613 $46,000

2011 $3,009 MM 7,369 $408,000

2010 $858 MM 8,883 $97,000

2009 $1,226 MM 4,913 $249,000

* Only includes properties with 100 or more units, arm’s-length sales

“Hospitality sales appeared to be cooling in 2016 compared to the past three years.”- John Stater, Research & GIS Manager

3 Las Vegas Research & Forecast Report | Q2 2016 | Hospitality | Colliers International

From 2013 to 2015, Southern Nevada saw the sale of over 16,000 rooms, with a sales volume of almost $3 billion. The market now appears to be taking stock and preparing for the next phase, which may involve inventory expansion to go along with the entertainment venue expansion that has occurred since the end of the Great Recession.

NORTHLAS VEGASNORTHWEST

WESTCENTRAL

SOUTHWEST

SOUTHLAS VEGAS

EASTLAS VEGAS

HENDERSON

AIRPORT

SUMMERLINDOWNTOWN

THE“STRIP”

RESORTCORRIDOR

15

215

215

95

95

Significant Hotel Sale Activity

Renaissance Las Vegas HotelResort Corridor - $111,000,000

548 Units - $203,000/Unit

July 2015

Full Service

Westin - Las Vegas CasuarinaResort Corridor - $67,000,000

826 Units - $81,000/Unit

January 2016

Casino Hotel

Riviera Hotel*Strip - $182,500,000

2,100 Units - $87,000/Unit

February 2015

Casino Hotel

Tropicana Las VegasStrip - $360,000,000

1,497 Units - $240,000/Unit

December 2015

Casino Hotel

Hooters Casino HotelResort Corridor - $54,000,000

696 Units - $77,000/Unit

May 2015

Casino Hotel

4 Las Vegas Research & Forecast Report | Q2 2016 | Hospitality | Colliers International

Sale Activity Continued

Property Name Sale Date Units Price Price/Unit Submarket Property Type

Westin Lake Las Vegas Dec 2015 493 $25,000,000 $51,000 Henderson Full Service

Las Vegas Club Casino Aug 2015 410 $40,000,000 $98,000 Downtown Casino Hotel

Element Home Apr 2016 123 $17,100,000 $139,000 Summerlin Full Service

Holiday Home May 2016 211 $6,500,000 $31,000 South Vegas Full Service

Rodeway Inn Jan 2016 101 $6,100,000 $60,000 Resort Corridor Limited Service

* Indicates a redevelopment site

Market Comparisons - Las Vegas

Hospitality Market

TYPE TOTAL INVENTORY UNITS SOLD SALES VOLUME PRICE/UNIT COMPLETIONS THIS QUARTER COMPLETIONS YTD PLANNED

DOWNTOWN

CAS 7,589 - $0 n/a - - - FS - - $0 n/a - - - LS 938 - $0 n/a - - - Total 8,527 - $0 n/a - - -

LAS VEGAS “STRIP”

CAS 79,309 - $0 n/a - - 3,500 FS 7,543 - $0 n/a - - - LS 581 - $0 n/a - - -

Total 87,433 - $0 n/a - - 3,500

RESORT CORRIDOR

CAS 11,273 - $0 n/a - - 201 FS 5,091 - $0 n/a - - 211 LS 6,285 - $0 n/a - - - Total 22,649 - $0 n/a - - 412

AIRPORT

CAS - - $0 n/a - - - FS - - $0 n/a - - - LS 841 - $0 n/a - - 131 Total 841 - $0 n/a - - 131

EAST LAS VEGAS SUBMARKET

CAS 1,913 - $0 n/a - - - FS - - $0 n/a - - - LS 2,571 - $0 n/a - - - Total 4,484 - $0 n/a - - -

HENDERSON SUBMARKET

CAS 2,281 - $0 n/a - - - FS 868 - $0 n/a - - - LS 1,480 - $0 n/a - - - Total 4,629 - $0 n/a - - -

NORTH LAS VEGAS SUBMARKET

CAS 1,021 - $0 n/a - - - FS - - $0 n/a - - - LS 1,611 - $0 n/a - - - Total 2,632 - $0 n/a - - -

SOUTH LAS VEGAS SUBMARKET

CAS 2,853 - $0 n/a - - - FS 2,704 211 $6,500,000 $30,806 - - - LS 1,206 - $0 n/a - - 124 Total 6,763 211 $6,500,000 n/a - - 124

SUMMERLIN SUBMARKET

CAS 1,789 - $0 n/a - - - FS 123 123 $17,100,000 $139,024 - - - LS 857 - $0 n/a - - - Total 2,769 123 $17,100,000 n/a - - - WEST CENTRAL SUBMARKETCAS 3,425 - $0 n/a - - - FS - - $0 n/a - - - LS 2,188 - $0 n/a - - - Total 5,613 - $0 n/a - - - MARKET TOTALCAS 111,453 - $0 n/a - - 3,701 FS 16,329 334 $23,600,000 $70,659 - - 211 LS 18,558 - $0 n/a - - 255 Total 146,340 334 $23,600,000 $70,659 - - 4,167

QUARTERLY COMPARISON AND TOTALS

Q2-16 146,340 334 $23,600,000 $70,659 0 0 4,167 Q1-16 146,340 927 $66,590,396 $71,834 0 0 4,925 Q4-15 146,340 2,241 $392,913,841 $175,330 0 2,376 3,634 Q3-15 146,340 958 $151,000,000 $157,620 -410 2,376 3,634 Q2-15 146,750 2,499 $442,001,950 $176,872 -2,988 2,786 4,169 Q1-15 149,738 2,888 $243,075,470 $84,167 -202 -202 4,124 Q4-14 149,940 128 $5,375,000 $41,992 0 1,955 4,124

5 Las Vegas Research & Forecast Report | Q2 2016 | Hospitality | Colliers International

Copyright © 2016 Colliers International.

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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502 offices in 66 countries on 6 continentsUnited States: 153 Canada: 34 Latin America: 24 Asia Pacific: 231 EMEA: 112

$2.5billion in annual revenue*

2.0billion square feet under management

16,000professionals and staff

*All statistics are for 2015 and include affiliates.

COLLIERS INTERNATIONAL | LAS VEGAS3960 Howard Hughes ParkwaySuite 150Las Vegas, Nevada 89169 | USA+1 702 735 5700www.colliers.com/lasvegas

MARKET CONTACT:Mike MixerExecutive Managing Director | Las Vegas+1 702 735 5700mike.mixer@colliers.com

John StaterResearch & GIS Manager | Las Vegas+1 702 836 3781john.stater@colliers.com