Against a backdrop of national and worldwide economic fragility and a continued restricted debt market, US hotel sector operating metrics continue to improve from the devastating downturn of 2008-2009. The strong rebound of demand for transient lodging accommodations that commenced approximately 15 months ago endures, and apart from any sudden economic or geopolitical shocks, lodging fundamentals are expected to continue to improve for several reasons including but not limited to:

•Steadily improving demand from corporate, group meeting and leisure generators;

•A limited new hotel supply pipeline, which is expected to remain muted for the foreseeable future;

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Daniel Lesser

Daniel H. Lesser, President & CEO of LW Hospitality Advisors LLC (LWHA), brings more than 35 years of expertise in a wide range of hospitality operational, investment counseling, valuation, advisory, and transactional services. He provides services to corporate, institutional, and individual clients as well as public agencies on all facets of hospitality real estate including: litigation support and expert testimony, site evaluation, highest and best use analysis, appraisals for mortgage, acquisition, and portfolio management, workout strategies, operational analysis, development consulting, property tax assessment appeal evaluations, economic impact studies, fairness opinions, deal structuring, and negotiation of management and franchise agreements. Mr. Lesser had been retained in connection with a broad variety of lodging assets throughout the Americas, as well as in Europe, the Middle East and Asia.