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HOTEL ZAZA CHARLOTTE                                                                                                     NEW DEVEL OPMENT








                                      U.S. FORECASTED REVPAR CAGR (2019-2025)
                P

                  E
          S SCOPE OF WORK
            C
              O
                     O

                               R
                          W
                            O
                                 K
                       F
          l
           o
            t
             t
                   .
                      %
                    3
              e
               –
                  2
       a
      h
    C Charlotte– 2.3%
         r
    Selected Sunbelt Average – 1.4%
                                 4
                               1
                                .
                                  %
                                   %
    Gateway Markets Average – 00.7%
                                  7
                                 .
       Gateway Markets
    Washington DC    0.9%
    San Francisco    0.9%
    Los Angeles      0.8%
    Boston           0.7%
    New York         0.1%
    Average          0.7%
        Sunbelt Markets
    Charlotte       2 2.3%
                     .
                      3
                       %
    Dallas           2.1%
    Miami            1.9%
    Orlando          1.6%
    Atlanta          1.2%
    Austin           1.1%
    Phoenix          0.9%
    Nashville       -0.4%
    Average          1.4%
    CBRE HOTELS | Capital Markets
             HO TEL ZAZA + ZAZA HO SPIT ALITY  | 20 21 MARCH YTD                                                                                         92
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