RevPAR Forecast

| October 01, 2004

PricewaterhouseCoopers forecasts revenue per available room (RevPAR) to increase by 6.3 percent in 2004, the largest increase in 20 years. The 3.7 percent increase in average daily rate in 2004 will contribute almost 60 percent of the total forecast RevPAR gain for the year. "We were criticized for being too negative, but our forecasts were almost exactly the actual results, and for 2004 and 2005 we have been criticized for being too positive. This regularly scheduled quarterly update is for even more positive growth in rate; our demand forecast for 2004 is unchanged," said Dr. Bjorn Hanson, Global Practice Leader of PwC.

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