A Pictorial Update on Our Latest Thoughts and the Facts and Figures Influencing Our Industry.

It was a pleasure to see so many of you in person at ALIS. I wish you and your families well and am looking forward to our paths crossing again in the not too distant future. Until then, please enjoy the latest edition of CBRE U.S. Hotels' State of the Union.

Our pictorial overview highlights a collection of key leading indicators and current industry trends, along with key economic drivers, commodity cost increases, and our latest outlook on supply, demand, and the RevPAR recovery.

With fundamentals currently at their post-pandemic highs, the next leg of the recovery needs to be driven by a recovery in business and group travel. Unfortunately, not all markets are poised to benefit equally. The State of the Union showcases the leaders and the laggards by market.

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About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.