The Third Quarter 2011 Florida Newsletter highlighted the fact that Miami's hotel sector was displaying very strong market indicators. The investor and market participant sentiment was positive and both debt and equity investors were bullish on Miami – and for good reason. Year-end 2011 RevPAR (revenue per available room) for hotels throughout Miami-Dade County surpassed the 2007 benchmark, or what is generally regarded as the peak of the market. The Miami Beach, Downtown/Brickell, and the Airport markets, specifically, performed strongly and are poised to have another great year. Miami has established itself as a gateway hospitality market and is favorably viewed by conservative debt investors who are ready and willing to make loans on existing and proposed hotel assets in the market area.

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

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