Calculated Risk

AUGUST 18, 2022

hotel performance fell slightly from the previous week, but showed improved comparisons with 2019, according to STR‘s latest data through Aug. Dashed purple is 2019 (STR is comparing to a strong year for hotels). emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.

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144

Calculated Risk

APRIL 25, 2023

YoY and nearly matching Mar 2019. Overall ADR exceeded $213, breaking the record from just a few months ago (Oct 2022, $208) and surpassing Mar 2022 and Mar 2019 by +30.7% over Mar 2019 Click on graph for larger image. compared to the same month in 2019. compared to March 2019, and up 56.0% in Mar 2023, up +9.6%

129

129

Calculated Risk

JANUARY 19, 2024

million SAAR in December; Months-of-Supply above December 2019 Excerpt: Sales Year-over-Year and Not Seasonally Adjusted (NSA) The fourth graph shows existing home sales by month for 2022 and 2023. Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Decreased to 3.78 Sales declined 6.2%

Sales 113

Sales 113

Calculated Risk

DECEMBER 29, 2022

hotel performance came in lower than the previous week and showed weakened comparisons to 2019 on the unfavorable side of a holiday calendar shift, according to STR‘s latest data through Dec. Dashed purple is 2019 (STR is comparing to a strong year for hotels). Dashed purple is 2019 (STR is comparing to a strong year for hotels).

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104

Calculated Risk

DECEMBER 15, 2023

Today, in the Calculated Risk Real Estate Newsletter: 3rd Look at Local Housing Markets in November with Comparison to 2019 A brief excerpt: NOTE: The tables for active listings, new listings and closed sales all include a comparison to November 2019 for each local market (some 2019 data is not available).

Marketing 57

Marketing Marketing Sales 57

Calculated Risk

FEBRUARY 9, 2023

4, 2023 (percentage change from comparable week in 2019*): • Occupancy: 55.3% (-7.3%) • Average daily rate (ADR): $145.35 (+13.9%) • Revenue per available room (RevPAR): $80.45 (+5.6%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. 29 to Feb. Click on graph for larger image.

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98

Calculated Risk

DECEMBER 2, 2022

hotel performance came in lower than the previous week and showed mixed comparisons to 2019, according to STR‘s latest data through Nov. Dashed purple is 2019 (STR is comparing to a strong year for hotels). Dashed purple is 2019 (STR is comparing to a strong year for hotels). Click on graph for larger image.

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93

Calculated Risk

JULY 28, 2022

8% behind June 2019. pts vs. June 2019. pts vs. June 2019). ahead of last June and over 30% above June 2019 while RevPAR neared $130 for the month, +33.7% over June 2019. The first graph shows visitor traffic for 2019 (dark blue), 2020 (light blue), 2021 (yellow) and 2022 (red) Visitor traffic was down 7.8%

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98

Calculated Risk

FEBRUARY 23, 2023

12-18, 2023 (percentage change from comparable week in 2019*): • Occupancy: 60.8% (-5.5%) • Average daily rate (ADR): $156.10 (+19.5%) • Revenue per available room (RevPAR): $94.94 (+12.9%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. Click on graph for larger image.

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93

Calculated Risk

SEPTEMBER 11, 2022

Note: This is the first week, since the onset of the pandemic, with the occupancy higher than the comparable week in 2019. hotel performance dipped from the previous week but continued to improve in comparison with 2019, according to STR‘s latest data through Sept. 28 through Sept. 28 through Sept. Click on graph for larger image.

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98

Calculated Risk

MARCH 30, 2023

March 19-25, 2023 (percentage change from comparable weeks in 2022, 2019): • Occupancy: 64.9% (-0.6%, -6.3%) • Average daily rate (ADR): $158.61 (+4.7%, +19.5%) • Revenue per available room (RevPAR): $102.98 (+4.1%, +12.0%) emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.

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98

Wealth Management

JANUARY 3, 2023

A quiz to test your memory of 2019, the year before COVID sent us all into lockdown.

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97

Calculated Risk

OCTOBER 27, 2022

behind September 2019, with notable weekend holidays and events from Labor Day to the Life Is Beautiful festival, the Canelo/GGG fight, Mexican Independence Day, the Raiders/Cardinals home game, Bad Bunny World's Hottest Tour and the iHeartRadio Music festival. pts vs. September 2019. pts vs. September 2019). pts YoY but down ?3.5

90

90

Calculated Risk

JULY 29, 2022

From CoStar: STR: US Weekly Hotel Occupancy Reaches Highest Level Since August 2019 U.S. Dashed purple is 2019 (STR is comparing to a strong year for hotels). hotel performance increased from the previous week, according to STR‘s latest data through July 23. Click on graph for larger image.

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98

Calculated Risk

OCTOBER 14, 2022

hotel performance increased from the previous week but produced mixed comparisons with 2019, according to STR‘s latest data through Oct. Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. Dashed purple is 2019 (STR is comparing to a strong year for hotels).

95

95

Calculated Risk

SEPTEMBER 22, 2022

hotel performance increased from the previous week and showed improved comparisons with 2019, according to STR‘s latest data through Sept. Dashed purple is 2019 (STR is comparing to a strong year for hotels). From CoStar: STR: US Hotel Performance Improves; Occupancy Nears 70% Nationwide U.S. Click on graph for larger image.

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89

Calculated Risk

MAY 31, 2023

The first graph shows visitor traffic for 2019 (Black), 2020 (light blue), 2021 (purple), 2022 (orange), and 2023 (red). compared to the same month in 2019. compared to April 2019, and down 2.1% Visitor traffic was down 4.4% Visitor traffic was up 0.1% compared to last April. The second graph shows convention traffic.

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93

Calculated Risk

SEPTEMBER 30, 2022

below the August 2019 volume. pts vs. August 2019. pts vs. August 2019), while Midweek occupancy came in at 72.2% (up +4.4 pts vs. August 2019). above August 2019 while RevPAR neared $114 for the month, +11.3% over August 2019. above August 2019 while RevPAR neared $114 for the month, +11.3%

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80

Calculated Risk

MARCH 16, 2023

March 5-11, 2023 (percentage change from comparable weeks in 2022, 2019): • Occupancy: 64.7% (+2.8%, -7.5%) • Average daily rate (ADR): $158.20 (+8.1%, +16.6%) • Revenue per available room (RevPAR): $102.38 (+11.1%, +7.8%) emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.

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90

Calculated Risk

AUGUST 4, 2022

July 24-30, 2022 (percentage change from comparable week in 2019*): • Occupancy: 71.9% (-3.8%) • Average daily rate (ADR): $158.32 (+18.3%) • Revenue per available room (RevPAR): $113.90 (+13.9%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. Click on graph for larger image.

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98

Calculated Risk

AUGUST 11, 2022

6, 2022 (percentage change from comparable week in 2019*): • Occupancy: 69.9% (-5.7%) • Average daily rate (ADR): $154.48 (+15.1%) • Revenue per available room (RevPAR): $108.04 (+8.5%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. July 31 through Aug. July 31 through Aug.

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98

Calculated Risk

JULY 22, 2022

July 10-16, 2022 (percentage change from comparable week in 2019*): • Occupancy: 72.0% (-7.4%) • Average daily rate (ADR): US$157.23 (+14.9%) • Revenue per available room (RevPAR): US$113.28 (+6.4%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. Click on graph for larger image.

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96

Calculated Risk

JANUARY 27, 2023

15-21, 2023 (percentage change from comparable week in 2019*): • Occupancy: 54.2% (-6.2%) • Average daily rate (ADR): $140.16 (+11.3%) • evenue per available room (RevPAR): $75.97 (+4.4%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. holiday, U.S. Click on graph for larger image.

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83

Calculated Risk

DECEMBER 11, 2023

Today, in the Calculated Risk Real Estate Newsletter: 2nd Look at Local Housing Markets in November with Comparison to 2019 A brief excerpt: NOTE: The tables for active listings, new listings and closed sales all include a comparison to November 2019 for each local market (some 2019 data is not available).

Marketing 62

Marketing Marketing Sales 62

Calculated Risk

DECEMBER 8, 2022

hotel performance came in higher than the previous week but showed weakened comparisons to 2019, according to STR‘s latest data through Dec. Dashed purple is 2019 (STR is comparing to a strong year for hotels). Dashed purple is 2019 (STR is comparing to a strong year for hotels). 27 through Dec. 27 through Dec.

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62

Calculated Risk

DECEMBER 23, 2022

hotel performance came in lower than the previous week but showed improved comparisons to 2019 in part because of a favorable calendar shift, according to STR‘s latest data through Dec. Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. Click on graph for larger image.

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57

Calculated Risk

MARCH 10, 2023

26 through March 4, 2023 (percentage change from comparable weeks in 2022, 2019): • Occupancy: 62.8% (+3.0%, -5.6%) • verage daily rate (ADR): $151.35 (+8.9%, +14.1%) • Revenue per available room (RevPAR): $95.06 (+12.1%, +7.7%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019.

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57

Calculated Risk

MARCH 24, 2023

March 12-18, 2023 (percentage change from comparable weeks in 2022, 2019): • Occupancy: 67.6% (+1.3%, -2.5%) • Average daily rate (ADR): $167.04 (+8.9%, +23.9%) • Revenue per available room (RevPAR): $112.89 (+10.4%, +20.8%) emphasis added The following graph shows the seasonal pattern for the hotel occupancy rate using the four-week average.

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62

Calculated Risk

APRIL 6, 2023

Dashed purple is 2019 (STR is comparing to a strong year for hotels). From CoStar: STR: US Hotel Room Rates Maintain Year-Over-Year and Pre-Pandemic Leads Aligned with normal spring break patterns, U.S. hotel performance showed mix comparisons from the previous week, according to STR‘s latest data through April 1.

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57

Calculated Risk

FEBRUARY 5, 2023

Compared to Same Week in 2019 U.S. 22-28, 2023 (percentage change from comparable week in 2019*): • Occupancy: 56.3% (-0.3%) • Average daily rate (ADR): $142.66 (+13.4%) • Revenue per available room (RevPAR): $80.32 (+13.0%) *Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019.

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52

Calculated Risk

NOVEMBER 20, 2022

From CoStar: STR: US Hotel Metrics Improve Week to Week and Outpace 2019 U.S. hotel performance came in higher than the previous week and showed improved comparisons to 2019, according to STR‘s latest data through Nov. Dashed purple is 2019 (STR is comparing to a strong year for hotels). Click on graph for larger image.

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52

Calculated Risk

DECEMBER 15, 2022

hotel performance came in higher than the previous week and showed improved comparisons to 2019, according to STR‘s latest data through Dec. Dashed purple is 2019 (STR is comparing to a strong year for hotels). The 4-week average of the occupancy rate is above the median rate for the previous 20 years (Blue) and close to 2019 levels.

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52

Advisor Perspectives

JULY 31, 2023

US equities are tracking the same path they did in 2019, which was one of the best years for the S&P 500 over the past decade as it handed investors a 29% return, according to Morgan Stanley’s staunch bear, Michael Wilson.

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52

Calculated Risk

OCTOBER 6, 2022

hotel performance dropped from the previous week and showed mixed comparisons with 2019, according to STR‘s latest data through Oct. Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. Dashed purple is 2019 (STR is comparing to a strong year for hotels). 25 through Oct.

Marketing 57

Marketing Marketing 57

Calculated Risk

NOVEMBER 11, 2022

hotel performance came in lower than the previous week and showed weakened comparisons to 2019, according to STR‘s latest data through Nov. Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. Dashed purple is 2019 (STR is comparing to a strong year for hotels). 30 through Nov.

Marketing 52

Marketing Marketing 52

Calculated Risk

OCTOBER 20, 2022

From CoStar: STR: Weekly US Hotel Occupancy Eclipses 70%, but Still Lags 2019 Levels U.S. hotel performance increased from the previous week and produced mixed comparisons with 2019, according to STR‘s latest data through Oct. Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019.

Marketing 52

Marketing Marketing 52

Calculated Risk

OCTOBER 28, 2022

hotel performance decreased slightly from the previous week but showed improved comparisons with 2019, according to STR‘s latest data through Oct. Due to the pandemic impact, STR is measuring recovery against comparable time periods from 2019. Dashed purple is 2019 (STR is comparing to a strong year for hotels). to $117.28).

Marketing 52

Marketing Marketing 52