Market Report

Canadian Lodging Outlook December 2005

February 9, 2006

Low Cap Rates Drive Gains in Hotel Values

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Suzanne R. Mellen, MAI, CRE, FRICS, ISHC

Senior Managing Director

Suzanne R. Mellen, MAI, CRE, FRICS, ISHC is a Senior Managing Director, based in San Francisco, California. She has been evaluating hotels and other hospitality real estate assets for 40 years, has authored numerous articles, and is a frequent lecturer and expert witness on the valuation of hotels and related issues. Ms. Mellen has a BS degree in Hotel Administration from Cornell University and holds the following designations: MAI (Appraisal Institute), CRE (Counselor of Real Estate), ISHC (International Society of Hospitality Consultants) and FRICS (Fellow of the Royal Institution of Chartered Surveyors). Contact Suzanne at +1 (415) 268-0351 or [email protected].

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