Estimated average daily loss in room night sales are expected to increase slightly to 54,000 in the third quarter of 2002 and 61,800 in the fourth quarter of 2002.  This slight increase in the average daily loss appears consistent with heightened concerns surrounding the first year anniversary of the September 11 events and constant media coverage of Federal security alerts, potential terrorist activity, and possible military operations in Iraq.

PwC's next regularly scheduled forecast issuance will be in December of 2002.
    
Table: Occupancy Points and Average Daily Loss of U.S. Room Night Sales due to Travel Disruption and Traveler Concerns about Safety and Convenience of Travel following September 11, 2001.

       Quarter                 Average Daily Loss    Occupancy points
                                  in U.S. Room
                                   Night Sales
     
       3Q 2001 *                     65,900               - 1.6
       4Q 2001                       92,000               - 2.2
       1Q 2002                       44,100               - 1.1
       2Q 2002                       31,300               - 0.7
       3Q 2002 - estimate        54,000               - 1.3
       4Q 2002 - estimate        61,800               - 1.5
     
       * The effect was concentrated in the last 20 days of the quarter, during which the average daily loss in room night sales was 292,100.
     
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