perspectives business sense state of the industry New construction projects are back, giving renovations a run for their money in 2014 17% 25% 35% New Construction 3% 28% 1% 2 16% 3 Renovation 7% 12% 16% 17% ¢0% ¢1-25% 22% ¢26-50% ¢51-75% ¢76-99% ¢100% PERCENTAGE OF PROJECTS Source: Hospitality Design Reader Survey, March 2014 50 45 40 The majority of readers believe we will level off from the current "high" in hospitality development within five years, but optimism exists for the next 20 35 30 25 20 15 10 5 1 2 3 4 5 6 7 8 9 10 11 12 13 YEARS Source: Hospitality Design Reader Survey, March 2014 120 May 2014 hospitalitydesign.com 14 15 16 17 18 19 20http://www.hospitalitydesign.com