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Market Intelligence Report: Asheville, North Carolina - page 4 / 7

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1996

$79,293,935

1997

80,994,127

2.1 %

1998

90,915,449

12.2

1999

93,598,133

3.0

2000

98,052,473

4.8

2001

105,942,408

8.0

2002

117,411,942

10.8

2003

117,444,495

0.0

2004

124,765,173

6.2

2005

138,397,961

10.9

2006

156,962,874

13.4

2007

169,174,972

7.8

2008

163,327,090

(3.5)

HVS Global Hospitality Services

Market Intelligence Report: Asheville, North Carolina 3

Source: Asheville Area Convention & Visitors Bureau

Buncombe County Room Sales According To Tax Reports

Year

Room Sales

Percent Change

According to local officials and hoteliers, the negative trends that emerged in the latter half of 2008 have continued into 2009, and decreased spending and travel have resulted in lower occupancy, average rate, and RevPAR in the first two months of 2009. Expectations are for a recovery of growth to begin in the latter part of 2010.

Some 6,000 hotel rooms, spanning small, unbranded motels to grand, luxury resorts, provide Asheville’s tourists with a place to rest. A getaway at the Grove Park Inn Resort & Spa gives guests the chance to enjoy a world-famous spa, play 18 holes of golf, and view the world's largest collection of furniture and lighting fixtures from the Arts and Crafts era. The European-style Inn on Biltmore Estate offers guests a luxury stay on the Biltmore grounds. Both the Crowne Plaza Resort and the Renaissance Asheville, the former situated in the mountains and the latter in the heart of Downtown, underwent major renovations in the last two years. In March of 2008, the former Best Western re-opened as the full-service Four Points Asheville Downtown.

While demand may be down in the near term due to shrinking travel budgets and the stigma associated with luxury travel, the market has demonstrated a notable preference for high-quality full-service properties. Construction trends since 2005 reflect this preference. The Residences @ Biltmore, which opened in April of 2007, offers luxury condos for short- or long-term stays, touting exclusive concierge service and suite-style amenities. The Holiday Inn & Suites Downtown

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