THE SMALLER THE CITY, THE GREATER THE LENDING RISK

A major finding in the latest Moody's Investors Service CMBS default and delinquency study is that commercial real estate lending in smaller cities is riskier than in larger cities based on the number of defaults and delinquencies in both groupings.

NEVADA LEADS EMPLOYMENT GROWTH

According to the Bureau of Labor Statistics, the Western region of the U.S. is showing the largest employment gains nationwide. Leading the pack for all 50 states is Nevada, with a 6.6% increase in job growth from January 2004 to January 2005.

CHINA NOT A MAJOR PLAYER IN GLOBAL GDP

Even though China has been getting a lot of attention for its robust economic growth over the last few years, it is not yet a major player in global GDP contribution, with 4.5%. According to the Pension Real Estate Association, China's economy is roughly equivalent to the United Kingdom. Japan, Europe and the United States remain the dominant global GDP contributors to date.

STARWOOD OUTPACES COMPETITION

RevPAR growth for all Starwood brands is continuing to outperform all respective category segments in the hotel industry. W Hotels leads the way in the luxury hotel segment with a RevPAR increase of 41% over the last two years. By comparison, the luxury sector's average increase in RevPAR was 15% in the same period.