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What is the equity beta? 22.4% 1.11 41 6.52 MARRIOTT CORPORATION Owns, operates, and manages hotels, restaurants, and airline and institutional food services.) Hotels: 13.3

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22.4% 1.11 41 6.52 MARRIOTT CORPORATION Owns, operates, and manages hotels, restaurants, and airline and institutional food services.) Hotels: 13.3 14% 0.77 HILTON HOTELS CORPORATION (Owns, manages, and licenses hotels. Operates casinos.) HOLIDAY CORPORATION Owns, manages, and licenses hotels and restaurants Operates casinos) 28.8 79% 1.66 LA QUINTA MOTOR INNS Owns, operates, and licenses motor inns.) 89 69% 0.17 RAMADA INNS, INC Owns and operates hotels and restaurants.) 11.7 136 65% 0.75 22.4% 1.11 41 6.52 MARRIOTT CORPORATION Owns, operates, and manages hotels, restaurants, and airline and institutional food services.) Hotels: 13.3 14% 0.77 HILTON HOTELS CORPORATION (Owns, manages, and licenses hotels. Operates casinos.) HOLIDAY CORPORATION Owns, manages, and licenses hotels and restaurants Operates casinos) 28.8 79% 1.66 LA QUINTA MOTOR INNS Owns, operates, and licenses motor inns.) 89 69% 0.17 RAMADA INNS, INC Owns and operates hotels and restaurants.) 11.7 136 65% 0.75

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