Investor Sentiment for Retail & Hotels

Stable Sentiment Points to Active Market

•Investors sustain positive outlook, on par with the prior peak – signals steady momentum

•Investor sentiment a forward-looking indicator of investor activity

Retail Still Battling Headlines but Gaining Traction

•Sentiment still tainted by media – disconnect between perception and performance

Forecast: Continued improvement in fundamentals, particularly for retail centers featuring services and experiences

Hotel Sentiment Waning Despite Record Performance

•Weaker views reflect sector caution as occupancy and ADR set records

•Actively traveling Millennials, low capital costs and economic runway offer opportunity

Forecast: Occupancy remains elevated near record levels supporting revenue growth