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TABLE4 --, ESTIMATES OF INTERNATIONAL VISITORS BY REGION REGION 2000 2001 2002 2003 2004 EUROPEAN COUNTRIES 22,8% 20,9% 21.1% 21.1% 21.8% CARIBBEAN COUNTRIES 6.9% 6.9% 9,5% 9.4% 6.5% CENTRAL AMERICAN 4.3% 4.5% 4,8% 5,0% 5,0% COUNTRIES SOUTH AMERICAN 34.3% 33.9% 33.3% 31.3% 31.1% COUNTRIES CANADA 11.2% 11,2% 11.1% 11.1% 10.7% OTHER COUNTRIES 20.5% 22.6% 20.2% 22.1% 24.9% TOTAL 100% 100% 100% 100% 100% Source: Greater Miami Convention and Visitors Bureau, Tourism Facts and Figures There are approximately 47,840 motel and hotel rooms in 455 lodging facilities in Greater Miami and the Beaches. The hotel-motel occupancy rate for 2005 of70,1% was above the rate for 2004 of 67.0% and significantly above the 2001 to 2003 rates of58.9% to 62.4%. The average room rate in 2005 was $101.60, which was up from an average room rate of$91.99 in 2004, The first in a series of new luxury properties opened in February 2004 when the 380-room Ritz Carlton opened in Miami Beach, In May of2005, the 21 O-room Le Meridian opened in Sunny Isles Beach. Three other new hotels with a total of 271 rooms open in Miami Beach during 2005. In addition to the recently completed hotels, 18 lodging facilities with a total of approximately 3,000 rooms are either under construction or proposed in Miami-Dade County. The majority of the new hotel facilities are located in the beach areas. Miami-Dade Financial Resources Over the course of the last decade, Greater Miami has evolved into a major international financial center. Domestic and international businesses find convenient access to a full array of services provided by locally-based state and national commercial banks, savings and loan associations, foreign banks, non-depository credit institutions, securities and commodities brokers and insurance compames. QUINLIVAN APPRAISAL 13