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Exhibit 99.4

HOST MARRIOTT CORPORATION AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2003

(in millions)


			Initial Costs							Gross Amount at December 31, 2003
Description(1)	Debt		Land		Buildings & Improvements		Subsequent Costs Capitalized			Land		Buildings & Improvements		Total		Accumulated Depreciation			Date of Completion of Construction	Date Acquired	Depreciation Life
Full-service hotels:
Albany, New York	$	—	$	6	$	31	$	(1	)	$	6	$	30	$	36	$	(5	)	—	1998	40
The Ritz-Carlton, Amelia Island, Georgia		—		25		115		6			25		121		146		(15	)	—	1998	40
Four Seasons, Atlanta, Georgia		37		5		48		13			6		60		66		(8	)	—	1998	40
Grand Hyatt, Atlanta, Georgia		—		8		89		10			8		99		107		(13	)	—	1998	40
Atlanta Marquis, Georgia		149		12		184		36			16		216		232		(29	)	—	1998	40
Atlanta Midtown Suites, Georgia		—		—		26		2			—		28		28		(5	)	—	1996	40
Westin, Buckhead, Georgia		33		5		84		17			6		100		106		(14	)	—	1998	40
Bethesda, Maryland		—		—		10		20			—		30		30		(18	)	—	1979	40
Miami Biscayne Bay, Florida		—		—		32		(3	)		—		29		29		(6	)	—	1998	40
Boston Marriott Copley Place, Massachusetts		92		—		203		12			—		215		215		(10	)	—	2002	40
Boston/Newton, Massachusetts		—		3		31		9			3		40		43		(20	)	—	1997	40
Hyatt, Boston, Massachusetts		35		15		69		17			17		84		101		(11	)	—	1998	40
Hyatt Regency, Burlingame, California		68		16		119		32			20		147		167		(19	)	—	1998	40
Calgary, Canada		13		6		17		6			5		24		29		(6	)	—	1996	40
Hyatt Regency, Cambridge, Massachusetts		48		19		83		9			19		92		111		(12	)	—	1998	40
Chicago/Downtown Courtyard, Illinois		—		7		27		3			7		30		37		(9	)	—	1992	40
Chicago O’Hare, Illinois		—		4		26		29			4		55		59		(19	)	—	1997	40
Chicago O’Hare Suites, Illinois		—		—		36		1			—		27		37		(5	)	—	1998	40
Chicago/Deerfield Suites, Illinois		—		4		19		1			4		20		24		(7	)	—	1990	40
Swissôtel, Chicago, Illinois		57		30		131		10			30		141		171		(19	)	—	1998	40
Coronado Island Resort, California		—		—		53		4			—		57		57		(10	)	—	1997	40
Costa Mesa Suites, California		—		3		18		1			3		19		22		(4	)	—	1996	40
Dallas/Fort Worth Airport, Texas		—		6		37		7			6		44		50		(12	)	—	1995	40
Dallas Quorum, Texas		—		—		27		5			—		32		32		(9	)	—	1994	40
Dayton, Ohio		—		2		30		1			2		31		33		(4	)	—	1998	40
The Ritz-Carlton, Dearborn, Michigan		—		8		51		3			8		54		62		(8	)	—	1998	40
Denver Tech Center, Colorado		—		6		26		13			6		39		45		(9	)	—	1994	40

HOST MARRIOTT CORPORATION AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION—(Continued)

December 31, 2003

(in millions)


		Initial Costs			Gross Amount at December 31, 2003
Description(1)	Debt	Land	Buildings & Improvements	Subsequent Costs Capitalized	Land	Buildings & Improvements	Total	Accumulated Depreciation		Date of Completion of Construction	Date Acquired	Depreciation Life
Desert Springs Resort and Spa, California	93	13	143	64	13	207	220	(32	)	—	1997	40
Fairview Park, Virginia	—	9	39	2	9	41	50	(6	)	—	1998	40
Fort Lauderdale Marina, Florida	—	6	30	10	6	40	46	(12	)	—	1994	40
Gaithersburg/Washingtonian Center, Maryland	—	7	22	1	7	23	30	(6	)	—	1993	40
Hanover, New Jersey	27	6	29	9	6	38	44	(9	)	—	1997	40
Harbor Beach Resort, Florida	93	—	62	45	—	107	107	(21	)	—	1997	40
Hartford/Farmington, Connecticut	20	8	21	8	8	29	37	(5	)	—	1997	40
Houston Airport, Texas	—	—	10	28	—	38	38	(15	)	—	1984	40
JW Marriott Hotel at Lenox, Georgia	—	—	21	10	—	31	31	(11	)	—	1990	40
JW Marriott Houston, Texas	—	4	26	10	8	32	40	(9	)	—	1994	40
JWDC, Washington, D.C.	88	26	99	4	26	103	129	(10	)	—	2003	40
Kansas City Airport, Missouri	—	—	8	15	—	23	23	(19	)	—	1974	40
Key Bridge, Virginia	—	—	38	3	—	41	41	(21	)	—	1997	40
Manhattan Beach, California	—	—	36	5	—	41	41	(8	)	—	1997	40
Marina Beach, California	—	—	13	15	—	28	28	(5	)	—	1995	40
Maui Hyatt, Hawaii	—	93	213	—	93	213	306	(1	)	—	2003	40
Memphis, Tennessee	—	—	16	10	—	26	26	(6	)	—	1998	40
Mexico City Airport, Mexico	9	9	29	1	9	30	39	(12	)	—	1996	40
JW Marriott, Mexico City, Mexico	12	11	35	3	11	38	49	(10	)	—	1996	40
Miami Airport, Florida	—	—	7	42	—	49	49	(30	)	—	1972	40
Minneapolis City Center, Minnesota	—	—	27	15	—	42	42	(25	)	—	1986	40
Minneapolis Southwest, Minnesota	—	5	23	1	5	24	29	(4	)	—	1998	40
New Orleans, Louisiana	93	16	96	56	16	152	168	(29	)	—	1996	40
New York Financial Center, New York	—	19	79	13	19	92	111	(18	)	—	1997	40
New York Marquis, New York	240	—	552	77	—	629	629	(240	)	—	1986	40
Newark Airport, New Jersey	—	—	30	23	—	53	53	(28	)	—	1984	40
Newport Beach, California	—	11	13	45	11	58	69	(34	)	—	1975	40
Orlando World Center Resort, Florida	225	18	157	178	29	324	353	(51	)	—	1997	40
Pentagon City Residence Inn, Virginia	—	6	29	3	6	32	38	(6	)	—	1996	40
Philadelphia Airport, Pennsylvania	—	—	42	2	—	44	44	(9	)	—	1995	40

HOST MARRIOTT CORPORATION AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION—(Continued)

December 31, 2003

(in millions)


		Initial Costs			Gross Amount at December 31, 2003
Description(1)	Debt	Land	Buildings & Improvements	Subsequent Costs Capitalized	Land	Buildings & Improvements	Total	Accumulated Depreciation		Date of Completion of Construction	Date Acquired	Depreciation Life
Philadelphia Convention Center, Pennsylvania	104	3	143	52	11	187	198	(38	)	—	1995	40
Four Seasons, Philadelphia, Pennsylvania	—	27	59	9	27	68	95	(9	)	—	1998	40
Portland, Oregon	—	6	40	8	6	48	54	(12	)	—	1994	40
Hyatt Regency, Reston, Virginia	44	11	78	8	11	86	97	(11	)	—	1998	40
The Ritz-Carlton, Phoenix, Arizona	—	10	63	1	10	64	74	(10	)	—	1998	40
The Ritz-Carlton, Tysons Corner, Virginia	—	—	89	5	—	94	94	(14	)	—	1998	40
The Ritz-Carlton, San Francisco, California	—	31	123	5	31	128	159	(18	)	—	1998	40
Salt Lake City, Utah	—	—	48	9	—	57	57	(10	)	—	1996	40
San Antonio Rivercenter, Texas	76	—	86	44	—	130	130	(23	)	—	1996	40
San Antonio Riverwalk, Texas	—	—	45	3	—	48	48	(11	)	—	1995	40
San Diego Hotel and Marina, California	188	—	203	92	—	295	295	(54	)	—	1996	40
Houston Airport, Texas	—	—	10	28	—	38	38	(15	)	—	1984	40
JW Marriott Hotel at Lenox, Georgia	—	—	21	10	—	31	31	(11	)	—	1990	40
JW Marriott Houston, Texas	—	4	26	10	8	32	40	(9	)	—	1994	40
JWDC, Washington, D.C.	88	26	99	4	26	103	129	(10	)	—	2003	40
Kansas City Airport, Missouri	—	—	8	15	—	23	23	(19	)	—	1974	40
Key Bridge, Virginia	—	—	38	3	—	41	41	(21	)	—	1997	40
Manhattan Beach, California	—	—	36	5	—	41	41	(8	)	—	1997	40
Marina Beach, California	—	—	13	15	—	28	28	(5	)	—	1995	40
Maui Hyatt, Hawaii	—	93	213	—	93	213	306	(1	)	—	2003	40
Memphis, Tennessee	—	—	16	10	—	26	26	(6	)	—	1998	40
Mexico City Airport, Mexico	9	9	29	1	9	30	39	(12	)	—	1996	40
JW Marriott, Mexico City, Mexico	12	11	35	3	11	38	49	(10	)	—	1996	40
Miami Airport, Florida	—	—	7	42	—	49	49	(30	)	—	1972	40
Minneapolis City Center, Minnesota	—	—	27	15	—	42	42	(25	)	—	1986	40
Minneapolis Southwest, Minnesota	—	5	23	1	5	24	29	(4	)	—	1998	40
New Orleans, Louisiana	93	16	96	56	16	152	168	(29	)	—	1996	40
New York Financial Center, New York	—	19	79	13	19	92	111	(18	)	—	1997	40
New York Marquis, New York	240	—	552	77	—	629	629	(240	)	—	1986	40
Newark Airport, New Jersey	—	—	30	23	—	53	53	(28	)	—	1984	40
Newport Beach, California	—	11	13	45	11	58	69	(34	)	—	1975	40

HOST MARRIOTT CORPORATION AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION—(Continued)

December 31, 2003

(in millions)


		Initial Costs				Gross Amount at December 31, 2003
Description(1)	Debt	Land	Buildings & Improvements	Subsequent Costs Capitalized		Land	Buildings & Improvements	Total	Accumulated Depreciation		Date of Completion of Construction	Date Acquired	Depreciation Life
Orlando World Center Resort, Florida	225	18	157	178		29	324	353	(51	)	—	1997	40
Pentagon City Residence Inn, Virginia	—	6	29	3		6	32	38	(6	)	—	1996	40
Philadelphia Airport, Pennsylvania	—	—	42	2		—	44	44	(9	)	—	1995	40
Philadelphia Convention Center, Pennsylvania	104	3	143	52		11	187	198	(38	)	—	1995	40
Four Seasons, Philadelphia, Pennsylvania	—	27	59	9		27	68	95	(9	)	—	1998	40
Portland, Oregon	—	6	40	8		6	48	54	(12	)	—	1994	40
Hyatt Regency, Reston, Virginia	44	11	78	8		11	86	97	(11	)	—	1998	40
The Ritz-Carlton, Phoenix, Arizona	—	10	63	1		10	64	74	(10	)	—	1998	40
The Ritz-Carlton, Tysons Corner, Virginia	—	—	89	5		—	94	94	(14	)	—	1998	40
The Ritz-Carlton, San Francisco, California	—	31	123	5		31	128	159	(18	)	—	1998	40
Salt Lake City, Utah	—	—	48	9		—	57	57	(10	)	—	1996	40
San Antonio Rivercenter, Texas	76	—	86	44		—	130	130	(23	)	—	1996	40
San Antonio Riverwalk, Texas	—	—	45	3		—	48	48	(11	)	—	1995	40
San Diego Hotel and Marina, California	188	—	203	92		—	295	295	(54	)	—	1996	40
San Diego Mission Valley, California	—	4	22	—		4	22	26	(4	)	—	1998	40
San Francisco Airport, California	—	11	48	16		12	63	75	(16	)	—	1994	40
San Francisco Fisherman’s Wharf, California	—	6	20	7		6	27	33	(9	)	—	1994	40
San Francisco Moscone Center, California	—	—	278	31		—	309	309	(91	)	—	1989	40
San Ramon, California	21	—	22	9		—	31	31	(6	)	—	1996	40
Santa Clara, California	37	—	39	32		—	71	71	(36	)	—	1989	40
Scottsdale Suites, Arizona	—	3	20	—		3	20	23	(4	)	—	1996	40
Seattle SeaTac Airport, Washington	—	4	48	(6	)	4	42	46	(9	)	—	1998	40
Tampa Waterside, Florida	—	—	—	98		11	87	98	(9	)	2000		40
Swissôtel, The Drake, New York	66	29	130	39		34	164	198	(22	)	—	1998	40
The Ritz-Carlton, Atlanta, Georgia	—	13	41	9		13	50	63	(12	)	—	1996	40
The Ritz-Carlton, Buckhead, Georgia	78	15	79	21		15	100	115	(19	)	—	1996	40
The Ritz-Carlton, Marina del Rey, California	—	—	52	8		—	60	60	(12	)	—	1997	40
The Ritz-Carlton, Naples, Florida	117	19	126	58		21	182	203	(36	)	—	1996	40

HOST MARRIOTT CORPORATION AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION—(Continued)

December 31, 2003

(in millions)


			Initial Costs							Gross Amount at December 31, 2003
Description(1)	Debt		Land		Buildings & Improvements		Subsequent Costs Capitalized			Land		Buildings & Improvements		Total		Accumulated Depreciation			Date of Completion of Construction	Date Acquired	Depreciation Life
The Ritz-Carlton, Naples Golf Lodge, Florida		—		6		—		63			6		63		69		(3	)	2002	—	40
Toronto Airport, Canada		15		5		24		3			5		27		32		(6	)	—	1996	40
Toronto Eaton Center, Canada		27		—		27		3			—		30		30		(6	)	—	1995	40
Toronto Delta Meadowvale, Canada		—		4		20		8			4		28		32		(8	)	—	1996	40
Torrance, California		—		9		39		4			9		43		52		(6	)	—	1998	40
Dulles Airport, Virginia		—		—		3		25			—		28		28		(21	)	—	1970	40
Washington Dulles Suites, Virginia		—		3		24		1			3		25		28		(5	)	—	1996	40
Washington Metro Center, Washington D.C.		—		20		24		3			20		27		47		(7	)	—	1994	40
Westfields, Virginia		—		7		32		3			7		35		42		(9	)	—	1994	40

Sub total full-service hotels:		2,205		703		5,662		1,632			756		7,241		7,997		(1,564	)
Sub total—other full-service properties less than 5% of total:		—		30		297		57			30		354		384		(120	)		various	40

Total full-service properties:		2,205		733		5,959		1,689			786		7,595		8,381		(1,684	)
Other properties, each less than 5% of total		—		36		15		(38	)		—		13		13		(13	)		various	various

Total properties		—		769		5,974		1,651			786		7,608		8,394		(1,697	)
Held for sale properties		—		12		64		12			12		76		88		(20	)		various	—

TOTAL	$	2,205	$	781	$	6,038	$	1,663		$	798	$	7,684	$	8,482	$	(1,717	)

⁽¹⁾	Each hotel is operated as a Marriott-brand hotel unless otherwise indicated by its name.

HOST MARRIOTT CORPORATION AND SUBSIDIARIES

REAL ESTATE AND ACCUMULATED DEPRECIATION—(Continued)

December 31, 2003

(in millions)

Notes:

(A)	The change in total cost of properties for the fiscal years ended December 31, 2003, 2002 and 2001 is as follows:


Balance at December 31, 2000	$	7,671
Additions:
Capital expenditures and transfers from construction-in-progress		278
Deductions:
Impairment charges		(13	)
Dispositions and other		(201	)

Balance at December 31, 2001		7,735
Additions:
Acquisitions		284
Capital expenditures and transfers from construction-in-progress		158
Deductions:
Dispositions and other		(42	)

Balance at December 31, 2002		8,135
Additions:
Acquisitions		448
Capital expenditures and transfers from construction-in-progress		94
Deductions:
Dispositions and other		(195	)
Assets held for sale		(88	)

Balance at December 31, 2003	$	8,394

(B)	The change in accumulated depreciation and amortization of real estate assets for the fiscal years ended December 31, 2003, 2002 and 2001 is as follows:


Balance at December 31, 2000	$	1,066
Depreciation and amortization		281
Dispositions and other		(66	)

Balance at December 31, 2001		1,281
Depreciation and amortization		237
Dispositions and other		(17	)

Balance at December 31, 2002		1,501
Depreciation and amortization		257
Dispositions and other		(41	)
Depreciation on assets held for sale		(20	)

Balance at December 31, 2003	$	1,697

(C)	The aggregate cost of properties for Federal income tax purposes is approximately $5,695 million at December 31, 2003.

(D)	The total cost of properties excludes construction-in-progress properties.

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