Host Hotels & Resorts (HST) 8-K Other Events

EXHIBIT 99.5

Report of Independent Registered Public Accounting Firm

The Partners

Host Hotels & Resorts, L.P.:

We have audited the accompanying consolidated balance sheets of Host Hotels & Resorts, L.P. and subsidiaries as of December 31, 2011 and 2010, and the related consolidated statements of operations, comprehensive income (loss), capital, and cash flows for each of the years in the three-year period ended December 31, 2011. In connection with our audits of the consolidated financial statements, we also have audited the financial statement schedule III included as Exhibit 99.7. These consolidated financial statements and financial statement schedule are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Host Hotels & Resorts, L.P. and subsidiaries as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2011, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.

/s/ KPMG LLP

McLean, Virginia

February 22, 2012, except as to

Notes 6, 10, 17, and 21 which are as of July 24, 2012

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HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, 2011 and 2010

(in millions)

	2011			2010
ASSETS
Property and equipment, net	$	11,383		$	10,514
Due from managers		37			45
Investments in affiliates		197			148
Deferred financing costs, net		55			44
Furniture, fixtures and equipment replacement fund		166			152
Other		368			353
Restricted cash		36			41
Cash and cash equivalents		826			1,113
Total assets	$	13,068		$	12,410
LIABILITIES, LIMITED PARTNERSHIP INTEREST OF THIRD PARTIES AND CAPITAL
Debt
Senior notes, including $902 million and $1,156 million, respectively, net of discount, of Exchangeable Senior Debentures	$	4,543		$	4,249
Credit facility		117			58
Mortgage debt		1,006			1,025
Other		87			145
Total debt		5,753			5,477
Accounts payable and accrued expenses		175			161
Other		269			250
Total liabilities		6,197			5,888
Limited partnership interest of third parties.		158			191
Host Hotels & Resorts, L.P. capital:
General partner		1			1
Limited partner		6,677			6,276
Accumulated other comprehensive income (loss)		(1	)		25
Total Host Hotels & Resorts, L.P. capital		6,677			6,302
Non-controlling interests—consolidated partnerships		36			29
Total capital		6,713			6,331
Total liabilities, limited partnership interest of third parties and capital	$	13,068		$	12,410

See Notes to Consolidated Financial Statements.

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HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Years Ended December 31, 2011, 2010 and 2009

(in millions, except per common unit amounts)

	2011			2010			2009
REVENUES
Rooms	$	2,989		$	2,633		$	2,458
Food and beverage		1,412			1,278			1,221
Other		293			274			308
Owned hotel revenues		4,694			4,185			3,987
Other revenues		253			199			107
Total revenues		4,947			4,384			4,094
EXPENSES
Rooms		821			724			672
Food and beverage		1,050			954			923
Other departmental and support expenses		1,247			1,138			1,086
Management fees		188			170			157
Other property-level expenses		566			485			383
Depreciation and amortization		641			585			607
Corporate and other expenses		111			108			116
Gain on insurance settlement		(2	)		(3	)		—
Total operating costs and expenses		4,622			4,161			3,944
OPERATING PROFIT		325			223			150
Interest income		20			8			7
Interest expense		(371	)		(384	)		(379	)
Net gains on property transactions and other		7			1			14
Gain (loss) on foreign currency transactions and derivatives		3			(6	)		5
Equity in earnings (losses) of affiliates		4			(1	)		(32	)
LOSS BEFORE INCOME TAXES		(12	)		(159	)		(235	)
Benefit for income taxes		1			31			39
LOSS FROM CONTINUING OPERATIONS		(11	)		(128	)		(196	)
Loss from discontinued operations, net of tax.		(5	)		(4	)		(62	)
NET LOSS		(16	)		(132	)		(258	)
Less: Net loss attributable to non-controlling interests		1			—			1
NET LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, L.P.		(15	)		(132	)		(257	)
Less: Distributions on preferred units		—			(4	)		(9	)
Issuance costs of redeemed preferred units		—			(4	)		—
NET LOSS AVAILABLE TO COMMON UNITHOLDERS	$	(15	)	$	(140	)	$	(266	)
Basic loss per common unit:
Continuing operations	$	(.01	)	$	(.21	)	$	(.34	)
Discontinued operations		(.01	)		—			(.10	)
Basic loss per common unit	$	(.02	)	$	(.21	)	$	(.44	)
Diluted loss per common unit:
Continuing operations	$	(.01	)	$	(.21	)	$	(.35	)
Discontinued operations		(.01	)		—			(.10	)
Diluted loss per common unit	$	(.02	)	$	(.21	)	$	(.45	)

See Notes to Consolidated Financial Statements.

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HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Years Ended December 31, 2011, 2010 and 2009

(in millions)

	2011			2010			2009
NET LOSS	$	(16	)	$	(132	)	$	(258	)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Unrealized loss on HMS Host common stock		—			—			(4	)
Foreign currency translation and other comprehensive income (loss) of unconsolidated affiliates		(27	)		8			15
Change in fair value of derivative instruments		1			5			(4	)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX		(26	)		13			7
COMPREHENSIVE LOSS		(42	)		(119	)		(251	)
Less: Comprehensive loss attributable to non- controlling interests		1			—			1
COMPREHENSIVE LOSS ATTRIBUTABLE TO HOST HOTELS & RESORTS, L.P.	$	(41	)	$	(119	)	$	(250	)

See Notes to Consolidated Financial Statements.

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HOST HOTELS & RESORTS, L.P. AND SUBISIDARIES

CONSOLIDATED STATEMENTS OF CAPITAL

Years Ended December 31, 2011, 2010 and 2009

(in millions)

											Accumulated			Non-controlling			Limited
				Preferred							Other			Interests of			Partnership
OP Units Outstanding				Limited		General		Limited			Comprehensive			Consolidated			Interests of
Preferred	Common			Partner		Partner		Partner			Income (Loss)			Partnerships			Third Parties
4.0		525.3	Balance, December 31, 2008	$	97	$	1	$	5,485		$	5		$	24		$	158
—		—	Net loss		—		—		(252	)		—			(1	)		(5	)
—		—	Unrealized loss on HMS Host common stock		—		—		—			(4	)		—			—
—		—	Other changes in ownership		—		—		(19	)		—			—			19
—		—	Foreign currency translation and other comprehensive income of unconsolidated affiliates		—		—		—			15			—			—
—		—	Change in fair value of derivative instruments		—		—		—			(4	)		—			—
—		103.6	Common OP unit issuances		—		—		767			—			—			—
—		.4	Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans		—		—		6			—			—			—
—		—	Distributions on common OP units		—		—		(16	)		—			—			—
—		—	Distributions on preferred OP units		—		—		(9	)		—			—			—
—		—	Issuance of 2009 Exchangeable Senior Debentures		—		—		82			—			—			—
—		3.4	Redemptions of limited partnership interests of third parties		—		—		33			—			—			(33	)
—		—	Contributions from non- controlling interests of consolidated partnerships		—		—		—			—			1			—
—		—	Distributions to non-controlling interests of consolidated partnerships		—		—		—			—			(2	)		—
4.0		632.7	Balance, December 31, 2009	$	97	$	1	$	6,077		$	12		$	22		$	139

See Notes to Consolidated Financial Statements.

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HOST HOTELS & RESORTS, L.P. AND SUBISIDARIES

CONSOLIDATED STATEMENTS OF CAPITAL (continued)

Years Ended December 31, 2011, 2010 and 2009

(in millions)

													Accumulated			Non-controlling			Limited
					Preferred								Other			Interests of			Partnership
OP Units Outstanding					Limited			General		Limited			Comprehensive			Consolidated			Interests of
Preferred		Common			Partner			Partner		Partner			Income (Loss)			Partnerships			Third Parties
	4.0		632.7	Balance, December 31, 2009	$	97		$	1	$	6,077		$	12		$	22		$	139
	—		—	Net loss		—			—		(130	)		—			—			(2	)
	—		—	Other changes in ownership		—			—		(69	)		—			—			69
	—		—	Foreign currency translation and other comprehensive income of unconsolidated affiliates		—			—		—			8			—			—
	—		—	Change in fair value of derivative instruments		—			—		—			5			—			—
	—		26.4	Common OP unit issuances		—			—		407			—			—			—
	—		1.1	Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans		—			—		10			—			—			—
	—		—	Distribution on common OP unit		—			—		(26	)		—			—			—
	—		—	Distribution on preferred OP unit		—			—		(4	)		—			—			—
	(4.0)		—	Redemption of preferred units		(97	)		—		(4	)		—			—			—
	—		1.2	Redemptions of limited partnership interests of third parties		—			—		15			—			—			(15	)
	—		—	Contributions from non- controlling interests of consolidated partnerships		—			—		—			—			11			—
	—		—	Distributions to non-controlling interests of consolidated partnerships		—			—		—			—			(4	)		—
	—		661.4	Balance, December 31, 2010	$	—		$	1	$	6,276		$	25		$	29		$	191
	—		—	Net loss		—			—		(15	)		—			(1	)		—
	—		—	Other changes in ownership		—			—		33			—			—			(33	)
	—		—	Foreign currency translation and other comprehensive loss of unconsolidated affiliates		—			—		—			(27	)		—			—
	—		—	Change in fair value of derivative instruments		—			—		—			1			—			—
	—		27.3	Common OP unit issuances		—			—		460			—			—			6
	—		1.3	Units issued to Host Inc. for the comprehensive stock and employee stock purchase plans		—			—		17			—			—			—
	—		—	Distribution on common OP unit		—			—		(99	)		—			—			—
	—		0.3	Redemptions of limited partnership interests of third parties		—			—		5			—			—			(5	)
	—		—	Contributions from non- controlling interests of consolidated partnerships		—			—		—			—			12			—
	—		—	Distributions to non-controlling interests		—			—		—			—			(4	)		(1	)
	—		690.3	Balance, December 31, 2011	$	—		$	1	$	6,677		$	(1	)	$	36		$	158

See Notes to Consolidated Financial Statements.

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HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2011, 2010 and 2009

(in millions)

	2011			2010			2009
OPERATING ACTIVITIES
Net loss	$	(16	)	$	(132	)	$	(258	)
Adjustments to reconcile to cash provided by operations:
Discontinued operations:
(Gain) loss on dispositions		—			2			(26	)
Depreciation		14			8			96
Depreciation and amortization		641			585			607
Amortization of deferred financing costs		11			12			14
Amortization of debt premiums/discounts, net		19			31			31
Deferred income taxes		(11	)		(36	)		(38	)
Net gains on property transactions and other		(7	)		(1	)		(14	)
(Gain) loss on foreign currency transactions and derivatives		(3	)		6			(5	)
Non-cash loss (gain) on extinguishment of debt		4			1			(5	)
Equity in (earnings) losses of affiliates		(4	)		1			32
Distributions from equity investments		—			2			1
Change in due from managers		—			(9	)		34
Change in cash restricted for operating activities		—			(25	)		—
Changes in other assets		(9	)		44			(12	)
Changes in other liabilities		22			31			95
Cash provided by operating activities		661			520			552
INVESTING ACTIVITIES
Proceeds from sales of assets, net		6			12			199
Acquisitions		(1,047	)		(342	)		—
Deposits for acquisitions		—			(38	)		—
Proceeds from transfer of Le Méridien Piccadilly to the Euro JV Fund II		40			—			—
Proceeds from sale of interest in CBM Joint Venture LLC		—			—			13
Deferred sale proceeds received from HPT		—			17			—
Investment in affiliates		(49	)		(1	)		(7	)
Return of capital from investments in affiliates		1			—			39
Purchase of mortgage note on a portfolio of hotels		—			(53	)		—
Capital expenditures:
Renewals and replacements		(327	)		(195	)		(164	)
Redevelopment and other investments		(215	)		(114	)		(176	)
Change in furniture, fixtures & equipment (FF&E) replacement fund		4			(17	)		(6	)
Change in FF&E replacement funds designated as restricted cash		—			22			(14	)
Property insurance proceeds		11			3			—
Cash used in investing activities		(1,576	)		(706	)		(116	)
FINANCING ACTIVITIES
Financing costs		(23	)		(10	)		(20	)
Issuances of debt		955			500			906
Draws on credit facility		153			56			—
Repayment on credit facility		(90	)		—			(410	)
Repurchase/redemption of senior notes, including exchangeable debentures		(404	)		(821	)		(139	)
Mortgage debt prepayments and scheduled maturities		(210	)		(364	)		(342	)
Scheduled principal repayments		(5	)		(13	)		(14	)
Common OP unit issuance		323			406			767
Redemption of preferred OP units		—			(101	)		—
Distributions on common OP units		(71	)		(20	)		(43	)
Distributions on preferred OP units		—			(6	)		(9	)
Distributions to non-controlling interests		(4	)		(4	)		(2	)
Contributions from non-controlling interests		1			11			—
Change in cash restricted for financing activities		3			23			4
Cash provided by (used in) financing activities		628			(343	)		698
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(287	)		(529	)		1,134
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR		1,113			1,642			508
CASH AND CASH EQUIVALENTS, END OF YEAR	$	826		$	1,113		$	1,642

See Notes to Consolidated Financial Statements.

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HOST HOTELS & RESORTS, L.P. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2011, 2010 and 2009

(in millions)

Supplemental schedule of noncash investing and financing activities:

During 2011, 2010 and 2009, non-controlling partners converted common operating partnership units (“OP units”) valued at $5 million, $15 million and $18 million, respectively, in exchange for 0.3 million, 1.2 million and 3.4 million shares, respectively, of Host Inc. common stock.

In June 2011, holders of approximately $134 million of the 3.25% Exchangeable Debentures elected to exchange their debentures for approximately 8.8 million shares of Host Inc. common stock.

On June 28, 2011, we transferred the Le Méridien Piccadilly to the Euro JV Fund II at a price of £64 million ($102 million), including the assumption of the associated £32 million ($52 million) mortgage. We also transferred the capital lease asset and corresponding liability associated with the building, each valued at £38 million ($61 million), to the Euro JV Fund II. We retained a 33.4% interest in the property through our general and limited partner interests in the Euro JV Fund II and received cash proceeds on the transfer of £25 million ($40 million). We acquired a leasehold interest in the property in July 2010, at which time we assumed the mortgage loan and recorded the capital lease obligation.

On April 29, 2011, we acquired a 75% controlling interest in the Hilton Melbourne South Wharf. In connection with the acquisition, we assumed A$80 million ($86 million) of mortgage debt and recorded such mortgage debt at its fair value at the acquisition date.

On March 17, 2011, we acquired the Manchester Grand Hyatt San Diego, and certain related rights. In connection with the acquisition, Host Hotels & Resorts, L.P. issued approximately 0.3 million OP units valued at approximately $6 million.

On September 2, 2010, we acquired a 90% controlling interest in the W New York, Union Square hotel. In connection with the acquisition, we assumed a $115 million mortgage debt with a fair value of $119 million, and other liabilities of $8.5 million.

See Notes to Consolidated Financial Statements.

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