Sunstone Hotel Investors (SHO) 8-K Sunstone Hotel Investors Reports Results for Second Quarter 2012

Exhibit 99.2

Supplemental Financial Information For the quarter ended June 30, 2012 August 2, 2012

Supplemental Financial Information – Unaudited
August 2, 2012

Table of Contents

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	3
About Sunstone	4
Forward-Looking Statement	5
Non-GAAP Financial Measures	6
CORPORATE FINANCIAL INFORMATION	8
Condensed Consolidated Balance Sheets Q2 2012 – Q2 2011	9
Consolidated Statements of Operations Q2 & YTD 2012/2011	11
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Q2 & YTD 2012/2011	12
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO Q2 & YTD 2012/2011	13
Pro Forma Consolidated Statements of Operations Q2 2012 – Q1 2011	14
EARNINGS GUIDANCE FOR Q3 AND FULL YEAR 2012	15
Earnings Guidance for Q3 and FY 2012	16
Reconciliation of Net Income to Adjusted EBITDA and Adjusted FFO Q3 & FY 2012	17
CAPITALIZATION	18
Comparative Capitalization Q2 2012 – Q2 2011	19
Consolidated Debt Summary Schedule	20
Consolidated Amortization and Debt Maturity Schedule	21
PROPERTY-LEVEL DATA	22

Supplemental Financial Information – Unaudited
August 2, 2012

PROPERTY-LEVEL OPERATING STATISTICS	24
Q1 2012/2011	25
Q2 2012/2011	26
YTD Q2 2012/2011	27
Q3 2011	28
Q4 2011	29
FY 2011/2010	30
OPERATING STATISTICS BY BRAND & GEOGRAPHY	31
Comparable Portfolio Operating Statistics by Brand Q2 & YTD 2012/2011	32
Pro Forma Portfolio Property-Level YTD Q2 2012 EBITDA Contribution by Brand	33
Comparable Portfolio Operating Statistics by Region Q2 & YTD 2012/2011	34
PROPERTY-LEVEL EBITDA & EBITDA MARGINS	35
Property-Level EBITDA Q2 & YTD 2012/2011	36
Property-Level EBITDA Margins Q2 & YTD 2012/2011	37
APPENDIX	38
Reconciliation of Pro Forma Net Income (Loss) to EBITDA, Adjusted EBITDA, FFO, and Adjusted FFO	39
Property-Level EBITDA Reconciliations	55

Supplemental Financial Information – Unaudited
August 2, 2012

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	Page 3

Supplemental Financial Information – Unaudited
August 2, 2012

About Sunstone

Sunstone Hotel Investors, Inc. (NYSE:SHO) is a lodging real estate investment trust (REIT) that, as of August 2, 2012, has interests in 33 hotels held for investment comprised of 13,698 rooms. Sunstone’s hotels are primarily in the upper upscale segment and are generally operated under nationally recognized brands, such as Marriott, Hilton, Hyatt, Fairmont and Sheraton.

Sunstone’s mission is to create meaningful value for our stockholders by becoming the premier hotel owner.  Our values include transparency, trust, ethical conduct, communication and discipline.  We seek to employ a balanced, cycle-appropriate corporate strategy that encompasses the following:

·Proactive portfolio management;

·Intensive asset management;

·Disciplined external growth; and

·Measured balance sheet improvement.

Corporate Headquarters

120 Vantis, Suite 350

Aliso Viejo, CA 92656

(949) 330-4000

Company Contacts

Ken Cruse

President & Chief Executive Officer

(949) 382-3012

John Arabia

Executive Vice President of Corporate Strategy & Chief Financial Officer

(949) 382-3008

Bryan Giglia
Senior Vice President – Corporate Finance
(949) 382-3036

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	Page 4

Supplemental Financial Information – Unaudited
August 2, 2012

Forward-Looking Statement

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “should,” “will” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: volatility in the debt or equity markets affecting our ability to acquire or sell hotel assets; national and local economic and business conditions, including the likelihood of a prolonged U.S. recession; the ability to maintain sufficient liquidity and our access to capital markets; potential terrorist attacks, which would affect occupancy rates at our hotels and the demand for hotel products and services; operating risks associated with the hotel business; risks associated with the level of our indebtedness and our ability to meet covenants in our debt and equity agreements; relationships with property managers and franchisors; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; changes in travel patterns, taxes and government regulations, which influence or determine wages, prices, construction procedures and costs; our ability to identify, successfully compete for and complete acquisitions; the performance of hotels after they are acquired; necessary capital expenditures and our ability to fund them and complete them with minimum disruption; our ability to continue to satisfy complex rules in order for us to qualify as a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information in this presentation is as of August 2, 2012, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.

This presentation should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies of these reports are available on our website at www.sunstonehotels.com and through the SEC’s Electronic Data Gathering Analysis and Retrieval System (“EDGAR”) at www.sec.gov.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	Page 5

Supplemental Financial Information – Unaudited
August 2, 2012

Non-GAAP Financial Measures

We present the following non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: Earnings Before Interest Expense, Taxes, Depreciation and Amortization, or EBITDA; Adjusted EBITDA (as defined below); Funds From Operations, or FFO; Adjusted FFO (as defined below); and comparable and pro forma hotel EBITDA and comparable and pro forma hotel EBITDA margin.

EBITDA represents net income (loss) excluding: non-controlling interests; interest expense; provision for income taxes, including income taxes applicable to sale of assets; and depreciation and amortization. In addition, we have presented Adjusted EBITDA, which excludes: amortization of deferred stock compensation; the impact of any gain or loss from asset sales; impairment charges; and any other adjustments we have identified in this presentation. We believe EBITDA and Adjusted EBITDA are useful to investors in evaluating our operating performance because these measures help investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. We also use EBITDA and Adjusted EBITDA as measures in determining the value of hotel acquisitions and dispositions. Reconciliations of net income (loss) and pro forma net income (loss) to EBITDA and Adjusted EBITDA are set forth on page 12 and in the Appendix of this supplemental package.  We believe comparable and pro forma hotel EBITDA and comparable and pro forma hotel EBITDA margin are also useful to investors in evaluating our property-level operating performance.

We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts, or NAREIT, an industry trade group. The Board of Governors of NAREIT in its March 1995 White Paper (as clarified in November 1999 and April 2002) defines FFO to mean net income (loss) (computed in accordance with GAAP), excluding non-controlling interests, gains and losses from sales of property, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs) and real estate-related impairment losses, and after adjustment for unconsolidated partnerships and joint ventures. We also present Adjusted FFO, which excludes penalties, written-off deferred financing costs, non-real estate-related impairment losses and any other adjustments we have identified in this presentation. We believe that the presentation of FFO and Adjusted FFO provide useful information to investors regarding our operating performance because they are measures of our operations without regard to specified non-cash items such as real estate depreciation and amortization, gain or loss on sale of assets and certain other items which we believe are not indicative of the performance of our underlying hotel properties.  We believe that these items are more representative of our asset base and our acquisition and disposition activities than our ongoing operations. We also use FFO as one measure in determining our results after taking into account the impact of our capital structure.  Reconciliations of net income (loss) and pro forma net income (loss) to FFO and Adjusted FFO are set forth on page 13 and in the Appendix of this supplemental package.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	Page 6

Supplemental Financial Information – Unaudited
August 2, 2012

Our 31 comparable hotels include all hotels in which the Company has interests as of June 30, 2012, excluding the Marriott Del Mar, which has been classified as held for sale and included in discontinued operations due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation, plus prior ownership results as applicable in 2011 for the Doubletree Guest Suites Times Square acquired by the Company in January 2011, the JW Marriott New Orleans acquired by the Company in February 2011, and the Hilton San Diego Bayfront acquired by the Company in April 2011.

Our 33 pro forma hotels include the 31 comparable hotels, plus the Company’s ownership as applicable and prior ownership for the Hyatt Chicago Magnificent Mile acquired by the Company in June 2012 and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company in July 2012.

We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, FFO, Adjusted FFO, comparable and pro forma hotel EBITDA and comparable and pro forma hotel EBITDA margin may not be comparable to similar measures disclosed by other companies, because not all companies calculate these non-GAAP measures in the same manner. EBITDA, Adjusted EBITDA, FFO, Adjusted FFO, comparable and pro forma hotel EBITDA and comparable and pro forma hotel EBITDA margin should not be considered as an alternative measure of our net income (loss), operating performance, cash flow or liquidity. EBITDA, Adjusted EBITDA, FFO, Adjusted FFO, comparable and pro forma hotel EBITDA and comparable and pro forma hotel EBITDA margin may include funds that may not be available for our discretionary use due to functional requirements to conserve funds for capital expenditures and property acquisitions and other commitments and uncertainties. Although we believe that EBITDA, Adjusted EBITDA, FFO, Adjusted FFO, comparable and pro forma hotel EBITDA and comparable and pro forma hotel EBITDA margin can enhance an investor’s understanding of our results of operations, these non-GAAP financial measures, when viewed individually, are not necessarily a better indicator of any trend as compared to GAAP measures such as net income (loss) or cash flow from operations. In addition, you should be aware that adverse economic and market conditions may harm our cash flow.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	Page 7

Supplemental Financial Information – Unaudited
August 2, 2012

CORPORATE FINANCIAL INFORMATION

CORPORATE FINANCIAL INFORMATION	Page 8

Supplemental Financial Information – Unaudited
August 2, 2012

Condensed Consolidated Balance Sheets

Q2 2012 – Q2 2011

(In thousands)	June 30, 2012 (1)		March 31, 2012 (2)		December 31, 2011 (3)		September 30, 2011 (4)		June 30, 2011 (5)
Assets
Investment in hotel properties:
Land	$	262,009	$	265,108	$	265,108	$	265,108	$	265,108
Buildings & improvements	2,710,028		2,646,951		2,639,867		2,621,142		2,601,310
Furniture, fixtures, & equipment	352,567		348,308		342,880		337,673		329,826
Other	200,824		193,507		187,591		192,249		205,253
	3,525,428		3,453,874		3,435,446		3,416,172		3,401,497
Less accumulated depreciation & amortization	(715,019)		(692,868)		(657,620)		(622,272)		(587,560)
	2,810,409		2,761,006		2,777,826		2,793,900		2,813,937
Other real estate investments:
Land	2,768		2,768		2,768		2,768		2,768
Buildings & improvements	9,503		9,503		9,481		9,397		9,297
Furniture, fixtures, & equipment	6,078		5,928		5,904		5,494		4,897
Other	729		305		250		600		787
Less accumulated depreciation	(7,021)		(6,781)		(6,544)		(6,314)		(6,109)
	12,057		11,723		11,859		11,945		11,640
Other assets, net	45,793		45,563		47,702		124,259		137,210
Current assets:
Cash and cash equivalents	204,549		126,199		150,533		159,974		144,728
Restricted cash	73,306		71,991		67,898		63,767		61,143
Other current assets, net	90,290		48,249		45,422		55,711		62,932
Total assets	$	3,236,404	$	3,064,731	$	3,101,240	$	3,209,556	$	3,231,590

*Footnotes on following page

CORPORATE FINANCIAL INFORMATION	Page 9

Supplemental Financial Information – Unaudited
August 2, 2012

Condensed Consolidated Balance Sheets

Q2 2012 – Q2 2011 (cont.)

(In thousands)	June 30, 2012 (1)		March 31, 2012 (2)		December 31, 2011 (3)		September 30, 2011 (4)		June 30, 2011 (5)
Liabilities
Current liabilities:
Current portion of notes payable	$	78,912	$	111,346	$	53,935	$	324,279	$	292,189
Other current liabilities	145,717		85,830		92,846		104,116		98,571
Total current liabilities	224,629		197,176		146,781		428,395		390,760
Notes payable, less current portion	1,339,516		1,392,041		1,455,177		1,280,927		1,318,530
Exchangeable senior notes, less discount (6)	57,464		57,205		61,365		61,095		60,826
Capital lease obligations, less current portion	15,636		-		-		-		-
Other liabilities	13,810		13,284		12,623		12,295		10,764
Total liabilities	1,651,055		1,659,706		1,675,946		1,782,712		1,780,880
Series C cumulative convertible redeemable preferred stock	100,000		100,000		100,000		100,000		100,000
Equity
Stockholders’ equity:
8% Series A cumulative redeemable preferred stock	176,250		176,250		176,250		176,250		176,250
8% Series D cumulative redeemable preferred stock	115,000		115,000		115,000		115,000		115,000
Common stock, $0.01 par value, 500,000,000 shares authorized	1,352		1,176		1,173		1,173		1,172
Additional paid in capital	1,491,639		1,313,581		1,312,566		1,311,918		1,311,037
Retained earnings	108,600		97,052		110,580		103,091		119,613
Cumulative dividends	(460,270)		(452,833)		(445,396)		(437,959)		(430,522)
Accumulated other comprehensive loss	(4,799)		(4,916)		(4,916)		(3,137)		(3,137)
Total stockholders’ equity	1,427,772		1,245,310		1,265,257		1,266,336		1,289,413
Non-controlling interest in consolidated joint ventures	57,577		59,715		60,037		60,508		61,297
Total equity	1,485,349		1,305,025		1,325,294		1,326,844		1,350,710
Total liabilities and equity	$	3,236,404	$	3,064,731	$	3,101,240	$	3,209,556	$	3,231,590

(1) As presented on Form 10-Q to be filed in August 2012.

(2) As presented on Form 10-Q filed May 3, 2012.

(3) As presented on Form 10-K filed February 28, 2012.

(4) As presented on Form 10-Q filed November 9, 2011.

(5) As presented on Form 10-Q filed August 9, 2011.

(6) Face value of $58.0 million.

CORPORATE FINANCIAL INFORMATION	Page 10

Supplemental Financial Information – Unaudited
August 2, 2012

Consolidated Statements of Operations

Q2 & YTD 2012/2011

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2012		2011		2012		2011
Revenues
Room	$	164,398	$	148,140	$	298,536	$	252,451
Food and beverage	56,202		49,786		106,534		87,820
Other operating	17,240		16,648		33,803		29,654
Total revenues	237,840		214,574		438,873		369,925
Operating expenses
Room	38,958		35,296		75,806		63,809
Food and beverage	37,169		35,136		72,908		63,855
Other operating	6,618		6,101		13,412		11,943
Advertising and promotion	11,135		10,190		22,043		18,589
Repairs and maintenance	8,642		8,080		17,090		15,171
Utilities	6,845		7,089		13,998		13,797
Franchise costs	8,320		7,396		14,967		12,558
Property tax, ground lease and insurance	18,338		14,316		34,851		28,092
Property general and administrative	26,565		24,515		51,256		44,031
Corporate overhead	7,686		6,305		12,983		13,958
Depreciation and amortization	34,793		32,287		69,079		58,155
Total operating expenses	205,069		186,711		398,393		343,958
Operating income	32,771		27,863		40,480		25,967
Equity in earnings of unconsolidated joint ventures	-		-		-		21
Interest and other income	74		1,319		137		1,427
Interest expense	(20,873)		(20,462)		(41,691)		(37,560)
Loss on extinguishment of debt	-		-		(191)		-
Gain on remeasurement of equity interests	-		-		-		69,230
Income (loss) from continuing operations	11,972		8,720		(1,265)		59,085
Income (loss) from discontinued operations	(117)		30,209		152		31,179
Net income (loss)	11,855		38,929		(1,113)		90,264
Income from consolidated joint venture attributable to non-controlling interest	(307)		(244)		(867)		(244)
Distributions to non-controlling interest	(8)		(7)		(16)		(14)
Preferred stock dividends	(7,437)		(7,310)		(14,874)		(12,447)
Undistributed income allocated to unvested restricted stock compensation	(47)		(291)		-		(717)
Income available (loss attributable) to common stockholders	$	4,056	$	31,077	$	(16,870)	$	76,842
Comprehensive income (loss)	$	11,972	$	38,929	$	(996)	$	90,264
Basic per share amounts:
Income (loss) from continuing operations available (attributable) to common stockholders	$	0.03	$	0.01	$	(0.14)	$	0.39
Income from discontinued operations	-		0.26		-		0.27
Basic income available (loss attributable) to common stockholders per common share	$	0.03	$	0.27	$	(0.14)	$	0.66
Diluted per share amounts:
Income (loss) from continuing operations available (attributable) to common stockholders	$	0.03	$	0.01	$	(0.14)	$	0.39
Income from discontinued operations	-		0.26		-		0.27
Diluted income available (loss attributable) to common stockholders per common share	$	0.03	$	0.27	$	(0.14)	$	0.66
Weighted average common shares outstanding:
Basic	120,029		117,227		118,728		117,151
Diluted	120,029		117,227		118,728		117,151

CORPORATE FINANCIAL INFORMATION	Page 11

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

Q2 & YTD 2012/2011

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2012		2011		2012		2011
Net income (loss)	$	11,855	$	38,929	$	(1,113)	$	90,264
Operations held for investment:
Depreciation and amortization	34,793		32,287		69,079		58,155
Amortization of lease intangibles	1,028		992		2,056		1,922
Interest expense	19,230		18,432		38,743		34,616
Amortization of deferred financing fees	959		809		1,922		1,418
Write-off of deferred financing fees	3		-		3		-
Non-cash interest related to discount on Senior Notes	258		261		524		522
Non-cash interest related to loss on derivatives	423		960		499		1,004
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(307)		(244)		(867)		(244)
Depreciation and amortization	(1,420)		(1,184)		(2,839)		(1,184)
Interest expense	(567)		(456)		(1,137)		(456)
Amortization of deferred financing fees	(56)		(47)		(112)		(47)
Non-cash interest related to loss on derivative	-		(28)		(1)		(28)
Unconsolidated joint ventures:
Depreciation and amortization	-		-		-		3
Discontinued operations:
Depreciation and amortization	495		630		965		2,677
Amortization of lease intangibles	7		7		14		14
Interest expense	680		845		1,361		1,684
Amortization of deferred financing fees	3		6		7		13
EBITDA	67,384		92,199		109,104		190,333
Operations held for investment:
Amortization of deferred stock compensation	896		929		1,842		1,473
Non-cash straightline lease expense	693		766		1,389		1,006
Capital lease obligation interest - cash ground rent	(117)		-		(117)		-
Gain on sale of assets	-		(56)		(11)		(56)
Loss on extinguishment of debt	-		-		191		-
Gain on remeasurement of equity interests	-		-		-		(69,230)
Lawsuit settlement costs	255		-		110		-
Closing costs - completed acquisitions	1,339		633		1,375		3,372
Prior year property tax assessments	1,061		-		1,061		-
Non-controlling interests:
Non-cash straightline lease expense	(113)		(129)		(226)		(129)
Prior year property tax assessments	(265)		-		(265)		-
Unconsolidated joint ventures:
Amortization of deferred stock compensation	-		-		-		2
Discontinued operations:
Gain on sale of assets	-		(14,018)		(177)		(14,018)
Impairment loss	-		1,495		-		1,495
Gain on extinguishment of debt	-		(18,145)		-		(18,145)
	3,749		(28,525)		5,172		(94,230)
Adjusted EBITDA	$	71,133	$	63,674	$	114,276	$	96,103

CORPORATE FINANCIAL INFORMATION	Page 12

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Net Income (Loss) to FFO and Adjusted FFO

Q2 & YTD 2012/2011

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2012		2011		2012		2011
Net income (loss)	$	11,855	$	38,929	$	(1,113)	$	90,264
Preferred stock dividends	(7,437)		(7,310)		(14,874)		(12,447)
Operations held for investment:
Real estate depreciation and amortization	34,494		31,987		68,473		57,578
Amortization of lease intangibles	1,028		992		2,056		1,922
Gain on sale of assets	-		(56)		(11)		(56)
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(307)		(244)		(867)		(244)
Real estate depreciation and amortization	(1,420)		(1,184)		(2,839)		(1,184)
Discontinued operations:
Real estate depreciation and amortization	495		630		965		2,677
Amortization of lease intangibles	7		7		14		14
Gain on sale of assets	-		(14,018)		(177)		(14,018)
FFO	38,715		49,733		51,627		124,506
Operations held for investment:
Non-cash straightline lease expense	693		766		1,389		1,006
Write-off of deferred financing fees	3		-		3		-
Non-cash interest related to loss on derivatives	423		960		499		1,004
Loss on extinguishment of debt	-		-		191		-
Gain on remeasurement of equity interests	-		-		-		(69,230)
Lawsuit settlement costs	255		-		110		-
Closing costs - completed acquisitions	1,339		633		1,375		3,372
Prior year property tax assessments	1,061		-		1,061		-
Non-controlling interests:
Non-cash straightline lease expense	(113)		(129)		(226)		(129)
Non-cash interest related to loss on derivative	-		(28)		(1)		(28)
Prior year property tax assessments	(265)		-		(265)		-
Discontinued operations:
Impairment loss	-		1,495		-		1,495
Gain on extinguishment of debt	-		(18,145)		-		(18,145)
	3,396		(14,448)		4,136		(80,655)
Adjusted FFO	$	42,111	$	35,285	$	55,763	$	43,851
FFO per diluted share	$	0.32	$	0.42	$	0.43	$	1.06
Adjusted FFO per diluted share	$	0.35	$	0.30	$	0.47	$	0.37
Basic weighted average shares outstanding	120,029		117,227		118,728		117,151
Shares associated with unvested restricted stock awards	228		87		191		116
Diluted weighted average shares outstanding (1)	120,257		117,314		118,919		117,267

(1) Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.  On an “as-converted” basis, FFO per diluted share is $0.32 and $0.42, respectively, for the three months ended June 30, 2012 and 2011, and $0.44 and $1.05, respectively, for the six months ended June 30, 2012 and 2011.  On an “as-converted” basis, Adjusted FFO per diluted share is $0.35 and $0.30, respectively, for the three months ended June 30, 2012 and 2011, and $0.48 and $0.39, respectively, for the six months ended June 30, 2012 and 2011.

CORPORATE FINANCIAL INFORMATION	Page 13

Supplemental Financial Information – Unaudited
August 2, 2012

Pro Forma Consolidated Statements of Operations

Q2 2012 – Q1 2011

	Three Months Ended (1)
(Unaudited and in thousands)	June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2012		2012		2011		2011		2011		2011
Revenues
Room	$	173,300	$	139,635	$	171,281	$	157,259	$	160,969	$	130,569
Food and beverage	57,366		51,258		61,666		44,682		53,077		49,446
Other operating	17,706		17,094		18,330		17,949		17,559		16,339
Total revenues	248,372		207,987		251,277		219,890		231,605		196,354
Operating Expenses
Room	40,911		38,716		42,924		39,381		38,042		35,415
Food and beverage	37,857		36,412		41,939		34,793		36,963		36,120
Other expenses	90,388		85,444		95,137		86,623		83,918		82,637
Corporate overhead	7,686		5,297		4,824		6,872		6,305		7,653
Depreciation and amortization	37,265		37,345		37,570		36,862		36,263		34,355
Impairment loss	-		-		-		10,862		-		-
Total operating expenses	214,107		203,214		222,394		215,393		201,491		196,180
Operating Income	34,265		4,773		28,883		4,497		30,114		174
Interest income and other income	74		63		55		163		59		108
Interest expense	(21,107)		(21,169)		(21,892)		(21,446)		(21,125)		(20,145)
Loss on extinguishment of debt	-		(191)		-		-		-		-
Gain on remeasurement of equity interests	-		-		-		-		-		69,230
Income (loss) from continuing operations	13,232		(16,524)		7,046		(16,786)		9,048		49,367
Income (loss) from discontinued operations	(117)		269		916		126		30,209		970
Net Income (Loss)	$	13,115	$	(16,255)	$	7,962	$	(16,660)	$	39,257	$	50,337
Adjusted EBITDA (2)	$	73,797	$	41,661	$	66,339	$	54,061	$	66,992	$	36,765

(1) Includes the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio which includes the 32 hotels held for investment by the Company as of June 30, 2012 and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired on July 19, 2012.  Also includes the acquisition of BuyEfficient, LLC in January 2011 and the Series D preferred stock offering completed in April 2011.  Excludes interest income on the $90.0 million Royal Palm mortgage-secured purchase money loan due to the loan’s sale in October 2011.

(2) Pro Forma Adjusted EBITDA reconciliations can be found  in the Appendix of this supplemental package.

CORPORATE FINANCIAL INFORMATION	Page 14

Supplemental Financial Information – Unaudited
August 2, 2012

EARNINGS GUIDANCE FOR Q3 AND FULL YEAR 2012

EARNINGS GUIDANCE FOR Q3 AND FULL YEAR 2012	Page 15

Supplemental Financial Information – Unaudited
August 2, 2012

Earnings Guidance for Q3 and FY 2012

The Company is providing guidance at this time but does not undertake to make updates for any developments in its business or changes in the operating environment.  Achievement of the Company’s anticipated results is subject to risks and uncertainties, including those disclosed in the Company’s filings with the Securities and Exchange Commission.  The Company’s guidance includes the Company’s ownership period for all 2012 acquisitions and dispositions and does not take into account the impact of any future hotel acquisitions, dispositions, re-brandings or management change transition costs, prior-year property tax assessments and/or credits, potential income tax expense if the Company elects to apply net operating loss carryforwards, debt repurchases or financings during 2012.

For the third quarter of 2012, the Company expects:

Metric	Quarter Ended September 30, 2012 Guidance
Comparable Hotel RevPAR	+3% - 5%
Net Income ($ millions)	$1 - $4
Adjusted EBITDA ($ millions)	$57 - $60
Adjusted FFO ($ millions)	$28 - $31
Adjusted FFO per diluted share	$0.20 - $0.23
Diluted Weighted Average Shares Outstanding	135,700,000

For the full year 2012, the Company expects:

Metric	Prior 2012 FY Guidance (1)	Impact of Acquisitions / Dispositions / Equity Issuances (2)	Adjusted Prior 2012 FY Guidance (3)	Current 2012 FY Guidance	Change to Adjusted Guidance Midpoint
Comparable Hotel RevPAR	+5% - 7%	–	+5% - 7%	+5% - 7%	+0%
Net Income ($ millions)	$4 - $13	$3.9	$8 - $17	$15 - $22	+$6.0
Adjusted EBITDA ($ millions)	$229 - $238	$5.5	$235 - $244	$239 - $245	+$2.5
Adjusted FFO ($ millions)	$113 - $122	$6.8	$120 - $129	$123 - $130	+$2.0
Adjusted FFO per diluted share	$0.96 - $1.04	($0.02) - ($0.03)	$0.94 - $1.01	$0.97 - $1.02	+$0.02
Diluted Weighted Average Shares Outstanding	117,800,000	10,100,000	127,900,000	127,900,000	–

(1) Reflects guidance presented on May 2, 2012.

(2) Reflects supplemental financial data presented in transaction press releases dated June 6, 2012 and June 19, 2012.

(3) Reflects guidance presented on May 2, 2012 adjusted for acquisitions, dispositions, and equity issuances.

Third-quarter and full-year 2012 guidance includes the following assumptions:

·Full-year capital investment of $85 to $100 million, including the $25 million renovation of the Renaissance Washington DC.

·Hotel revenue renovation disruption of $3 to $5 million, primarily in the third and fourth quarters.

·Third-quarter RevPAR guidance assumes that hotel revenue renovation disruption will negatively impact third-quarter RevPAR growth by 100 to 150 basis points.

·Full-year comparable Hotel EBITDA Margins to increase by 75 to 125 basis points.

·Full-year corporate overhead expense (excluding stock amortization and one-time expenses related to future acquisition closing costs) of $19 to $20 million.

·Full-year interest expense of approximately $83 to $85 million, including $4 million in amortization of deferred financing fees.

·Full-year preferred dividends (Series A, C and D) of approximately $30 million.

EARNINGS GUIDANCE FOR Q3 AND FULL YEAR 2012	Page 16

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Net Income to Adjusted EBITDA and Adjusted FFO
Q3 & FY 2012

Reconciliation of Net Income to Adjusted EBITDA
	Quarter Ended						Year Ended
	September 30, 2012						December 31, 2012
	Low			High			Low		High
Net income	$	850		$	4,050		$	14,850	$	21,650
Depreciation and amortization	35,000			35,000			140,000		140,000
Amortization of lease intangibles	1,000			1,000			4,000		4,000
Interest expense	20,000			20,000			79,000		79,000
Amortization of deferred financing fees	1,000			1,000			4,000		4,000
Non-controlling interests	(2,500)			(2,700)			(9,500)		(10,300)
Non-cash interest related to discount on Senior Notes	300			300			1,100		1,100
Amortization of deferred stock compensation	900			900			3,500		3,500
Capital lease obligation interest - cash ground rent	(300)			(300)			(950)		(950)
Non-cash straightline lease expense	750			750			3,000		3,000
Adjusted EBITDA	$	57,000		$	60,000		$	239,000	$	245,000
Reconciliation of Net Income to Adjusted FFO
Net income	$		850	$		4,050	$	14,850	$	21,650
Preferred stock dividends	(7,500)			(7,500)			(30,000)		(30,000)
Real estate depreciation and amortization	34,500			34,500			138,800		138,800
Non-controlling interests	(2,000)			(2,200)			(7,200)		(7,600)
Amortization of lease intangibles	1,000			1,000			4,000		4,000
Non-cash straightline lease expense	750			750			3,000		3,000
Adjusted FFO	$		27,600	$		30,600	$	123,450	$	129,850
Adjusted FFO per diluted share	$		0.20	$		0.23	$	0.97	$	1.02
Diluted weighted average shares outstanding	135,700			135,700			127,900		127,900

EARNINGS GUIDANCE FOR Q3 AND FULL YEAR 2012	Page 17

Supplemental Financial Information – Unaudited
August 2, 2012

CAPITALIZATION

CAPITALIZATION	Page 18

Supplemental Financial Information – Unaudited
August 2, 2012

Comparative Capitalization
Q2 2012 – Q2 2011

(In thousands, except per share data)	June 30, 2012		March 31, 2012		Dec. 31, 2011		Sept. 30, 2011		June 30, 2011
Common Share Price & Dividends
At the end of the quarter	$	10.99	$	9.74	$	8.15	$	5.69	$	9.27
High during quarter ended	$	10.99	$	10.00	$	8.15	$	10.03	$	10.50
Low during quarter ended	$	9.27	$	8.06	$	5.07	$	5.10	$	8.65
Common dividends per share	$	-	$	-	$	-	$	-	$	-
Common Shares & Units
Common shares outstanding (1)	136,783		119,108		118,672		118,672		118,334
Units outstanding	-		-		-		-		-
Total common shares and units outstanding	136,783		119,108		118,672		118,672		118,334
Capitalization
Market value of common equity	$	1,503,245	$	1,160,112	$	967,177	$	675,244	$	1,096,956
Liquidation value of preferred equity - Series A	176,250		176,250		176,250		176,250		176,250
Liquidation value of preferred equity - Series C	100,000		100,000		100,000		100,000		100,000
Liquidation value of preferred equity - Series D	115,000		115,000		115,000		115,000		115,000
Consolidated debt (2)	1,476,428		1,529,131		1,567,112		1,577,706		1,673,219
Consolidated total capitalization	3,370,923		3,080,493		2,925,539		2,644,200		3,161,425
Non-controlling interest in consolidated debt	(59,072)		(59,263)		(59,452)		(59,637)		(59,820)
Pro rata total capitalization	$	3,311,851	$	3,021,230	$	2,866,087	$	2,584,563	$	3,101,605
Consolidated debt to total capitalization	43.8%		49.6%		53.6%		59.7%		52.9%
Pro rata debt to pro rata total capitalization	42.8%		48.7%		52.6%		58.7%		52.0%
Consolidated debt and preferred equity to total capitalization	55.4%		62.3%		66.9%		74.5%		65.3%
Pro rata debt and preferred equity to total capitalization	54.6%		61.6%		66.3%		73.9%		64.6%
(1)  Reflects shares outstanding at respective dates. (2) Consolidated debt at June 30, 2012 does not include debt secured by the Marriott Del Mar, which has been classified as held for sale and included in discontinued operations as of June 30, 2012 due to its probable sale within the year. Consolidated debt at March 31, 2012 includes the effects of the Company’s repayment of the remaining balance on its $32.2 million non-recourse mortgage secured by the Renaissance Long Beach in April 2012.  Consolidated debt at December 31, 2011 includes the effects of the Company’s repurchase of $4.5 million of its exchangeable senior notes in February 2012. Consolidated debt at September 30, 2011 includes the effects of the Company’s refinancing of the $270.0 million loan secured by interests in the Doubletree Guest Suites Times Square with a new $180.0 million seven-year non-recourse mortgage in October 2011.

CAPITALIZATION	Page 19

Supplemental Financial Information – Unaudited
August 2, 2012

Consolidated Debt Summary Schedule

(In thousands)		Interest Rate /	Maturity	June 30, 2012		Subsequent		August 2, 2012			Full Year 2012		Balance At
Debt	Collateral	Spread	Date	Balance		Principal Repayments(1)		Balance			Principal Amortization		Maturity
Fixed Rate Debt
Secured Mortgage Debt	Rochester commercial laundry facility	9.88%	6/1/2013	$	1,019	$	-	$	1,019		$	1,044	$	-
Secured Mortgage Debt	Doubletree Guest Suites Minneapolis	5.34%	5/1/2015	16,958		-		16,958			456		15,508
Secured Mortgage Debt	Hilton Del Mar	5.34%	5/1/2015	24,593		-		24,593			661		22,491
Secured Mortgage Debt	Marriott Houston	5.34%	5/1/2015	22,575		-		22,575			607		20,645
Secured Mortgage Debt	Marriott Park City	5.34%	5/1/2015	14,717		-		14,717			396		13,458
Secured Mortgage Debt	Marriott Philadelphia	5.34%	5/1/2015	26,665		-		26,665			717		24,385
Secured Mortgage Debt	Marriott Troy	5.34%	5/1/2015	34,523		-		34,523			929		31,572
Secured Mortgage Debt	Marriott Tysons Corner	5.34%	5/1/2015	44,051		-		44,051			1,185		40,285
Secured Mortgage Debt	Kahler Grand	5.34%	5/1/2015	27,156		-		27,156			730		24,834
Secured Mortgage Debt	JW Marriott New Orleans	5.45%	9/1/2015	41,020		-		41,020			773		38,094
Secured Mortgage Debt	Renaissance Harborplace	5.13%	1/1/2016	97,017		-		97,017			2,882		84,919
Secured Mortgage Debt	Hilton North Houston	5.66%	3/11/2016	32,562		-		32,562			483		30,522
Secured Mortgage Debt	Renaissance Orlando at SeaWorld®	5.52%	7/1/2016	81,152		-		81,152			1,939		72,210
Secured Mortgage Debt	Embassy Suites Chicago	5.58%	3/1/2017	73,183		-		73,183			1,300		65,577
Secured Mortgage Debt	Marriott Boston Long Wharf	5.58%	4/11/2017	176,000		-		176,000			-		176,000
Secured Mortgage Debt	Embassy Suites La Jolla	6.60%	6/1/2019	69,166		-		69,166			729		62,179
Secured Mortgage Debt	Hilton Times Square	4.97%	11/1/2020	90,279		-		90,279			1,263		75,976
Secured Mortgage Debt	Renaissance Washington DC	5.95%	5/1/2021	129,504		-		129,504			1,951		106,580
Exchangeable Senior Notes	Guaranty	4.60%	7/15/2027	58,000		-		58,000			-		58,000
Total Fixed Rate Debt				1,060,140		-		1,060,140			18,045		963,235
Secured Mortgage Debt	Hilton San Diego Bayfront	L + 3.25%	4/15/2016	236,288		-		236,288			3,067		223,008
Secured Mortgage Debt	Doubletree Guest Suites Times Square	L + 3.25%	10/10/2018	180,000		-		180,000			-		167,498
Credit Facility	Unsecured	L + 3.25% - 4.25%	11/1/2013	-		-		-			-		-
Total Variable Rate Debt				416,288		-		416,288			3,067		390,506
TOTAL CONSOLIDATED DEBT				$	1,476,428	$	-	$	1,476,428		$	21,112	$	1,353,741
Preferred Stock
Series A cumulative redeemable preferred		8.00%	perpetual	$	176,250
Series C cumulative convertible redeemable preferred		6.45%	perpetual	$	100,000
Series D cumulative redeemable preferred		8.00%	perpetual	$	115,000
Debt Statistics
% Fixed Rate Debt				71.8%				71.8%
% Floating Rate Debt				28.2%				28.2%
Average Interest Rate (2)				4.99%				4.99%
Weighted Average Maturity of Debt				5.4 years				5.3 years		(3)

(1) Subsequent Principal Repayments exclude scheduled loan amortization payments on the Company’s  debt.

(2) Average Interest Rate on variable-rate debt obligations is calculated based on the variable rates at June 30, 2012 and includes the effect of the Company’s interest rate derivative agreements.

(3) Assumes the $58.0 million in outstanding exchangeable senior notes remain outstanding to maturity. If the exchangeable senior notes were redeemed upon the first put date of January 15, 2013, the weighted average maturity would be approximately 4.7 years.

CAPITALIZATION	Page 20

Supplemental Financial Information – Unaudited
August 2, 2012

Consolidated Amortization and Debt Maturity Schedule

as of June 30, 2012 (1)

(1)Principal Payment at Maturity and Scheduled Principal Amortization do not include debt secured by the Marriott Del Mar, which has been classified as held for sale and included in discontinued operations as of June 30, 2012 due to its probable sale within the year.

(2)Percent of Current Total Capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the June 30, 2012 pro rata total capitalization as presented on page 19.

CAPITALIZATION	Page 21

Supplemental Financial Information – Unaudited
August 2, 2012

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA	Page 22

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level Data

	Hotel	Location	Brand	Number of Rooms	% of Total Rooms	Ownership Interest	Interest	Leasehold Maturity (1)	Year Acquired
1	Hilton San Diego Bayfront	California	Hilton	1,190	8.69%	75%	Leasehold	2071	2011
2	Renaissance Washington DC	Washington DC	Marriott	807	5.89%	100%	Fee Simple		2005
3	Renaissance Orlando at SeaWorld® (2)	Florida	Marriott	781	5.70%	100%	Fee Simple		2005
4	Kahler Grand	Minnesota	Independent	668	4.88%	100%	Fee Simple		1999
5	Renaissance Harborplace	Maryland	Marriott	622	4.54%	100%	Leasehold	2085	2005
6	Renaissance Los Angeles Airport	California	Marriott	499	3.64%	100%	Fee Simple		2007
7	JW Marriott New Orleans (3)	Louisiana	Marriott	496	3.62%	100%	Leasehold	2044 / 2081	2011
8	Hilton North Houston	Texas	Hilton	480	3.50%	100%	Fee Simple		2002
9	Marriott Quincy	Massachusettes	Marriott	464	3.39%	100%	Fee Simple		2007
10	Doubletree Guest Suites Times Square	New York	Hilton	460	3.36%	100%	Leasehold	2127	2011
11	Hilton Times Square	New York	Hilton	460	3.36%	100%	Leasehold	2091	2006
12	Fairmont Newport Beach	California	Fairmont	444	3.24%	100%	Leasehold	2082	2005
13	Hyatt Chicago Magnificent Mile	Illinois	Hyatt	417	3.04%	100%	Leasehold	2097	2012
14	Marriott Boston Long Wharf	Massachusettes	Marriott	412	3.01%	100%	Fee Simple		2007
15	Hyatt Regency Newport Beach	California	Hyatt	403	2.94%	100%	Leasehold	2048	2002
16	Marriott Tysons Corner	Virginia	Marriott	396	2.89%	100%	Fee Simple		2002
17	Marriott Houston	Texas	Marriott	390	2.85%	100%	Fee Simple		2002
18	Renaissance Long Beach	California	Marriott	374	2.73%	100%	Fee Simple		2005
19	Embassy Suites Chicago	Illinois	Hilton	368	2.69%	100%	Fee Simple		2002
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	Illinois	Hilton	357	2.61%	100%	Fee Simple		2012
21	Marriott Troy	Michigan	Marriott	350	2.56%	100%	Fee Simple		2002
22	Renaissance Westchester	New York	Marriott	347	2.53%	100%	Fee Simple		2010
23	Embassy Suites La Jolla	California	Hilton	340	2.48%	100%	Fee Simple		2006
24	Marriott Philadephia	Pennsylvania	Marriott	289	2.11%	100%	Fee Simple		2002
25	Kahler Inn & Suites	Minnesota	Independent	271	1.98%	100%	Fee Simple		1999
26	Hilton Del Mar	California	Hilton	257	1.88%	100%	Fee Simple		2002
27	Marriott Portland	Oregon	Marriott	249	1.82%	100%	Fee Simple		2000
28	Doubletree Guest Suites Minneapolis	Minnesota	Hilton	229	1.67%	100%	Fee Simple		2002
29	Sheraton Cerritos	California	Starwood	203	1.48%	100%	Leasehold	2087	2005
30	Marriott Rochester	Minnesota	Marriott	202	1.47%	100%	Fee Simple		1999
31	Marriott Park City	Utah	Marriott	199	1.45%	100%	Fee Simple		1999
32	Courtyard by Marriott Los Angeles	California	Marriott	185	1.35%	100%	Leasehold	2096	1999
33	Residence Inn by Marriott Rochester	Minnesota	Marriott	89	0.65%	100%	Fee Simple		2004
	Total pro forma portfolio			13,698	100%
	Marriott Del Mar - held for sale (4)	California	Marriott	284		100%	Fee Simple		2006
	Total current portfolio			13,982
	(1) Assumes the full exercise of all lease extensions. (2) Reflects 100% economic interest in the Renaissance Orlando at SeaWorld®. (3) Hotel is subject to an air rights lease that expires in 2044 and a ground lease that expires in 2081. (4) Hotel is currently classifed as held for sale and included in discontinued operations due to its probable sale within the next year.

PROPERTY-LEVEL DATA	Page 23

Supplemental Financial Information – Unaudited
August 2, 2012

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS	Page 24

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level Operating Statistics

Q1 2012/2011

	Hotels sorted by number of rooms	ADR						Occupancy			RevPAR
		For the Three Months Ended March 31,						For the Three Months Ended March 31,			For the Three Months Ended March 31,
		2012		2011		Variance		2012	2011	Variance	2012		2011		Variance
1	Hilton San Diego Bayfront (1)	$	211.87	$	208.35	1.7%		79.6%	80.1%	-0.6%	$	168.65	$	166.89	1.1%
2	Renaissance Washington DC	202.54		212.98		-4.9%		62.3%	71.8%	-13.2%	126.18		152.92		-17.5%
3	Renaissance Orlando at SeaWorld ®	151.62		158.16		-4.1%		79.3%	76.3%	3.9%	120.23		120.68		-0.4%
4	Kahler Grand	115.89		112.11		3.4%		54.1%	54.1%	0.0%	62.70		60.65		3.4%
5	Renaissance Harborplace	140.17		150.61		-6.9%		60.6%	58.5%	3.6%	84.94		88.11		-3.6%
6	Renaissance Los Angeles Airport	115.13		113.46		1.5%		85.4%	79.4%	7.6%	98.32		90.09		9.1%
7	JW Marriott New Orleans (1)	182.86		174.55		4.8%		84.2%	77.5%	8.6%	153.97		135.28		13.8%
8	Hilton North Houston	106.79		101.25		5.5%		79.6%	76.0%	4.7%	85.00		76.95		10.5%
9	Marriott Quincy	146.66		146.53		0.1%		58.0%	45.5%	27.5%	85.06		66.67		27.6%
10	Doubletree Guest Suites Times Square (1)	243.29		237.25		2.5%		95.8%	92.3%	3.8%	233.07		218.98		6.4%
11	Hilton Times Square	226.66		231.02		-1.9%		96.3%	84.9%	13.4%	218.27		196.14		11.3%
12	Fairmont Newport Beach	133.51		126.68		5.4%	��	70.4%	76.8%	-8.3%	93.99		97.29		-3.4%
13	Marriott Boston Long Wharf	197.54		186.21		6.1%		81.7%	72.2%	13.2%	161.39		134.44		20.0%
14	Hyatt Regency Newport Beach	120.39		121.46		-0.9%		85.0%	80.7%	5.3%	102.33		98.02		4.4%
15	Marriott Tysons Corner	174.75		178.54		-2.1%		60.2%	52.8%	14.0%	105.20		94.27		11.6%
16	Marriott Houston	100.76		97.76		3.1%		76.3%	56.3%	35.5%	76.88		55.04		39.7%
17	Renaissance Long Beach	138.76		157.50		-11.9%		76.7%	69.4%	10.5%	106.43		109.31		-2.6%
18	Embassy Suites Chicago	146.98		134.23		9.5%		62.2%	61.8%	0.6%	91.42		82.95		10.2%
19	Hilton Garden Inn Chicago Downtown/Magnificent Mile (1)	118.96		115.00		3.4%		71.6%	63.1%	13.5%	85.18		72.57		17.4%
20	Marriott Troy	131.57		122.20		7.7%		68.5%	62.8%	9.1%	90.13		76.74		17.4%
21	Renaissance Westchester	119.77		147.96		-19.1%		71.6%	51.7%	38.5%	85.76		76.50		12.1%
22	Embassy Suites La Jolla	153.84		150.26		2.4%		74.1%	75.7%	-2.1%	114.00		113.75		0.2%
23	Marriott Philadelphia	166.20		161.38		3.0%		60.1%	57.4%	4.7%	99.89		92.63		7.8%
24	Kahler Inn & Suites	113.42		104.65		8.4%		67.8%	63.7%	6.4%	76.90		66.66		15.4%
25	Hilton Del Mar	116.88		120.29		-2.8%		65.5%	63.5%	3.1%	76.56		76.38		0.2%
26	Marriott Portland	126.81		121.27		4.6%		76.3%	69.7%	9.5%	96.76		84.53		14.5%
27	Doubletree Guest Suites Minneapolis	110.38		97.53		13.2%		58.5%	48.1%	21.6%	64.57		46.91		37.6%
28	Sheraton Cerritos	115.42		116.76		-1.1%		90.1%	66.9%	34.7%	103.99		78.11		33.1%
29	Marriott Rochester	192.84		197.56		-2.4%		61.5%	52.8%	16.5%	118.60		104.31		13.7%
30	Marriott Park City	218.53		210.17		4.0%		81.7%	88.2%	-7.4%	178.54		185.37		-3.7%
31	Courtyard by Marriott Los Angeles	137.96		134.51		2.6%		95.2%	78.6%	21.1%	131.34		105.72		24.2%
32	Residence Inn by Marriott Rochester	138.38		126.03		9.8%		75.2%	88.2%	-14.7%	104.06		111.16		-6.4%
	Pro Forma Comparable Portfolio (2)	$	158.50	$	159.26	-0.5%		73.8%	69.5%	6.2%	$	116.97	$	110.69	5.7%
	Actual Portfolio (3)	$	158.20	$	158.88	-0.4%		73.6%	69.3%	6.2%	$	116.44	$	110.10	5.8%
	(1)   Includes prior ownership results for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011, the Hilton San Diego Bayfront acquired by the Company on April 15, 2011, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012. (2)   Pro Forma Comparable Portfolio includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation. Also includes the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012. (3)   Actual Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile and plus the Company’s prior ownership results for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012.

PROPERTY-LEVEL OPERATING STATISTICS	Page 25

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level Operating Statistics

Q2 2012/2011

	Hotels sorted by number of rooms	ADR					Occupancy				RevPAR
		For the Three Months Ended June 30,					For the Three Months Ended June 30,				For the Three Months Ended June 30,
		2012		2011		Variance	2012		2011	Variance	2012		2011		Variance
1	Hilton San Diego Bayfront (1)	$	213.47	$	188.63	13.2%	81.3%		79.6%	2.1%	$	173.55	$	150.15	15.6%
2	Renaissance Washington DC	224.54		224.16		0.2%	85.1%		83.8%	1.6%	191.08		187.85		1.7%
3	Renaissance Orlando at SeaWorld ®	144.27		128.53		12.2%	77.9%		70.9%	9.9%	112.39		91.13		23.3%
4	Kahler Grand	112.89		123.21		-8.4%	58.7%		58.5%	0.3%	66.27		72.08		-8.1%
5	Renaissance Harborplace	171.12		183.21		-6.6%	81.6%		75.5%	8.1%	139.63		138.32		0.9%
6	Renaissance Los Angeles Airport	119.46		110.98		7.6%	80.0%		80.4%	-0.5%	95.57		89.23		7.1%
7	JW Marriott New Orleans	188.44		173.28		8.7%	86.2%		86.3%	-0.1%	162.44		149.54		8.6%
8	Hilton North Houston	100.69		106.58		-5.5%	83.9%		68.5%	22.5%	84.48		73.01		15.7%
9	Marriott Quincy	149.28		145.04		2.9%	82.1%		74.3%	10.5%	122.56		107.76		13.7%
10	Doubletree Guest Suites Times Square	364.81		349.79		4.3%	98.8%		98.3%	0.5%	360.43		343.84		4.8%
11	Hilton Times Square	318.75		298.08		6.9%	98.3%		95.4%	3.0%	313.33		284.37		10.2%
12	Fairmont Newport Beach	129.31		127.19		1.7%	79.6%		80.8%	-1.5%	102.93		102.77		0.2%
13	Marriott Boston Long Wharf	281.48		260.10		8.2%	89.8%		89.0%	0.9%	252.77		231.49		9.2%
14	Hyatt Regency Newport Beach	131.69		123.35		6.8%	88.0%		87.4%	0.7%	115.89		107.81		7.5%
15	Marriott Tysons Corner	170.25		170.75		-0.3%	75.3%		79.5%	-5.3%	128.20		135.75		-5.6%
16	Marriott Houston	97.59		93.81		4.0%	83.5%		75.8%	10.2%	81.49		71.11		14.6%
17	Renaissance Long Beach	144.24		136.09		6.0%	79.2%		76.7%	3.3%	114.24		104.38		9.4%
18	Embassy Suites Chicago	205.73		204.94		0.4%	87.8%		85.6%	2.6%	180.63		175.43		3.0%
19	Hilton Garden Inn Chicago Downtown/Magnificent Mile (1)	184.00		179.66		2.4%	91.8%	��	83.7%	9.7%	168.91		150.38		12.3%
20	Marriott Troy	129.80		122.55		5.9%	71.5%		68.7%	4.1%	92.81		84.19		10.2%
21	Renaissance Westchester	136.64		141.84		-3.7%	76.5%		73.9%	3.5%	104.53		104.82		-0.3%
22	Embassy Suites La Jolla	161.08		149.78		7.5%	80.8%		81.0%	-0.2%	130.15		121.32		7.3%
23	Marriott Philadelphia	169.53		166.22		2.0%	74.3%		76.0%	-2.2%	125.96		126.33		-0.3%
24	Kahler Inn & Suites	114.15		107.19		6.5%	69.0%		60.1%	14.8%	78.76		64.42		22.3%
25	Hilton Del Mar	120.88		116.54		3.7%	58.9%		73.6%	-20.0%	71.20		85.77		-17.0%
26	Marriott Portland	143.06		136.20		5.0%	86.3%		82.6%	4.5%	123.46		112.50		9.7%
27	Doubletree Guest Suites Minneapolis	136.65		123.87		10.3%	72.3%		76.7%	-5.7%	98.80		95.01		4.0%
28	Sheraton Cerritos	110.63		111.53		-0.8%	91.9%		87.8%	4.7%	101.67		97.92		3.8%
29	Marriott Rochester	208.20		210.47		-1.1%	72.9%		62.1%	17.4%	151.78		130.70		16.1%
30	Marriott Park City	102.24		96.05		6.4%	57.7%		46.5%	24.1%	58.99		44.66		32.1%
31	Courtyard by Marriott Los Angeles	143.19		127.86		12.0%	96.7%		81.6%	18.5%	138.46		104.33		32.7%
32	Residence Inn by Marriott Rochester	135.37		134.11		0.9%	80.8%		83.9%	-3.7%	109.38		112.52		-2.8%
	Pro Forma Comparable Portfolio (2)	$	177.20	$	170.71	3.8%	81.0%		78.1%	3.7%	$	143.53	$	133.32	7.7%
	Comparable Portfolio (3)	$	176.98	$	170.44	3.8%	80.7%		77.9%	3.6%	$	142.82	$	132.77	7.6%
	Actual Portfolio (4)	$	176.84	$	170.26	3.9%	80.7%		78.2%	3.2%	$	142.71	$	133.14	7.2%

(1)	Includes prior ownership results for the Hilton San Diego Bayfront acquired by the Company on April 15, 2011, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(2)	Pro Forma Comparable Portfolio includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation. Also includes the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(3)	Comparable Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile.
(4)	Actual Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile and plus the Company’s ownership results and prior ownership results for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012.

PROPERTY-LEVEL OPERATING STATISTICS	Page 26

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level Operating Statistics

YTD Q2 2012/2011

	Hotels sorted by number of rooms	ADR						Occupancy			RevPAR
		For the Six Months Ended June 30,						For the Six Months Ended June 30,			For the Six Months Ended June 30,
		2012			2011		Variance	2012	2011	Variance	2012		2011		Variance
1	Hilton San Diego Bayfront (1)	$	212.68		$	198.47	7.2%	80.5%	79.8%	0.9%	$	171.21	$	158.38	8.1%
2	Renaissance Washington DC	215.24			219.00		-1.7%	73.7%	77.8%	-5.3%	158.63		170.38		-6.9%
3	Renaissance Orlando at SeaWorld ®	147.98			143.88		2.8%	78.6%	73.6%	6.8%	116.31		105.90		9.8%
4	Kahler Grand	114.33			117.91		-3.0%	56.4%	56.3%	0.2%	64.48		66.38		-2.9%
5	Renaissance Harborplace	157.93			168.98		-6.5%	71.1%	67.0%	6.1%	112.29		113.22		-0.8%
6	Renaissance Los Angeles Airport	117.22			112.21		4.5%	82.7%	79.9%	3.5%	96.94		89.66		8.1%
7	JW Marriott New Orleans (1)	185.68			173.88		6.8%	85.2%	81.9%	4.0%	158.20		142.41		11.1%
8	Hilton North Houston	103.66			103.79		-0.1%	81.7%	72.2%	13.2%	84.69		74.94		13.0%
9	Marriott Quincy	148.20			145.61		1.8%	70.1%	59.9%	17.0%	103.89		87.22		19.1%
10	Doubletree Guest Suites Times Square (1)	305.00			295.61		3.2%	97.3%	95.3%	2.1%	296.77		281.72		5.3%
11	Hilton Times Square	273.19			266.68		2.4%	97.3%	90.2%	7.9%	265.81		240.55		10.5%
12	Fairmont Newport Beach	131.28			126.94		3.4%	75.0%	78.8%	-4.8%	98.46		100.03		-1.6%
13	Marriott Boston Long Wharf	241.48			227.02		6.4%	85.7%	80.6%	6.3%	206.95		182.98		13.1%
14	Hyatt Regency Newport Beach	126.14			122.45		3.0%	86.5%	84.1%	2.9%	109.11		102.98		6.0%
15	Marriott Tysons Corner	172.25			173.86		-0.9%	67.7%	66.1%	2.4%	116.61		114.92		1.5%
16	Marriott Houston	99.10			95.48		3.8%	79.9%	66.1%	20.9%	79.18		63.11		25.5%
17	Renaissance Long Beach	141.54			146.26		-3.2%	77.9%	73.1%	6.6%	110.26		106.92		3.1%
18	Embassy Suites Chicago	181.37			175.46		3.4%	75.0%	73.8%	1.6%	136.03		129.49		5.0%
19	Hilton Garden Inn Chicago Downtown/Magnificent Mile (1)	155.50			152.03		2.3%	81.7%	73.4%	11.3%	127.04		111.59		13.8%
20	Marriott Troy	130.66			122.38		6.8%	70.0%	65.7%	6.5%	91.46		80.40		13.8%
21	Renaissance Westchester	128.44			144.36		-11.0%	74.0%	62.8%	17.8%	95.05		90.66		4.8%
22	Embassy Suites La Jolla	157.61		��	150.01		5.1%	77.5%	78.4%	-1.1%	122.15		117.61		3.9%
23	Marriott Philadelphia	168.04			164.14		2.4%	67.2%	66.7%	0.7%	112.92		109.48		3.1%
24	Kahler Inn & Suites	113.78			105.89		7.5%	68.4%	61.8%	10.7%	77.83		65.44		18.9%
25	Hilton Del Mar	118.77			118.27		0.4%	62.2%	68.6%	-9.3%	73.87		81.13		-8.9%
26	Marriott Portland	135.44			129.40		4.7%	81.3%	76.2%	6.7%	110.11		98.60		11.7%
27	Doubletree Guest Suites Minneapolis	124.90			113.80		9.8%	65.4%	62.5%	4.6%	81.68		71.13		14.8%
28	Sheraton Cerritos	113.00			113.78		-0.7%	91.0%	77.4%	17.6%	102.83		88.07		16.8%
29	Marriott Rochester	201.17			204.57		-1.7%	67.2%	57.4%	17.1%	135.19		117.42		15.1%
30	Marriott Park City	170.38			170.49		-0.1%	69.7%	67.2%	3.7%	118.75		114.57		3.7%
31	Courtyard by Marriott Los Angeles	140.60			131.08		7.3%	95.9%	80.1%	19.7%	134.84		105.00		28.4%
32	Residence Inn by Marriott Rochester	136.82			129.99		5.3%	78.0%	86.0%	-9.3%	106.72		111.79		-4.5%
	Pro Forma Comparable Portfolio (2)	$	168.28		$	165.34	1.8%	77.4%	73.8%	4.9%	$	130.25	$	122.02	6.7%
	Comparable Portfolio (3)	$	168.66		$	165.72	1.8%	77.3%	73.8%	4.7%	$	130.37	$	122.30	6.6%
	Actual Portfolio (4)	$	167.95		$	164.93	1.8%	77.1%	73.7%	4.6%	$	129.49	$	121.55	6.5%
	(1)   Includes prior ownership results for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011, the Hilton San Diego Bayfront acquired by the Company on April 15, 2011, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
	(2)   Pro Forma Comparable Portfolio includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation. Also includes the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
	(3)   Comparable Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile.
	(4)   Actual Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile and plus the Company’s ownership results and prior ownership results for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012.

PROPERTY-LEVEL OPERATING STATISTICS	Page 27

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level Operating Statistics

Q3 2011

	Hotels sorted by number of rooms
		For the Three Months Ended September 30, 2011
		ADR		Occupancy		RevPAR
1	Hilton San Diego Bayfront	$	189.48	82.4	%	$	156.13
2	Renaissance Washington DC	189.96		71.0	%	134.87
3	Renaissance Orlando at SeaWorld ®	106.40		64.8	%	68.95
4	Kahler Grand	103.44		65.5	%	67.75
5	Renaissance Harborplace	173.86		72.7	%	126.40
6	Renaissance Los Angeles Airport	111.03		87.3	%	96.93
7	JW Marriott New Orleans	125.25		75.5	%	94.56
8	Hilton North Houston	103.25		55.0	%	56.79
9	Marriott Quincy	148.01		80.3	%	118.85
10	Doubletree Guest Suites Times Square	352.68		97.8	%	344.92
11	Hilton Times Square	300.70		97.4	%	292.88
12	Fairmont Newport Beach	142.74		74.7	%	106.63
13	Marriott Boston Long Wharf	270.70		89.2	%	241.46
14	Hyatt Regency Newport Beach	146.45		91.4	%	133.86
15	Marriott Tysons Corner	156.45		70.2	%	109.83
16	Marriott Houston	87.39		71.2	%	62.22
17	Renaissance Long Beach	118.64		82.3	%	97.64
18	Embassy Suites Chicago	192.78		90.3	%	174.08
19	Hilton Garden Inn Chicago Downtown/Magnificent Mile (1)	170.76		84.0	%	143.44
20	Marriott Troy	127.85		68.6	%	87.71
21	Renaissance Westchester	135.81		74.2	%	100.77
22	Embassy Suites La Jolla	169.02		86.9	%	146.88
23	Marriott Philadelphia	154.95		70.4	%	109.08
24	Kahler Inn & Suites	109.77		65.5	%	71.90
25	Hilton Del Mar	141.08		84.0	%	118.51
26	Marriott Portland	146.39		90.0	%	131.75
27	Doubletree Guest Suites Minneapolis	125.94		86.5	%	108.94
28	Sheraton Cerritos	108.79		91.6	%	99.65
29	Marriott Rochester	206.79		65.6	%	135.65
30	Marriott Park City	100.94		67.1	%	67.73
31	Courtyard by Marriott Los Angeles	134.91		95.3	%	128.57
32	Residence Inn by Marriott Rochester	141.69		74.5	%	105.56
	Pro Forma Comparable Portfolio (2)	$	165.75	78.2	%	$	129.62
	Actual Portfolio (3)	$	165.20	78.2	%	$	129.19

(1)	Includes prior ownership results for the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(2)	Pro Forma Comparable Portfolio includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation. Also includes the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(3)	Actual Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile and plus the Company’s prior ownership results for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012.

PROPERTY-LEVEL OPERATING STATISTICS	Page 28

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level Operating Statistics

Q4 2011

	Hotels sorted by number of rooms
		For the Three Months Ended December 31, 2011
		ADR		Occupancy		RevPAR
1	Hilton San Diego Bayfront	$	194.89	73.5	%	$	143.24
2	Renaissance Washington DC	210.94		70.7	%	149.13
3	Renaissance Orlando at SeaWorld ®	134.01		66.3	%	88.85
4	Kahler Grand	110.84		52.5	%	58.19
5	Renaissance Harborplace	163.02		68.7	%	111.99
6	Renaissance Los Angeles Airport	108.87		77.8	%	84.70
7	JW Marriott New Orleans	145.36		81.0	%	117.74
8	Hilton North Houston	100.81		69.0	%	69.56
9	Marriott Quincy	151.81		71.7	%	108.85
10	Doubletree Guest Suites Times Square	435.60		97.9	%	426.45
11	Hilton Times Square	344.81		98.0	%	337.91
12	Fairmont Newport Beach	134.85		57.3	%	77.27
13	Marriott Boston Long Wharf	249.54		82.9	%	206.87
14	Hyatt Regency Newport Beach	110.28		78.2	%	86.24
15	Marriott Tysons Corner	168.13		67.2	%	112.98
16	Marriott Houston	93.93		61.3	%	57.58
17	Renaissance Long Beach	122.42		68.5	%	83.86
18	Embassy Suites Chicago	192.38		78.4	%	150.83
19	Hilton Garden Inn Chicago Downtown/Magnificent Mile (1)	167.45		79.6	%	133.29
20	Marriott Troy	126.73		68.0	%	86.18
21	Renaissance Westchester	127.69		81.9	%	104.58
22	Embassy Suites La Jolla	146.96		72.7	%	106.84
23	Marriott Philadelphia	167.08		69.0	%	115.29
24	Kahler Inn & Suites	112.04		61.0	%	68.34
25	Hilton Del Mar	109.43		60.8	%	66.53
26	Marriott Portland	130.40		79.5	%	103.67
27	Doubletree Guest Suites Minneapolis	122.61		68.4	%	83.87
28	Sheraton Cerritos	104.19		89.3	%	93.04
29	Marriott Rochester	205.10		60.9	%	124.91
30	Marriott Park City	130.24		51.2	%	66.68
31	Courtyard by Marriott Los Angeles	123.49		92.8	%	114.60
32	Residence Inn by Marriott Rochester	135.70		71.8	%	97.43
	Pro Forma Comparable Portfolio (2)	$	171.72	72.5	%	$	124.50
	Actual Portfolio (3)	$	171.45	72.4	%	$	124.13

(1)	Includes prior ownership results for the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(2)	Pro Forma Comparable Portfolio includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation. Also includes the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(3)	Actual Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile and plus the Company’s prior ownership results for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012.

PROPERTY-LEVEL OPERATING STATISTICS	Page 29

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level Operating Statistics

FY 2011/2010

	Hotels sorted by number of rooms	ADR						Occupancy						RevPAR
		For the Years Ended December 31,						For the Years Ended December 31,						For the Years Ended December 31,
		2011		2010		Variance		2011		2010		Variance		2011		2010		Variance
1	Hilton San Diego Bayfront (1)	$	195.26	$	187.26	4.3	%	78.9	%	74.5	%	5.9	%	$	154.06	$	139.51	10.4	%
2	Renaissance Washington DC	210.20		203.82		3.1	%	74.0	%	73.3	%	1.0	%	155.55		149.40		4.1	%
3	Renaissance Orlando at SeaWorld ®	132.89		129.60		2.5	%	69.3	%	66.4	%	4.4	%	92.09		86.05		7.0	%
4	Kahler Grand	112.14		110.60		1.4	%	57.7	%	56.6	%	1.9	%	64.70		62.60		3.4	%
5	Renaissance Harborplace	168.34		170.74		-1.4	%	68.8	%	67.5	%	1.9	%	115.82		115.25		0.5	%
6	Renaissance Los Angeles Airport	110.93		105.82		4.8	%	80.9	%	77.7	%	4.1	%	89.74		82.22		9.1	%
7	JW Marriott New Orleans (1)	154.43		144.14		7.1	%	80.1	%	79.6	%	0.6	%	123.70		114.74		7.8	%
8	Hilton North Houston	102.91		112.39		-8.4	%	67.0	%	61.9	%	8.2	%	68.95		69.57		-0.9	%
9	Marriott Quincy	148.26		141.76		4.6	%	68.2	%	68.8	%	-0.9	%	101.11		97.53		3.7	%
10	Doubletree Guest Suites Times Square (1)	345.93		323.17		7.0	%	96.6	%	93.5	%	3.3	%	334.17		302.16		10.6	%
11	Hilton Times Square	296.11		282.50		4.8	%	94.0	%	88.0	%	6.8	%	278.34		248.60		12.0	%
12	Fairmont Newport Beach	132.63		120.76		9.8	%	72.4	%	74.8	%	-3.2	%	96.02		90.33		6.3	%
13	Marriott Boston Long Wharf	244.71		236.92		3.3	%	83.3	%	83.5	%	-0.2	%	203.84		197.83		3.0	%
14	Hyatt Regency Newport Beach	126.16		118.92		6.1	%	84.4	%	82.6	%	2.2	%	106.48		98.23		8.4	%
15	Marriott Tysons Corner	167.92		161.74		3.8	%	67.4	%	67.6	%	-0.3	%	113.18		109.34		3.5	%
16	Marriott Houston	92.93		97.17		-4.4	%	66.2	%	55.3	%	19.7	%	61.52		53.74		14.5	%
17	Renaissance Long Beach	132.34		141.33		-6.4	%	73.8	%	66.2	%	11.5	%	97.67		93.56		4.4	%
18	Embassy Suites Chicago	184.67		176.51		4.6	%	79.1	%	72.5	%	9.1	%	146.07		127.97		14.1	%
19	Hilton Garden Inn Chicago Downtown/Magnificent Mile (1)	161.12		150.32		7.2	%	77.7	%	77.6	%	0.1	%	125.19		116.65		7.3	%
20	Marriott Troy	125.03		116.07		7.7	%	67.1	%	66.3	%	1.2	%	83.90		76.95		9.0	%
21	Renaissance Westchester (1)	136.41		140.36		-2.8	%	71.3	%	63.4	%	12.5	%	97.26		88.99		9.3	%
22	Embassy Suites La Jolla	154.57		153.96		0.4	%	79.1	%	74.6	%	6.0	%	122.26		114.85		6.5	%
23	Marriott Philadelphia	162.87		148.27		9.8	%	68.3	%	68.6	%	-0.4	%	111.24		101.71		9.4	%
24	Kahler Inn & Suites	108.43		102.13		6.2	%	62.6	%	62.5	%	0.2	%	67.88		63.83		6.3	%
25	Hilton Del Mar	123.20		125.28		-1.7	%	70.5	%	65.7	%	7.3	%	86.86		82.31		5.5	%
26	Marriott Portland	134.44		127.58		5.4	%	80.5	%	77.7	%	3.6	%	108.22		99.13		9.2	%
27	Doubletree Guest Suites Minneapolis	119.75		105.36		13.7	%	70.0	%	70.4	%	-0.6	%	83.83		74.17		13.0	%
28	Sheraton Cerritos	109.83		108.05		1.6	%	84.0	%	76.7	%	9.5	%	92.26		82.87		11.3	%
29	Marriott Rochester	205.31		204.61		0.3	%	60.4	%	63.2	%	-4.4	%	124.01		129.31		-4.1	%
30	Marriott Park City	143.63		138.02		4.1	%	63.1	%	59.1	%	6.8	%	90.63		81.57		11.1	%
31	Courtyard by Marriott Los Angeles	130.09		116.53		11.6	%	87.2	%	89.7	%	-2.8	%	113.44		104.53		8.5	%
32	Residence Inn by Marriott Rochester	134.05		126.69		5.8	%	79.5	%	78.0	%	1.9	%	106.57		98.82		7.8	%
	Pro Forma Comparable Portfolio (2)	$	167.16	$	161.38	3.6	%	74.5	%	71.9	%	3.6	%	$	124.53	$	116.03	7.3	%
	Actual Portfolio (3)	$	166.75	$	161.17	3.5	%	74.5	%	71.9	%	3.6	%	$	124.23	$	115.88	7.2	%

(1)	Includes prior ownership results for the Renaissance Westchester during the period it was held in receivership before its reaquisition by the Company on June 14, 2010, the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011, the Hilton San Diego Bayfront acquired by the Company on April 15, 2011, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(2)	Pro Forma Comparable Portfolio includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation. Also includes the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(3)	Actual Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile and plus the Company’s prior ownership results for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012.

PROPERTY-LEVEL OPERATING STATISTICS	Page 30

Supplemental Financial Information – Unaudited
August 2, 2012

OPERATING STATISTICS BY BRAND & GEOGRAPHY

OPERATING STATISTICS BY BRAND & GEOGRAPHY	Page 31

Supplemental Financial Information – Unaudited
August 2, 2012

Comparable Portfolio Operating Statistics by Brand

Q2 & YTD 2012/2011

		FY12						FY11
		Q-T-D(June)						Q-T-D(June)
	# of Hotels	Occ		ADR		RevPAR		Occ		ADR		RevPAR		RevPAR Change
Marriott (1)	18	80.5	%	$	165.58	$	133.29	76.9	%	$	160.96	$	123.78	7.7	%
Hilton (2)	9	85.0	%	218.51		185.73		82.6	%	206.38		170.47		9.0	%
Hyatt (3)	1	88.0	%	131.69		115.89		87.4	%	123.35		107.81		7.5	%
Other (4)	2	83.5	%	122.85		102.58		83.0	%	121.99		101.25		1.3	%
Independent	2	61.7	%	113.30		69.91		58.9	%	118.50		69.80		0.2	%
Pro Forma Comparable Portfolio (5)	32	81.0	%	$	177.20	$	143.53	78.1	%	$	170.71	$	133.32	7.7	%
Comparable Portfolio (6)	32	80.7	%	$	176.98	$	142.82	77.9	%	$	170.44	$	132.77	7.6	%
Actual Portfolio (7)	32	80.7	%	$	176.84	$	142.71	78.2	%	$	170.26	$	133.14	7.2	%

		FY12						FY11
		Y-T-D(June)						Y-T-D(June)
	# of Hotels	Occ		ADR		RevPAR		Occ		ADR		RevPAR		RevPAR Change
Marriott (1)	18	76.3	%	$	160.42	$	122.40	71.7	%	$	160.17	$	114.84	6.6	%
Hilton (2)	9	81.8	%	200.18		163.75		79.0	%	192.51		152.08		7.7	%
Hyatt (3)	1	86.5	%	126.14		109.11		84.1	%	122.45		102.98		6.0	%
Other (4)	2	80.0	%	124.76		99.81		78.4	%	122.86		96.32		3.6	%
Independent	2	59.8	%	114.15		68.26		57.9	%	114.20		66.12		3.2	%
Pro Forma Comparable Portfolio (5)	32	77.4	%	$	168.28	$	130.25	73.8	%	$	165.34	$	122.02	6.7	%
Comparable Portfolio (6)	32	77.3	%	$	168.66	$	130.37	73.8	%	$	165.72	$	122.30	6.6	%
Actual Portfolio (7)	32	77.1	%	$	167.95	$	129.49	73.7	%	$	164.93	$	121.55	6.5	%

(1)	Marriott does not include the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results as applicable in 2011 for the JW Marriott New Orleans acquired by the Company on February 15, 2011.
(2)	Hilton includes prior ownership results for the Hilton Garden Inn Chicago Downtown Magnificent Mile acquired by the Company on July 19, 2012. Also includes prior ownership results as applicable in 2011 for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.
(3)	Hyatt does not include the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, as the hotel is currently experiencing material and prolonged business interruption due to rebranding and renovation.
(4)	Includes Fairmont and Sheraton.
(5)	Pro Forma Comparable Portfolio includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation. Also includes prior ownership results for the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(6)	Comparable Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile.
(7)	Actual Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile and plus the Company’s ownership results and prior ownership results for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012.

OPERATING STATISTICS BY BRAND & GEOGRAPHY	Page 32

Supplemental Financial Information – Unaudited
August 2, 2012

Pro Forma Portfolio Property-Level YTD Q2 2012 EBITDA Contribution

by Brand

Note: Consolidated Year-To-Date 2012 Hotel EBITDA of 33 hotel pro forma portfolio as of June 30, 2012.

OPERATING STATISTICS BY BRAND & GEOGRAPHY	Page 33

Supplemental Financial Information – Unaudited
August 2, 2012

Comparable Portfolio Operating Statistics by Region
Q2 & YTD 2012/2011

		FY12					FY11
		Q-T-D(June)					Q-T-D(June)
	# of Hotels	Occ	ADR		RevPAR		Occ	ADR		RevPAR		RevPAR Change
California (1)	9	81.2%	$	158.00	$	128.30	80.7%	$	144.93	$	116.96	9.7%
Other West	4	80.3%	108.51		87.13		70.0%	108.03		75.62		15.2%
Midwest (2)	8	73.6%	154.63		113.81		70.4%	152.51		107.37		6.0%
East (3)	11	84.5%	216.77		183.17		81.9%	210.68		172.55		6.2%
Pro Forma Comparable Portfolio (4)	32	81.0%	$	177.20	$	143.53	78.1%	$	170.71	$	133.32	7.7%
Comparable Portfolio (5)	32	80.7%	$	176.98	$	142.82	77.9%	$	170.44	$	132.77	7.6%
Actual Portfolio (6)	32	80.7%	$	176.84	$	142.71	78.2%	$	170.26	$	133.14	7.2%

		FY12					FY11
		Y-T-D(June)					Y-T-D(June)
	# of Hotels	Occ	ADR		RevPAR		Occ	ADR		RevPAR		RevPAR Change
California (1)	9	80.3%	$	156.25	$	125.47	78.6%	$	149.90	$	117.82	6.5%
Other West	4	79.3%	117.32		93.03		70.4%	116.33		81.90		13.6%
Midwest (2)	8	68.2%	142.99		97.52		64.8%	138.76		89.92		8.5%
East (3)	11	79.1%	200.68		158.74		75.4%	199.79		150.64		5.4%
Pro Forma Comparable Portfolio (4)	32	77.4%	$	168.28	$	130.25	73.8%	$	165.34	$	122.02	6.7%
Comparable Portfolio (5)	32	77.3%	$	168.66	$	130.37	73.8%	$	165.72	$	122.30	6.6%
Actual Portfolio (6)	32	77.1%	$	167.95	$	129.49	73.7%	$	164.93	$	121.55	6.5%

(1)	California does not include the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results as applicable in 2011 for the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.
(2)	Midwest does not include the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, as the hotel is currently experiencing material and prolonged business interruption due to rebranding and renovation. Includes prior ownership results for the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(3)	Includes prior ownership results as applicable in 2011 for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, and the JW Marriott New Orleans acquired by the Company on February 15, 2011.
(4)	Pro Forma Comparable Portfolio includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year, and the Hyatt Chicago Magnificent Mile, which is currently experiencing material and prolonged business interruption due to rebranding and renovation. Also includes prior ownership results for the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(5)	Comparable Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile.
(6)	Actual Portfolio includes the Pro Forma Comparable Portfolio, minus the Hilton Garden Inn Chicago Downtown/Magnificent Mile and plus the Company’s ownership results and prior ownership results for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012.

OPERATING STATISTICS BY BRAND & GEOGRAPHY	Page 34

Supplemental Financial Information – Unaudited
August 2, 2012

PROPERTY-LEVEL EBITDA & EBITDA MARGINS

PROPERTY-LEVEL EBITDA & EBITDA MARGINS	Page 35

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA

Q2 & YTD 2012/2011

	Hotels sorted by number of rooms	For the Three Months Ended June 30,								For the Six Months  Ended June 30,
	(In thousands)	2012			2011					2012		2011
		Hotel EBITDA (2)			Hotel EBITDA (2)			% Change		Hotel EBITDA (2)		Hotel EBITDA (2)		% Change
1	Hilton San Diego Bayfront (1) (3) (4)	$	9,873		$	9,622		3	%	$	20,749	$	20,110	3	%
2	Renaissance Washington DC (3) (4)	7,126			7,440			-4	%	9,638		12,009		-20	%
3	Renaissance Orlando at SeaWorld ® (3) (4)	4,334			2,818			54	%	9,903		8,221		20	%
4	Kahler Grand (3) (4)	1,987			2,182			-9	%	3,677		3,588		2	%
5	Renaissance Harborplace (3) (4)	3,674			3,755			-2	%	4,410		4,739		-7	%
6	Renaissance Los Angeles Airport	1,085			928			17	%	2,151		1,681		28	%
7	JW Marriott New Orleans	3,391			3,004			13	%	6,311		5,352		18	%
8	Hilton North Houston (3) (4)	1,203			974			24	%	2,770		1,946		42	%
9	Marriott Quincy	2,210			1,663			33	%	2,899		1,911		52	%
10	Doubletree Guest Suites Times Square (1) (3) (4)	6,599			6,198			6	%	8,373		7,723		8	%
11	Hilton Times Square	4,991			3,742			33	%	6,288		5,087		24	%
12	Fairmont Newport Beach (3) (4)	1,246			1,590			-22	%	2,159		2,408		-10	%
13	Hyatt Chicago Magnificent Mile	2,205			2,285			-4	%	1,562		1,469		6	%
14	Marriott Boston Long Wharf	4,940			3,959			25	%	6,506		4,754		37	%
15	Hyatt Regency Newport Beach (3) (4)	1,544			1,446			7	%	2,442		2,493		-2	%
16	Marriott Tysons Corner	2,103			2,362			-11	%	3,475		3,424		1	%
17	Marriott Houston (3) (4)	1,030			593			74	%	2,009		853		136	%
18	Renaissance Long Beach	1,581			1,189			33	%	2,748		2,480		11	%
19	Embassy Suites Chicago (3) (4)	3,549			4,069			-13	%	4,049		3,935		3	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	2,571			2,275			13	%	2,986		2,544		17	%
21	Marriott Troy	1,014			795			28	%	1,830		1,303		40	%
22	Renaissance Westchester (3) (4)	720			633			14	%	604		560		8	%
23	Embassy Suites La Jolla (3) (4)	2,394			1,876			28	%	4,222		3,491		21	%
24	Marriott Philadelphia	1,253			1,497			-16	%	1,889		1,984		-5	%
25	Kahler Inn & Suites (4)	855			654			31	%	1,726		1,338		29	%
26	Hilton Del Mar (4)	323			689			-53	%	863		1,167		-26	%
27	Marriott Portland (3) (4)	1,384			1,298			7	%	2,324		1,922		21	%
28	Doubletree Guest Suites Minneapolis (3) (4)	1,018			806			26	%	1,307		855		53	%
29	Sheraton Cerritos	717			765			-6	%	1,405		998		41	%
30	Marriott Rochester (3) (4)	1,374			1,068			29	%	2,185		1,623		35	%
31	Marriott Park City	(16		)	(161		)	90	%	1,826		1,747		5	%
32	Courtyard by Marriott Los Angeles	939			408			130	%	1,768		911		94	%
33	Residence Inn by Marriott Rochester	436			457			-5	%	811		879		-8	%
	Pro Forma Portfolio	$	79,653		$	72,879		9	%	$	127,865	$	115,505	11	%

(1)Reflects 100% ownership.

(2)Reconciliations to Net Income (Loss) provided on pages 58, 59, 61 and 62.

(3)Hotel EBITDA for the second quarter of 2012 is impacted by a total $(0.1) million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Minneapolis $60,000; Embassy Suites Chicago $611,000; Embassy Suites La Jolla $301,000; and Hilton San Diego Bayfront $(1,061,000). Hotel EBITDA for the second quarter of 2011 is impacted by a total $0.9 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Times Square $(112,000); Embassy Suites Chicago $492,000; Embassy Suites La Jolla $2,000; Fairmont Newport Beach $485,000; Hilton North Houston $123,000; Hyatt Regency Newport Beach $31,000; Kahler Grand $(1,000); Marriott Houston $(33,000); Marriott Portland $48,000; Marriott Rochester $(2,000); Renaissance Harborplace $157,000; Renaissance Orlando at SeaWorld ® $(9,000); Renaissance Washington DC $(54,000); and Renaissance Westchester $(212,000).

(4)Hotel EBITDA for the first six months of 2012 is impacted by a total of $0.3 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Minneapolis $60,000; Embassy Suites Chicago $611,000; Embassy Suites La Jolla $301,000; Hilton Del Mar $65,000; Hilton North Houston $56,000; Hilton San Diego Bayfront $(1,061,000); Kahler Grand $44,000; Kahler Inn & Suites $15,000; Marriott Houston $43,000; Marriott Rochester $10,000; and Renaissance Harborplace $106,000. Hotel EBITDA for the first six months of 2011 is impacted by a total of $0.6 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Times Square $(112,000); Embassy Suites Chicago $177,000; Embassy Suites La Jolla $2,000; Fairmont Newport Beach $485,000; Hilton North Houston $123,000; Hyatt Regency Newport Beach $31,000; Kahler Grand $(1,000); Marriott Houston $(33,000); Marriott Portland $48,000; Marriott Rochester $(2,000); Renaissance Harborplace $157,000; Renaissance Orlando at SeaWorld ® $(9,000); Renaissance Washington DC $(54,000); and Renaissance Westchester $(212,000).

PROPERTY-LEVEL EBITDA & EBITDA MARGINS	Page 36

Supplemental Financial Information — Unaudited
August 2, 2012

Property-Level EBITDA Margins

Q2 & YTD 2012/2011

	Hotels sorted by number of rooms	For the Three Months Ended June 30,					For the Six Months Ended June 30,
		2012		2011			2012		2011
		Hotel EBITDA		Hotel EBITDA		Change in	Hotel EBITDA		Hotel EBITDA		Change in
		Margin		Margin		bps	Margin		Margin		bps
1	Hilton San Diego Bayfront (1)	32.0	%	34.4	%	(240) bps	33.7	%	34.8	%	(110) bps
2	Renaissance Washington DC	35.5	%	38.6	%	(310) bps	28.5	%	33.9	%	(540) bps
3	Renaissance Orlando at SeaWorld ®	31.5	%	25.7	%	580 bps	33.7	%	31.6	%	210 bps
4	Kahler Grand	33.0	%	34.1	%	(110) bps	31.9	%	30.2	%	170 bps
5	Renaissance Harborplace	32.5	%	33.9	%	(140) bps	24.0	%	25.5	%	(150) bps
6	Renaissance Los Angeles Airport	19.1	%	17.9	%	120 bps	19.0	%	16.1	%	290 bps
7	JW Marriott New Orleans	38.7	%	38.1	%	60 bps	37.0	%	35.4	%	160 bps
8	Hilton North Houston	21.3	%	19.6	%	170 bps	23.9	%	18.9	%	500 bps
9	Marriott Quincy	31.6	%	26.3	%	530 bps	24.5	%	18.4	%	610 bps
10	Doubletree Guest Suites Times Square (1)	37.8	%	37.5	%	30 bps	28.5	%	27.6	%	90 bps
11	Hilton Times Square	34.9	%	28.6	%	630 bps	25.6	%	22.6	%	300 bps
12	Fairmont Newport Beach	19.4	%	24.7	%	(530) bps	17.4	%	19.3	%	(190) bps
13	Hyatt Chicago Magnificent Mile	30.9	%	30.4	%	50 bps	14.3	%	13.5	%	80 bps
14	Marriott Boston Long Wharf	40.6	%	37.2	%	340 bps	32.0	%	27.7	%	430 bps
15	Hyatt Regency Newport Beach	19.9	%	18.9	%	100 bps	17.0	%	18.0	%	(100) bps
16	Marriott Tysons Corner	36.5	%	38.2	%	(170) bps	33.2	%	32.6	%	60 bps
17	Marriott Houston	26.1	%	16.8	%	930 bps	25.4	%	13.3	%	1,210 bps
18	Renaissance Long Beach	30.4	%	25.3	%	510 bps	27.7	%	26.0	%	170 bps
19	Embassy Suites Chicago	50.5	%	59.2	%	(870) bps	37.7	%	38.2	%	(50) bps
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	42.4	%	41.8	%	60 bps	32.5	%	31.2	%	130 bps
21	Marriott Troy	24.5	%	21.5	%	300 bps	23.1	%	18.6	%	450 bps
22	Renaissance Westchester	13.5	%	12.5	%	100 bps	6.5	%	6.6	%	(10) bps
23	Embassy Suites La Jolla	49.7	%	41.7	%	800 bps	45.6	%	40.1	%	550 bps
24	Marriott Philadelphia	26.8	%	30.5	%	(370) bps	21.9	%	23.3	%	(140) bps
25	Kahler Inn & Suites	40.8	%	37.9	%	290 bps	41.5	%	38.0	%	350 bps
26	Hilton Del Mar	13.7	%	23.2	%	(950) bps	16.8	%	20.6	%	(380) bps
27	Marriott Portland	40.7	%	41.7	%	(100) bps	37.6	%	34.8	%	280 bps
28	Doubletree Guest Suites Minneapolis	41.9	%	34.0	%	790 bps	32.2	%	23.7	%	850 bps
29	Sheraton Cerritos	24.2	%	27.3	%	(310) bps	23.8	%	20.4	%	340 bps
30	Marriott Rochester	38.1	%	36.2	%	190 bps	34.0	%	30.2	%	380 bps
31	Marriott Park City	-1.0	%	-13.1	%	1,210 bps	31.3	%	30.6	%	70 bps
32	Courtyard by Marriott Los Angeles	34.0	%	20.5	%	1,350 bps	32.8	%	22.7	%	1,010 bps
33	Residence Inn by Marriott Rochester	45.8	%	46.7	%	(90) bps	43.8	%	45.3	%	(150) bps
	Pro Forma Portfolio	32.7	%	32.1	%	60 bps	28.6	%	27.6	%	100 bps
	Adjusted Pro Forma Portfolio (2) (3)	32.8	%	31.7	%	110 bps	28.6	%	27.4	%	120 bps
	(1)Reflects 100% ownership. (2)Hotel EBITDA for the second quarter of 2012 is impacted by a total $(0.1) million in property tax (assessments) net of credits received at the following hotels: Doubletree Guest Suites Minneapolis $60,000; Embassy Suites Chicago $611,000; Embassy Suites La Jolla $301,000; and Hilton San Diego Bayfront $(1,061,000). Hotel EBITDA for the second quarter of 2011 is impacted by a total $0.9 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Times Square $(112,000); Embassy Suites Chicago $492,000; Embassy Suites La Jolla $2,000; Fairmont Newport Beach $485,000; Hilton North Houston $123,000; Hyatt Regency Newport Beach $31,000; Kahler Grand $(1,000); Marriott Houston $(33,000); Marriott Portland $48,000; Marriott Rochester $(2,000); Renaissance Harborplace $157,000; Renaissance Orlando at SeaWorld ® $(9,000); Renaissance Washington DC $(54,000); and Renaissance Westchester $(212,000). (3)Hotel EBITDA for the first six months of 2012 is impacted by a total of $0.3 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Minneapolis $60,000; Embassy Suites Chicago $611,000; Embassy Suites La Jolla $301,000; Hilton Del Mar $65,000; Hilton North Houston $56,000; Hilton San Diego Bayfront $(1,061,000); Kahler Grand $44,000; Kahler Inn & Suites $15,000; Marriott Houston $43,000; Marriott Rochester $10,000; and Renaissance Harborplace $106,000. Hotel EBITDA for the first six months of 2011 is impacted by a total of $0.6 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Times Square $(112,000); Embassy Suites Chicago $177,000; Embassy Suites La Jolla $2,000; Fairmont Newport Beach $485,000; Hilton North Houston $123,000; Hyatt Regency Newport Beach $31,000; Kahler Grand $(1,000); Marriott Houston $(33,000); Marriott Portland $48,000; Marriott Rochester $(2,000); Renaissance Harborplace $157,000; Renaissance Orlando at SeaWorld ® $(9,000); Renaissance Washington DC $(54,000); and Renaissance Westchester $(212,000).

PROPERTY-LEVEL EBITDA & EBITDA MARGINS	Page 37

Supplemental Financial Information – Unaudited
August 2, 2012

APPENDIX

APPENDIX	Page 38

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA
Q1 2012

	Three Months Ended March 31, 2012
							Acquisition:			Acquisition:
				Discontinued			Hyatt			Hilton Garden Inn			Pro
(In thousands, except per share amounts)	Actual (1)			Operations (2)			Chicago (3)			Chicago (4)			Forma (5)
Net loss	$	(12,968	)	$	(269	)	$	(2,593	)	$	(694	)	$	(16,524	)
Operations held for investment:
Depreciation and amortization	34,286			-			1,950			1,109			37,345
Amortization of lease intangibles	1,028			-			-			-			1,028
Interest expense	19,513			-			351			-			19,864
Amortization of deferred financing fees	963			-			-			-			963
Non-cash interest related to discount on Senior Notes	266			-			-			-			266
Non-cash interest related to loss on derivatives	76			-			-			-			76
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(560		)	-			-			-			(560		)
Depreciation and amortization	(1,419		)	-			-			-			(1,419		)
Interest expense	(570		)	-			-			-			(570		)
Amortization of deferred financing fees	(56		)	-			-			-			(56		)
Non-cash interest related to loss on derivative	(1		)	-			-			-			(1		)
Discontinued operations:
Depreciation and amortization	470			(470		)	-			-			-
Amortization of lease intangibles	7			(7		)	-			-			-
Interest expense	681			(681		)	-			-			-
Amortization of deferred financing fees	4			(4		)	-			-			-
EBITDA	41,720			(1,431		)	(292		)	415			40,412
Operations held for investment:
Amortization of deferred stock compensation	946			-			-			-			946
Non-cash straightline lease expense	696			-			-			-			696
Capital lease obligation interest - cash ground rent	-			-			(351		)	-			(351		)
Gain on sale of assets	(11		)	-			-			-			(11		)
Loss on extinguishment of debt	191			-			-			-			191
Lawsuit settlement reversal of costs	(145		)	-			-			-			(145		)
Closing costs - completed acquisitions	36			-			-			-			36
Non-controlling interests:
Non-cash straightline lease expense	(113		)	-			-			-			(113		)
Discontinued operations:
Gain on sale of assets	(177		)	177			-			-			-
	1,423			177			(351		)	-			1,249
Adjusted EBITDA	$	43,143		$	(1,254	)	$	(643	)	$	415		$	41,661

*Footnotes on following page

APPENDIX	Page 39

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
Q1 2012

	Three Months Ended March 31, 2012
							Acquisition:			Acquisition:
				Discontinued			Hyatt			Hilton Garden Inn			Pro
(In thousands, except per share amounts)	Actual (1)			Operations (2)			Chicago (3)			Chicago (4)			Forma (5)
Net loss	$	(12,968	)	$	(269	)	$	(2,593	)	$	(694	)	$	(16,524	)
Preferred stock dividends	(7,437		)	-			-			-			(7,437		)
Operations held for investment:
Real estate depreciation and amortization	33,979			-			1,950			1,109			37,038
Amortization of lease intangibles	1,028			-			-			-			1,028
Gain on sale of assets	(11		)	-			-			-			(11		)
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(560		)	-			-			-			(560		)
Real estate depreciation and amortization	(1,419		)	-			-			-			(1,419		)
Discontinued operations:
Real estate depreciation and amortization	470			(470		)	-			-			-
Amortization of lease intangibles	7			(7		)	-			-			-
Gain on sale of assets	(177		)	177			-			-			-
FFO	12,912			(569		)	(643		)	415			12,115
Operations held for investment:
Non-cash straightline lease expense	696			-			-			-			696
Non-cash interest related to loss on derivatives	76			-			-			-			76
Loss on extinguishment of debt	191			-			-			-			191
Lawsuit settlement reversal of costs	(145		)	-			-			-			(145		)
Closing costs - completed acquisitions	36			-			-			-			36
Non-controlling interests:
Non-cash straightline lease expense	(113		)	-			-			-			(113		)
Non-cash interest related to loss on derivative	(1		)	-			-			-			(1		)
	740			-			-			-			740
Adjusted FFO	$	13,652		$	(569	)	$	(643	)	$	415		$	12,855
FFO per diluted share	$	0.11											$	0.10
Adjusted FFO per diluted share	$	0.12											$	0.11
Basic weighted average shares outstanding	117,426												117,426
Shares associated with unvested restricted stock awards	155												155
Diluted weighted average shares outstanding (6)	117,581												117,581

(1)Actual represents the Company’s ownership results for the 32 hotels in which the Company has interests as of March 31, 2012. In accordance with the June 30, 2012 presentation, 31 hotels are classified as held for investment and one has been reclassified as discontinued operations.

(2)Discontinued Operations represents the final distribution of proceeds on a subordinate note held by the Company prior to the purchase of the Royal Palm Miami Beach, along with reimbursements for expenses related to the Royal Palm Miami Beach which was sold in April 2011 plus the ownership results for the Marriott Del Mar which was classified as held for sale as of June 30, 2012.

(3)Acquisition: Hyatt Chicago Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on June 4, 2012, adjusted for the Company’s pro forma depreciation expense and ground lease payment classified as a capital lease for accounting purposes.

(4)Acquisition: Hilton Garden Inn Chicago Downtown/Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on July 19, 2012, adjusted for the Company’s pro forma depreciation expense.

(5)Pro Forma represents the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio.

(6)Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 40

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA
Q2 2012

	Three Months Ended June 30, 2012
							Acquisition:			Acquisition:
				Discontinued			Hyatt			Hilton Garden Inn		Pro
(In thousands, except per share amounts)	Actual (1)			Operations (2)			Chicago (3)			Chicago (4)		Forma (5)
Net income	$	11,855		$	117		$	(202	)	$	1,462	$	13,232
Operations held for investment:
Depreciation and amortization	34,793			-			1,363			1,109		37,265
Amortization of lease intangibles	1,028			-			-			-		1,028
Interest expense	19,230			-			234			-		19,464
Amortization of deferred financing fees	959			-			-			-		959
Write-off of deferred financing fees	3			-			-			-		3
Non-cash interest related to discount on Senior Notes	258			-			-			-		258
Non-cash interest related to loss on derivatives	423			-			-			-		423
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(307		)	-			-			-		(307		)
Depreciation and amortization	(1,420		)	-			-			-		(1,420		)
Interest expense	(567		)	-			-			-		(567		)
Amortization of deferred financing fees	(56		)	-			-			-		(56		)
Discontinued operations:
Depreciation and amortization	495			(495		)	-			-		-
Amortization of lease intangibles	7			(7		)	-			-		-
Interest expense	680			(680		)	-			-		-
Amortization of deferred financing fees	3			(3		)	-			-		-
EBITDA	67,384			(1,068		)	1,395			2,571		70,282
Operations held for investment:
Amortization of deferred stock compensation	896			-			-			-		896
Non-cash straightline lease expense	693			-			-			-		693
Capital lease obligation interest - cash ground rent	(117		)	-			(234		)	-		(351		)
Lawsuit settlement costs	255			-			-			-		255
Closing costs - completed acquisitions	1,339			-			-			-		1,339
Prior year property tax assessments	1,061			-			-			-		1,061
Non-controlling interests:
Non-cash straightline lease expense	(113		)	-			-			-		(113		)
Prior year property tax assessments	(265		)	-			-			-		(265		)
	3,749			-			(234		)	-		3,515
Adjusted EBITDA	$	71,133		$	(1,068	)	$	1,161		$	2,571	$	73,797

*Footnotes on following page

APPENDIX	Page 41

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
Q2 2012

	Three Months Ended June 30, 2012
							Acquisition:			Acquisition:
				Discontinued			Hyatt			Hilton Garden Inn		Pro
(In thousands, except per share amounts)	Actual (1)			Operations (2)			Chicago (3)			Chicago (4)		Forma (5)
Net income	$	11,855		$	117		$	(202	)	$	1,462	$	13,232
Preferred stock dividends	(7,437		)	-			-			-		(7,437		)
Operations held for investment:
Real estate depreciation and amortization	34,494			-			1,363			1,109		36,966
Amortization of lease intangibles	1,028			-			-			-		1,028
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(307		)	-			-			-		(307		)
Real estate depreciation and amortization	(1,420		)	-			-			-		(1,420		)
Discontinued operations:
Real estate depreciation and amortization	495			(495		)	-			-		-
Amortization of lease intangibles	7			(7		)	-			-		-
FFO	38,715			(385		)	1,161			2,571		42,062
Operations held for investment:
Non-cash straightline lease expense	693			-			-			-		693
Write-off of deferred financing fees	3			-			-			-		3
Non-cash interest related to loss on derivatives	423			-			-			-		423
Lawsuit settlement costs	255			-			-			-		255
Closing costs - completed acquisitions	1,339			-			-			-		1,339
Prior year property tax assessments	1,061			-			-			-		1,061
Non-controlling interests:
Non-cash straightline lease expense	(113		)	-			-			-		(113		)
Prior year property tax assessments	(265		)	-			-			-		(265		)
	3,396			-			-			-		3,396
Adjusted FFO	$	42,111		$	(385	)	$	1,161		$	2,571	$	45,458
FFO per diluted share	$	0.32										$	0.35
Adjusted FFO per diluted share	$	0.35										$	0.38
Basic weighted average shares outstanding	120,029											120,029
Shares associated with unvested restricted stock awards	228											228
Diluted weighted average shares outstanding (6)	120,257											120,257

(1) Actual represents the Company’s ownership results for the 33 hotels in which the Company has interests as of June 30, 2012 of which 32 hotels are classified as held for investment and one has been reclassified as discontinued operations.

(2) Discontinued Operations represents the ownership results for the Marriott Del Mar which was classified as held for sale as of June 30, 2012.

(3) Acquisition: Hyatt Chicago Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on June 4, 2012, adjusted for the Company’s pro forma depreciation expense and ground lease payment classified as a capital lease for accounting purposes.

(4) Acquisition: Hilton Garden Inn Chicago Downtown/Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on July 19, 2012, adjusted for the Company’s pro forma depreciation expense.

(5) Pro Forma represents the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio.

(6) Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 42

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA
YTD 2012

		Six Months Ended June 30, 2012
								Acquisition:			Acquisition:
					Discontinued			Hyatt			Hilton Garden Inn		Pro
(In thousands, except per share amounts)		Actual (1)			Operations (2)			Chicago (3)			Chicago (4)		Forma (5)
Net loss		$	(1,113	)	$	(152	)	$	(2,795	)	$	768	$	(3,292	)
Operations held for investment:
Depreciation and amortization		69,079			-			3,313			2,218		74,610
Amortization of lease intangibles		2,056			-			-			-		2,056
Interest expense		38,743			-			585			-		39,328
Amortization of deferred financing fees		1,922			-			-			-		1,922
Write-off of deferred financing fees		3			-			-			-		3
Non-cash interest related to discount on Senior Notes		524			-			-			-		524
Non-cash interest related to loss on derivatives		499			-			-			-		499
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest		(867		)	-			-			-		(867		)
Depreciation and amortization		(2,839		)	-			-			-		(2,839		)
Interest expense		(1,137		)	-			-			-		(1,137		)
Amortization of deferred financing fees	��	(112		)	-			-			-		(112		)
Non-cash interest related to loss on derivatives		(1		)	-			-			-		(1		)
Discontinued operations:
Depreciation and amortization		965			(965		)	-			-		-
Amortization of lease intangibles		14			(14		)	-			-		-
Interest expense		1,361			(1,361		)	-			-		-
Amortization of deferred financing fees		7			(7		)	-			-		-
EBITDA		109,104			(2,499		)	1,103			2,986		110,694
Operations held for investment:
Amortization of deferred stock compensation		1,842			-			-			-		1,842
Non-cash straightline lease expense		1,389			-			-			-		1,389
Capital lease obligation interest - cash ground rent		(117		)	-			(585		)	-		(702		)
Gain on sale of assets		(11		)	-			-			-		(11		)
Loss on extinguishment of debt		191			-			-			-		191
Lawsuit settlement costs		110			-			-			-		110
Closing costs - completed acquisitions		1,375			-			-			-		1,375
Prior year property tax assessments		1,061			-			-			-		1,061
Non-controlling interests:
Non-cash straightline lease expense		(226		)	-			-			-		(226		)
Prior year property tax assessments		(265		)	-			-			-		(265		)
Discontinued operations:
Gain on sale of assets		(177		)	177			-			-		-
		5,172			177			(585		)	-		4,764
Adjusted EBITDA		$	114,276		$	(2,322	)	$	518		$	2,986	$	115,458

*Footnotes on following page

APPENDIX	Page 43

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO

YTD 2012

	Six Months Ended June 30, 2012
							Acquisition:			Acquisition:
				Discontinued			Hyatt			Hilton Garden Inn		Pro
(In thousands, except per share amounts)	Actual (1)			Operations (2)			Chicago (3)			Chicago (4)		Forma (5)
Net loss	$	(1,113	)	$	(152	)	$	(2,795	)	$	768	$	(3,292	)
Preferred stock dividends	(14,874		)	-			-			-		(14,874		)
Operations held for investment:
Real estate depreciation and amortization	68,473			-			3,313			2,218		74,004
Amortization of lease intangibles	2,056			-			-			-		2,056
Gain on sale of assets	(11		)	-			-			-		(11		)
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(867		)	-			-			-		(867		)
Real estate depreciation and amortization	(2,839		)	-			-			-		(2,839		)
Discontinued operations:
Real estate depreciation and amortization	965			(965		)	-			-		-
Amortization of lease intangibles	14			(14		)	-			-		-
Gain on sale of assets	(177		)	177			-			-		-
FFO	51,627			(954		)	518			2,986		54,177
Operations held for investment:
Non-cash straightline lease expense	1,389			-			-			-		1,389
Write-off of deferred financing fees	3			-			-			-		3
Non-cash interest related to loss on derivatives	499			-			-			-		499
Loss on extinguishment of debt	191			-			-			-		191
Lawsuit settlement costs	110			-			-			-		110
Closing costs - completed acquisitions	1,375			-			-			-		1,375
Prior year property tax assessments	1,061			-			-			-		1,061
Non-controlling interests:
Non-cash straightline lease expense	(226		)	-			-			-		(226		)
Non-cash interest related to loss on derivatives	(1		)	-			-			-		(1		)
Prior year property tax assessments	(265		)	-			-			-		(265		)
	4,136			-			-			-		4,136
Adjusted FFO	$	55,763		$	(954	)	$	518		$	2,986	$	58,313
FFO per diluted share	$	0.43										$	0.46
Adjusted FFO per diluted share	$	0.47										$	0.49
Basic weighted average shares outstanding	118,728											118,728
Shares associated with unvested restricted stock awards	191											191
Diluted weighted average shares outstanding (6)	118,919											118,919

(1)   Actual represents the Company’s ownership results for the 33 hotels in which the Company has interests as of June 30, 2012 of which 32 hotels are classified as held for investment and one has been reclassified as discontinued operations.

(2)   Discontinued Operations represents the final distribution of proceeds on a subordinate note held by the Company prior to the purchase of the Royal Palm Miami Beach, along with reimbursements for expenses related to the Royal Palm Miami Beach which was sold in April 2011 plus the ownership results for the Marriott Del Mar which was classified as held for sale as of June 30, 2012.

(3)   Acquisition: Hyatt Chicago Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on June 4, 2012, adjusted for the Company’s pro forma depreciation expense and ground lease payment classified as a capital lease for accounting purposes.

(4)   Acquisition: Hilton Garden Inn Chicago Downtown/Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on July 19, 2012, adjusted for the Company’s pro forma depreciation expense.

(5)   Pro Forma represents the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio.

(6)   Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 44

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA

Q1 2011

	Three Months Ended March 31, 2011
							Acquisition:			Acquisition:			Acquisition:		Acquisition:			Equity Offering:		Acquisition:			Acquisition:
				Discontinued			Doubletree Guest			BuyEfficient,			JW Marriott		Hilton San			Preferred Stock		Hyatt			Hilton Garden Inn			Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Suites Times Square (3)			LLC (4)			New Orleans (5)		Diego Bayfront (6)			Series D (7)		Chicago (8)			Chicago (9)			Forma (10)
Net income	$	51,335		$	(970	)	$	(458	)	$	(7	)	$	174	$	2,899		$	-	$	(2,766	)	$	(840	)	$	49,367
Operations held for investment:
Depreciation and amortization	25,868			-			261			37			262		4,868			-		1,950			1,109			34,355
Amortization of lease intangibles	930			-			140			-			-		-			-		-			-			1,070
Interest expense	16,184			-			138			-			287		2,046			-		351			-			19,006
Amortization of deferred financing fees	609			-			-			-			-		225			-		-			-			834
Non-cash interest related to discount on Senior Notes	261			-			-			-			-		-			-		-			-			261
Non-cash interest related to loss on derivatives, net	44			-			-			-			-		-			-		-			-			44
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-			-			-		(723		)	-		-			-			(723		)
Depreciation and amortization	-			-			-			-			-		(1,217		)	-		-			-			(1,217		)
Interest expense	-			-			-			-			-		(512		)	-		-			-			(512		)
Amortization of deferred financing fees	-			-			-			-			-		(56		)	-		-			-			(56		)
Unconsolidated joint ventures:
Depreciation and amortization	3			-			-			(3		)	-		-			-		-			-			-
Discontinued operations:
Depreciation and amortization	2,047			(2,047		)	-			-			-		-			-		-			-			-
Amortization of lease intangibles	7			(7		)																				-
Interest expense	839			(839		)	-			-			-		-			-		-			-			-
Amortization of deferred financing fees	7			(7		)	-			-			-		-			-		-			-			-
EBITDA	98,134			(3,870		)	81			27			723		7,530			-		(465		)	269			102,429
Operations held for investment:
Amortization of deferred stock compensation	544			-			-			2			-		-			-		-			-			546
Non-cash straightline lease expense	240			-			5			-			1		450			-		-			-			696
Capital lease obligation interest - cash ground rent	-			-			-			-			-		-			-		(351		)	-			(351		)
Gain on remeasurement of equity interests	(69,230		)	-			-			-			-		-			-		-			-			(69,230		)
Closing costs - completed acquisitions	2,739			-			-			-			-		-			-		-			-			2,739
Management fee term adjustment	-			-			-			-			-		-			-		-			50			50
Non-controlling interests:
Non-cash straightline lease expense	-			-			-			-			-		(114		)	-		-			-			(114		)
Unconsolidated joint ventures:
Amortization of deferred stock compensation	2			-			-			(2		)	-		-			-		-			-			-
	(65,705		)	-			5			-			1		336			-		(351		)	50			(65,664		)
Adjusted EBITDA	$	32,429		$	(3,870	)	$	86		$	27		$	724	$	7,866		$	-	$	(816	)	$	319		$	36,765

*Footnotes on following page

APPENDIX	Page 45

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO

Q1 2011

	Three Months Ended March 31, 2011
							Acquisition:			Acquisition:			Acquisition:		Acquisition:			Equity Offering:			Acquisition:			Acquisition:
				Discontinued			Doubletree Guest			BuyEfficient,			JW Marriott		Hilton San			Preferred Stock			Hyatt			Hilton Garden Inn			Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Suites Times Square (3)			LLC (4)			New Orleans (5)		Diego Bayfront (6)			Series D (7)			Chicago (8)			Chicago (9)			Forma (10)
Net income	$	51,335		$	(970	)	$	(458	)	$	(7	)	$	174	$	2,899		$	-		$	(2,766	)	$	(840	)	$	49,367
Preferred stock dividends	(5,137		)	-			-			-			-		-			(2,300		)	-			-			(7,437		)
Operations held for investment:
Real estate depreciation and amortization	25,591			-			261			-			262		4,868			-			1,950			1,109			34,041
Amortization of lease intangibles	930			-			140			-			-		-			-			-			-			1,070
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-			-			-		(723		)	-			-			-			(723		)
Real estate depreciation and amortization	-			-			-			-			-		(1,217		)	-			-			-			(1,217		)
Discontinued operations:
Real estate depreciation and amortization	2,047			(2,047		)	-			-			-		-			-			-			-			-
Amortization of lease intangibles	7			(7		)	-			-			-		-			-			-			-			-
FFO	74,773			(3,024		)	(57		)	(7		)	436		5,827			(2,300		)	(816		)	269			75,101
Operations held for investment:
Non-cash straightline lease expense	240			-			5			-			1		450			-			-			-			696
Non-cash interest related to loss on derivatives, net	44			-			-			-			-		-			-			-			-			44
Gain on remeasurement of equity interests	(69,230		)	-			-			-			-		-			-			-			-			(69,230		)
Closing costs - completed acquisitions	2,739			-			-			-			-		-			-			-			-			2,739
Non-controlling interests:
Non-cash straightline lease expense	-			-			-			-			-		(114		)	-			-			-			(114		)
	(66,207		)	-			5			-			1		336			-			-			-			(65,865		)
Adjusted FFO	$	8,566		$	(3,024	)	$	(52	)	$	(7	)	$	437	$	6,163		$	(2,300	)	$	(816	)	$	269		$	9,236
FFO per diluted share	$	0.64																									$	0.64
Adjusted FFO per diluted share	$	0.07																									$	0.08
Basic weighted average shares outstanding	117,074																										117,074
Shares associated with unvested restricted stock awards	137																										137
Diluted weighted average shares outstanding (11)	117,211																										117,211

(1)	Actual represents the Company’s ownership results for the 33 hotels in which the Company has interests as of March 31, 2011. In accordance with the June 30, 2012 presentation, 30 hotels are classified as held for investment and three have been reclassified as discontinued operations.
(2)	Discontinued Operations represents the Company’s ownership results for the Royal Palm Miami Beach that was sold in April 2011, the Salt Lake City commercial laundry facility that was sold in July 2011, the Eugene Valley River Inn that was sold in October 2011, along with the Marriott Del Mar which has been classified as held for sale as of June 30, 2012.
(3)	Acquisition: Doubletree Guest Suites Times Square represents prior ownership results for the joint venture which was acquired by the Company on January 14, 2011, adjusted for the Company’s pro forma interest and depreciation expense along with non-cash straightline lease expense.
(4)	Acquisition: BuyEfficient, LLC represents prior ownership results for the joint venture which was acquired by the Company on January 21, 2011, adjusted for the Company’s pro forma depreciation expense.
(5)	Acquisition: JW Marriott New Orleans represents prior ownership results for the hotel which was acquired by the Company on February 15, 2011, adjusted for the Company’s pro forma interest and depreciation expense along with non-cash straightline lease expense.
(6)	Acquisition: Hilton San Diego Bayfront represents prior ownership results for the hotel which was acquired by the Company on April 15, 2011, adjusted for the Company’s pro forma interest and depreciation expense plus non-cash straightline lease expense, along with its 25% non-controlling interest.
(7)	Equity Offering: Preferred Stock Series D represents the dividends earned on the 4,600,000 8% cumulative redeemable preferred shares sold on April 6, 2011 .
(8)	Acquisition: Hyatt Chicago Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on June 4, 2012, adjusted for the Company’s pro forma depreciation expense and ground lease payment classified as a capital lease for accounting purposes.
(9)	Acquisition: Hilton Garden Inn Chicago Downtown/Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on July 19, 2012, adjusted for the Company’s pro forma depreciation expense and management fee term adjustment.
(10)	Pro Forma represents the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio, as well as the acquisition of BuyEfficient, LLC in January 2011 along with the effects of the Equity Offering completed in April 2011.
(11)	Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 46

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA

Q2 2011

	Three Months Ended June 30, 2011
							Acquisition:			Equity Offering:		Disposition:			Acquisition:			Acquisition:
				Discontinued			Hilton San			Preferred Stock		Royal Palm			Hyatt			Hilton Garden Inn		Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Diego Bayfront (3)			Series D (4)		Note Receivable (5)			Chicago (6)			Chicago (7)		Forma (8)
Net income	$	38,929		$	(30,209	)	$	87		$	-	$	(1,260	)	$	335		$	1,166	$	9,048
Operations held for investment:
Depreciation and amortization	32,287			-			917			-		-			1,950			1,109		36,263
Amortization of lease intangibles	992			-			-			-		-			-			-		992
Interest expense	18,432			-			274			-		-			351			-		19,057
Amortization of deferred financing fees	809			-			38			-		-			-			-		847
Non-cash interest related to discount on Senior Notes	261			-			-			-		-			-			-		261
Non-cash interest related to loss on derivatives, net	960			-			-			-		-			-			-		960
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(244		)	-			(16		)	-		-			-			-		(260		)
Depreciation and amortization	(1,184		)	-			(229		)	-		-			-			-		(1,413		)
Interest expense	(456		)	-			(69		)	-		-			-			-		(525		)
Amortization of deferred financing fees	(47		)	-			(10		)	-		-			-			-		(57		)
Non-cash interest related to loss on derivative	(28		)	-			-			-		-			-			-		(28		)
Discontinued operations:
Depreciation and amortization	630			(630		)	-			-		-			-			-		-
Amortization of lease intangibles	7			(7		)	-			-		-			-			-		-
Interest expense	845			(845		)	-			-		-			-			-		-
Amortization of deferred financing fees	6			(6		)	-			-		-			-			-		-
EBITDA	92,199			(31,697		)	992			-		(1,260		)	2,636			2,275		65,145
Operations held for investment:
Amortization of deferred stock compensation	929			-			-			-		-			-			-		929
Non-cash straightline lease expense	766			-			(70		)	-		-			-			-		696
Capital lease obligation interest - cash ground rent	-			-			-			-		-			(351		)	-		(351		)
Gain on sale of assets	(56		)	-			-			-		-			-			-		(56		)
Closing costs - completed acquisitions	633			-			-			-		-			-			-		633
Management fee term adjustment	-			-			-			-		-			-			110		110
Non-controlling interests:
Non-cash straightline lease expense	(129		)	-			15			-		-			-			-		(114		)
Discontinued operations:
Gain on sale of assets	(14,018		)	14,018			-			-		-			-			-		-
Impairment loss	1,495			(1,495		)	-			-		-			-			-		-
Gain on extinguishment of debt	(18,145		)	18,145			-			-		-			-			-		-
	(28,525		)	30,668			(55		)	-		-			(351		)	110		1,847
Adjusted EBITDA	$	63,674		$	(1,029	)	$	937		$	-	$	(1,260	)	$	2,285		$	2,385	$	66,992

*Footnotes on following page

APPENDIX	Page 47

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO

Q2 2011

	Three Months Ended June 30, 2011
							Acquisition:			Equity Offering:			Disposition:			Acquisition:		Acquisition:
				Discontinued			Hilton San			Preferred Stock			Royal Palm			Hyatt		Hilton Garden Inn		Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Diego Bayfront (3)			Series D (4)			Note Receivable (5)			Chicago (6)		Chicago (7)		Forma (8)
Net income	$	38,929		$	(30,209	)	$	87		$	-		$	(1,260	)	$	335	$	1,166	$	9,048
Preferred stock dividends	(7,310		)	-			-			(128		)	-			-		-		(7,438		)
Operations held for investment:
Real estate depreciation and amortization	31,987			-			917			-			-			1,950		1,109		35,963
Amortization of lease intangibles	992			-			-			-			-			-		-		992
Gain on sale of assets	(56		)	-			-			-			-			-		-		(56		)
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(244		)	-			(16		)	-			-			-		-		(260		)
Real estate depreciation and amortization	(1,184		)	-			(229		)	-			-			-		-		(1,413		)
Discontinued operations:
Real estate depreciation and amortization	630			(630		)	-			-			-			-		-		-
Amortization of lease intangibles	7			(7		)	-			-			-			-		-		-
Gain on sale of assets	(14,018		)	14,018			-			-			-			-		-		-
FFO	49,733			(16,828		)	759			(128		)	(1,260		)	2,285		2,275		36,836
Operations held for investment:
Non-cash straightline lease expense	766			-			(70		)	-			-			-		-		696
Non-cash interest related to loss on derivatives, net	960			-			-			-			-			-		-		960
Closing costs - completed acquisitions	633			-			-			-			-			-		-		633
Non-controlling interests:
Non-cash straightline lease expense	(129		)	-			15			-			-			-		-		(114		)
Non-cash interest related to loss on derivative	(28		)	-			-			-			-			-		-		(28		)
Discontinued operations:																				-
Impairment loss	1,495			(1,495		)	-			-			-			-		-		-
Gain on extinguishment of debt	(18,145		)	18,145			-			-			-			-		-		-
	(14,448		)	16,650			(55		)	-			-			-		-		2,147
Adjusted FFO	$	35,285		$	(178	)	$	704		$	(128	)	$	(1,260	)	$	2,285	$	2,275	$	38,983
FFO per diluted share	$	0.42																		$	0.31
Adjusted FFO per diluted share	$	0.30																		$	0.33
Basic weighted average shares outstanding	117,227																			117,227
Shares associated with unvested restricted stock awards	87																			87
Diluted weighted average shares outstanding (9)	117,314																			117,314

(1)	Actual represents the Company’s ownership results for the 33 hotels in which the Company has interests as of June 30, 2011. In accordance with the June 30, 2012 presentation, 31 hotels are classified as held for investment and two have been reclassified as discontinued operations.
(2)	Discontinued Operations represents the Company’s ownership results for the Royal Palm Miami Beach that was sold in April 2011, the Salt Lake City commercial laundry facility that was sold in July 2011, the Eugene Valley River Inn that was sold in October 2011, along with the Marriott Del Mar which has been classified as held for sale as of June 30, 2012.
(3)	Acquisition: Hilton San Diego Bayfront represents prior ownership results for the hotel which was acquired by the Company on April 15, 2011, adjusted for the Company’s pro forma interest and depreciation expense plus non-cash straightline lease expense, along with its 25% non-controlling interest.
(4)	Equity Offering: Preferred Stock Series D represents the dividends earned on the 4,600,000 8% cumulative redeemable preferred shares sold on April 6, 2011 .
(5)	Disposition: Royal Palm Note Receivable represents interest income on the $90.0 million mortgage-secured purchase money loan which was sold in October 2011.
(6)	Acquisition: Hyatt Chicago Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on June 4, 2012, adjusted for the Company’s pro forma depreciation expense and ground lease payment classified as a capital lease for accounting purposes.
(7)	Acquisition: Hilton Garden Inn Chicago Downtown/Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on July 19, 2012, adjusted for the Company’s pro forma depreciation expense and management fee term adjustment.
(8)	Pro Forma represents the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio, as well as the effects of the Equity Offering completed in April 2011 and the disposition of the Royal Palm Note Receivable sold in October 2011.
(9)	Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 48

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA

Q3 2011

	Three Months Ended September 30, 2011
							Disposition:			Acquisition:			Acquisition:
				Discontinued			Royal Palm			Hyatt			Hilton Garden Inn		Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Note Receivable (3)			Chicago (4)			Chicago (5)		Forma (6)
Net loss	$	(16,553	)	$	(126	)	$	(1,380	)	$	283		$	990	$	(16,786	)
Operations held for investment:
Depreciation and amortization	33,802			-			-			1,950			1,110		36,862
Amortization of lease intangibles	1,028			-			-			-			-		1,028
Interest expense	18,902			-			-			351			-		19,253
Amortization of deferred financing fees	836			-			-			-			-		836
Non-cash interest related to discount on Senior Notes	270			-			-			-			-		270
Non-cash interest related to loss on derivatives, net	1,087			-			-			-			-		1,087
Non-controlling interests:
Loss from consolidated joint venture attributable to non-controlling interest	31			-			-			-			-		31
Depreciation and amortization	(1,414		)	-			-			-			-		(1,414		)
Interest expense	(549		)	-			-			-			-		(549		)
Amortization of deferred financing fees	(56		)	-			-			-			-		(56		)
Non-cash interest related to loss on derivative	(4		)	-			-			-			-		(4		)
Discontinued operations:
Depreciation and amortization	374			(374		)	-			-			-		-
Amortization of lease intangibles	7			(7		)	-			-			-		-
Interest expense	851			(851		)	-			-			-		-
Amortization of deferred financing fees	7			(7		)	-			-			-		-
EBITDA	38,619			(1,365		)	(1,380		)	2,584			2,100		40,558
Operations held for investment:
Amortization of deferred stock compensation	697			-			-			-			-		697
Non-cash straightline lease expense	696			-			-			-			-		696
Capital lease obligation interest - cash ground rent	-			-			-			(351		)	-		(351		)
Gain on sale of assets	(17		)	-			-			-			-		(17		)
Impairment loss	10,862			-			-			-			-		10,862
Lawsuit settlement costs	1,620			-			-			-			-		1,620
Management fee term adjustment	-			-			-			-			110		110
Non-controlling interests:
Non-cash straightline lease expense	(114		)	-			-			-			-		(114		)
Discontinued operations:
Loss on sale of assets	52			(52		)	-			-			-		-
	13,796			(52		)	-			(351		)	110		13,503
Adjusted EBITDA	$	52,415		$	(1,417	)	$	(1,380	)	$	2,233		$	2,210	$	54,061

*Footnotes on following page

APPENDIX	Page 49

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
Q3 2011

	Three Months Ended September 30, 2011
							Disposition:			Acquisition:		Acquisition:
				Discontinued			Royal Palm			Hyatt		Hilton Garden Inn		Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Note Receivable (3)			Chicago (4)		Chicago (5)		Forma (6)
Net loss	$	(16,553	)	$	(126	)	$	(1,380	)	$	283	$	990	$	(16,786	)
Preferred stock dividends	(7,437		)	-			-			-		-		(7,437		)
Operations held for investment:
Real estate depreciation and amortization	33,508			-			-			1,950		1,110		36,568
Amortization of lease intangibles	1,028			-			-			-		-		1,028
Gain on sale of assets	(17		)	-			-			-		-		(17		)
Non-controlling interests:
Loss from consolidated joint venture attributable to non-controlling interest	31			-			-			-		-		31
Real estate depreciation and amortization	(1,414		)	-			-			-		-		(1,414		)
Discontinued operations:
Real estate depreciation and amortization	374			(374		)	-			-		-		-
Amortization of lease intangibles	7			(7		)	-			-		-		-
Loss on sale of assets	52			(52		)	-			-		-		-
FFO	9,579			(559		)	(1,380		)	2,233		2,100		11,973
Operations held for investment:
Non-cash straightline lease expense	696			-			-			-		-		696
Non-cash interest related to loss on derivatives, net	1,087			-			-			-		-		1,087
Impairment loss	10,862			-			-			-		-		10,862
Lawsuit settlement costs	1,620			-			-			-		-		1,620
Non-controlling interests:
Non-cash straightline lease expense	(114		)	-			-			-		-		(114		)
Non-cash interest related to loss on derivative	(4		)	-			-			-		-		(4		)
	14,147			-			-			-		-		14,147
Adjusted FFO	$	23,726		$	(559	)	$	(1,380	)	$	2,233	$	2,100	$	26,120
FFO per diluted share	$	0.08												$	0.10
Adjusted FFO per diluted share	$	0.20												$	0.22
Basic weighted average shares outstanding	117,254													117,254
Shares associated with unvested restricted stock awards	-													-
Diluted weighted average shares outstanding (7)	117,254													117,254

(1) Actual represents the Company’s ownership results for the 33 hotels in which the Company has interests as of September 30, 2011. In accordance with the June 30, 2012 presentation, 31 hotels are classified as held for investment and two have been reclassified as discontinued operations.

(2) Discontinued Operations represents the Company’s ownership results for the Salt Lake City commercial laundry facility that was sold in July 2011, the Eugene Valley River Inn that was sold in October 2011, along with the Marriott Del Mar which has been classified as held for sale as of June 30, 2012.

(3) Disposition: Royal Palm Note Receivable represents interest income on the $90.0 million mortgage-secured purchase money loan which was sold in October 2011.

(4) Acquisition: Hyatt Chicago Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on June 4, 2012, adjusted for the Company’s pro forma depreciation expense and ground lease payment classified as a capital lease for accounting purposes.

(5) Acquisition: Hilton Garden Inn Chicago Downtown/Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on July 19, 2012, adjusted for the Company’s pro forma depreciation expense and management fee term adjustment.

(6) Pro Forma represents the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio, as well as the effects of the disposition of the Royal Palm Note Receivable sold in October 2011.

(7) Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 50

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA

Q4 2011

	Three Months Ended December 31, 2011
							Disposition:			Acquisition:			Acquisition:
				Discontinued			Royal Palm			Hyatt			Hilton Garden Inn		Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Note Receivable (3)			Chicago (4)			Chicago (5)		Forma (6)
Net income	$	7,588		$	(916	)	$	(90	)	$	(259	)	$	723	$	7,046
Operations held for investment:
Depreciation and amortization	34,511			-			-			1,950			1,109		37,570
Amortization of lease intangibles	1,029			-			-			-			-		1,029
Interest expense	19,723			-			-			351			-		20,074
Amortization of deferred financing fees	963			-			-			-			-		963
Write-off of deferred financing fees	21			-			-			-			-		21
Non-cash interest related to discount on Senior Notes	270			-			-			-			-		270
Non-cash interest related to loss on derivatives	564			-			-			-			-		564
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(99		)	-			-			-			-		(99		)
Depreciation and amortization	(1,416		)	-			-			-			-		(1,416		)
Interest expense	(557		)	-			-			-			-		(557		)
Amortization of deferred financing fees	(57		)	-			-			-			-		(57		)
Non-cash interest related to loss on derivative	1			-			-			-			-		1
Discontinued operations:
Depreciation and amortization	377			(377		)	-			-			-		-
Amortization of lease intangibles	7			(7		)	-			-			-		-
Interest expense	734			(734		)	-			-			-		-
Amortization of deferred financing fees	5			(5		)	-			-			-		-
Write-off of deferred financing fees	42			(42		)	-			-			-		-
EBITDA	63,706			(2,081		)	(90		)	2,042			1,832		65,409
Operations held for investment:
Amortization of deferred stock compensation	575			-			-			-			-		575
Non-cash straightline lease expense	696			-			-			-			-		696
Capital lease obligation interest - cash ground rent	-			-			-			(351		)	-		(351		)
Gain on sale of assets	(10		)	-			-			-			-		(10		)
Closing costs - completed acquisitions	31			-			-			-			-		31
Management fee term adjustment	-			-			-			-			100		100
Non-controlling interests:
Non-cash straightline lease expense	(111		)	-			-			-			-		(111		)
Discontinued operations:
Gain on sale of assets	(946		)	946			-			-			-		-
	235			946			-			(351		)	100		930
Adjusted EBITDA	$	63,941		$	(1,135	)	$	(90	)	$	1,691		$	1,932	$	66,339

*Footnotes on following page

APPENDIX	Page 51

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
Q4 2011

	Three Months Ended December 31, 2011
							Disposition:			Acquisition:			Acquisition:
				Discontinued			Royal Palm			Hyatt			Hilton Garden Inn		Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Note Receivable (3)			Chicago (4)			Chicago (5)		Forma (6)
Net income	$	7,588		$	(916	)	$	(90	)	$	(259	)	$	723	$	7,046
Preferred stock dividends	(7,437		)	-			-			-			-		(7,437		)
Operations held for investment:
Real estate depreciation and amortization	34,213			-			-			1,950			1,109		37,272
Amortization of lease intangibles	1,029			-			-			-			-		1,029
Gain on sale of assets	(10		)	-			-			-			-		(10		)
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(99		)	-			-			-			-		(99		)
Real estate depreciation and amortization	(1,416		)	-			-			-			-		(1,416		)
Discontinued operations:
Real estate depreciation and amortization	377			(377		)	-			-			-		-
Amortization of lease intangibles	7			(7		)	-			-			-		-
Gain on sale of assets	(946		)	946			-			-			-		-
FFO	33,306			(354		)	(90		)	1,691			1,832		36,385
Operations held for investment:
Write-off of deferred financing fees	21			-			-			-			-		21
Non-cash straightline lease expense	696			-			-			-			-		696
Non-cash interest related to loss on derivatives	564			-			-			-			-		564
Closing costs - completed acquisitions	31			-			-			-			-		31
Non-controlling interests:
Non-cash straightline lease expense	(111		)	-			-			-			-		(111		)
Non-cash interest related to loss on derivative	1			-			-			-			-		1
Discontinued operations:
Write-off of deferred financing fees	42			(42		)	-			-			-		-
	1,244			(42		)	-			-			-		1,202
Adjusted FFO	$	34,550		$	(396	)	$	(90	)	$	1,691		$	1,832	$	37,587
FFO per diluted share	$	0.28													$	0.31
Adjusted FFO per diluted share	$	0.29													$	0.32
Basic weighted average shares outstanding	117,265														117,265
Shares associated with unvested restricted stock awards	-														-
Diluted weighted average shares outstanding (7)	117,265														117,265

(1) Actual represents the Company’s ownership results for the 32 hotels in which the Company has interests as of December 31, 2011. In accordance with the June 30, 2012 presentation, 31 hotels are classified as held for investment and one has been reclassified as discontinued operations.

(2) Discontinued Operations represents the Company’s ownership results for the Eugene Valley River Inn which was sold in October 2011 along with the Marriott Del Mar which has been classified as held for sale as of June 30, 2012.

(3) Disposition: Royal Palm Note Receivable represents interest income on the $90.0 million mortgage-secured purchase money loan which was sold in October 2011.

(4) Acquisition: Hyatt Chicago Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on June 4, 2012, adjusted for the Company’s pro forma depreciation expense and ground lease payment classified as a capital lease for accounting purposes.

(5) Acquisition: Hilton Garden Inn Chicago Downtown/Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on July 19, 2012, adjusted for the Company’s pro forma depreciation expense and management fee term adjustment.

(6) Pro Forma represents the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio, as well as the effects of the disposition of the Royal Palm Note Receivable sold in October 2011.

(7) Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 52

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA

FY 2011

	Year Ended December 31, 2011
							Acquisition:			Acquisition:			Acquisition:		Acquisition:			Equity Offering:					Acquisition:			Acquisition:
				Discontinued			Doubletree Guest			BuyEfficient,			JW Marriott		Hilton San			Preferred Stock		Royal Palm			Hyatt			Hilton Garden Inn		Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Suites Time Square (3)			LLC (4)			New Orleans (5)		Diego Bayfront (6)			Series D (7)		Note Receivable (8)			Chicago (9)			Chicago (10)		Forma (11)
Net income	$	81,299		$	(32,221	)	$	(458	)	$	(7	)	$	174	$	2,986		$	-	$	(2,730	)	$	(2,407	)	$	2,039	$	48,675
Operations held for investment:
Depreciation and amortization	126,468			-			261			37			262		5,785			-		-			7,800			4,437		145,050
Amortization of lease intangibles	3,979			-			140			-			-		-			-		-			-			-		4,119
Interest expense	73,241			-			138			-			287		2,320			-		-			1,404			-		77,390
Amortization of deferred financing fees	3,217			-			-			-			-		263			-		-			-			-		3,480
Write-off of deferred financing fees	21			-			-			-			-		-			-		-			-			-		21
Non-cash interest related to discount on Senior Notes	1,062			-			-			-			-		-			-		-			-			-		1,062
Non-cash interest related to loss on derivatives	2,655			-			-			-			-		-			-		-			-			-		2,655
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(312		)	-			-			-			-		(739		)	-		-			-			-		(1,051		)
Depreciation and amortization	(4,014		)	-			-			-			-		(1,446		)	-		-			-			-		(5,460		)
Interest expense	(1,562		)	-			-			-			-		(581		)	-		-			-			-		(2,143		)
Amortization of deferred financing fees	(160		)	-			-			-			-		(66		)	-		-			-			-		(226		)
Non-cash interest related to loss on derivative	(31		)	-			-			-			-		-			-		-			-			-		(31		)
Unconsolidated joint ventures:
Depreciation and amortization	3			-			-			(3		)	-		-			-		-			-			-		-
Discontinued operations:
Depreciation and amortization	3,428			(3,428		)	-			-			-		-			-		-			-			-		-
Amortization of lease intangibles	28			(28		)	-			-			-		-			-		-			-			-		-
Interest expense	3,269			(3,269		)	-			-			-		-			-		-			-			-		-
Amortization of deferred financing fees	25			(25		)	-			-			-		-			-		-			-			-		-
Write-off of deferred financing fees	42			(42		)	-			-			-		-			-		-			-			-		-
EBITDA	292,658			(39,013		)	81			27			723		8,522			-		(2,730		)	6,797			6,476		273,541
Operations held for investment:
Amortization of deferred stock compensation	2,745			-			-			2			-		-			-		-			-			-		2,747
Non-cash straightline lease expense	2,398			-			5			-			1		380			-		-			-			-		2,784
Capital lease obligation interest - cash ground rent	-			-			-			-			-		-			-		-			(1,404		)	-		(1,404		)
Gain on sale of assets	(83		)	-			-			-			-		-			-		-			-			-		(83		)
Gain on remeasurement of equity interests	(69,230		)	-			-			-			-		-			-		-			-			-		(69,230		)
Impairment loss	10,862			-			-			-			-		-			-		-			-			-		10,862
Lawsuit settlement costs	1,620			-			-			-			-		-			-		-			-			-		1,620
Closing costs - completed acquisitions	3,403			-			-			-			-		-			-		-			-			-		3,403
Management fee term adjustment	-			-			-			-			-		-			-		-			-			370		370
Non-controlling interests:
Non-cash straightline lease expense	(354		)	-			-			-			-		(99		)	-		-			-			-		(453		)
Unconsolidated joint ventures:
Amortization of deferred stock compensation	2			-			-			(2		)	-		-			-		-			-			-		-
Discontinued operations:
Gain on sale of assets	(14,912		)	14,912			-			-			-		-			-		-			-			-		-
Impairment loss	1,495			(1,495		)	-			-			-		-			-		-			-			-		-
Gain on extinguishment of debt	(18,145		)	18,145			-			-			-		-			-		-			-			-		-
	(80,199		)	31,562			5			-			1		281			-		-			(1,404		)	370		(49,384		)
Adjusted EBITDA	$	212,459		$	(7,451	)	$	86		$	27		$	724	$	8,803		$	-	$	(2,730	)	$	5,393		$	6,846	$	224,157

*Footnotes on following page

APPENDIX	Page 53

Supplemental Financial Information – Unaudited
August 2, 2012

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
FY 2011

	Year Ended December 31, 2011
							Acquisition:			Acquisition:			Acquisition:		Acquisition:			Equity Offering:			Disposition:			Acquisition:			Acquisition:
				Discontinued			Doubletree Guest			BuyEfficient,			JW Marriott		Hilton San			Preferred Stock			Royal Palm			Hyatt			Hilton Garden Inn		Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Suites Time Square (3)			LLC (4)			New Orleans (5)		Diego Bayfront (6)			Series D (7)			Note Receivable (8)			Chicago (9)			Chicago (10)		Forma (11)
Net income	$	81,299		$	(32,221	)	$	(458	)	$	(7	)	$	174	$	2,986		$	-		$	(2,730	)	$	(2,407	)	$	2,039	$	48,675
Preferred stock dividends	(27,321		)	-			-			-			-		-			(2,428		)	-			-			-		(29,749		)
Operations held for investment:
Real estate depreciation and amortization	125,299			-			261			-			262		5,785			-			-			7,800			4,437		143,844
Amortization of lease intangibles	3,979			-			140			-			-		-			-			-			-			-		4,119
Gain on sale of assets	(83		)	-			-			-			-		-			-			-			-			-		(83		)
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	(312		)	-			-			-			-		(739		)	-			-			-			-		(1,051		)
Real estate depreciation and amortization	(4,014		)	-			-			-			-		(1,446		)	-			-			-			-		(5,460		)
Discontinued operations:
Real estate depreciation and amortization	3,428			(3,428		)	-			-			-		-			-			-			-			-		-
Amortization of lease intangibles	28			(28		)	-			-			-		-			-			-			-			-		-
Gain on sale of assets	(14,912		)	14,912			-			-			-		-			-			-			-			-		-
FFO	167,391			(20,765		)	(57		)	(7		)	436		6,586			(2,428		)	(2,730		)	5,393			6,476		160,295
Operations held for investment:
Write-off of deferred financing fees	21			-			-			-			-		-			-			-			-			-		21
Non-cash straightline lease expense	2,398			-			5			-			1		380			-			-			-			-		2,784
Non-cash interest related to loss on derivatives	2,655			-			-			-			-		-			-			-			-			-		2,655
Gain on remeasurement of equity interests	(69,230		)	-			-			-			-		-			-			-			-			-		(69,230		)
Closing costs - completed acquisitions	3,403			-			-			-			-		-			-			-			-			-		3,403
Impairment loss	10,862			-			-			-			-		-			-			-			-			-		10,862
Lawsuit settlement costs	1,620			-			-			-			-		-			-			-			-			-		1,620
Non-controlling interests:
Non-cash straightline lease expense	(354		)	-			-			-			-		(99		)	-			-			-			-		(453		)
Non-cash interest related to loss on derivative	(31		)	-			-			-			-		-			-			-			-			-		(31		)
Discontinued operations:
Write-off of deferred financing fees	42			(42		)	-			-			-		-			-			-			-			-		-
Impairment loss	1,495			(1,495		)	-			-			-		-			-			-			-			-		-
Gain on extinguishment of debt	(18,145		)	18,145			-			-			-		-			-			-			-			-		-
	(65,264		)	16,608			5			-			1		281			-			-			-			-		(48,369		)
Adjusted FFO	$	102,127		$	(4,157	)	$	(52	)	$	(7	)	$	437	$	6,867		$	(2,428	)	$	(2,730	)	$	5,393		$	6,476	$	111,926
FFO per diluted share	$	1.43																											$	1.37
Adjusted FFO per diluted share	$	0.87																											$	0.95
Basic weighted average shares outstanding	117,206																												117,206
Shares associated with unvested restricted stock awards	84																												84
Diluted weighted average shares outstanding (12)	117,290																												117,290

(1) Actual represents the Company’s ownership results for the 32 hotels in which the Company has interests as of December 31, 2011.  In accordance with the June 30, 2012 presentation, 31 hotels are classified as held for investment and one has been reclassified as discontinued operations.

(2) Discontinued Operations  represents the Company’s ownership results for the Royal Palm Miami Beach that was sold in April 2011, the Salt Lake City commercial laundry facility that was sold in July 2011, the Eugene Valley River Inn that was sold in October 2011, along with the Marriott Del Mar which has been classified as held for sale as of June 30, 2012.

(3) Acquisition: Doubletree Guest Suites Times Square represents prior ownership results for the joint venture which was acquired by the Company on January 14, 2011, adjusted for the Company’s pro forma interest and depreciation expense along with non-cash straightline lease expense.

(4) Acquisition: BuyEfficient, LLC represents prior ownership results for the joint venture which was acquired by the Company on January 21, 2011, adjusted for the Company’s pro forma depreciation expense.

(5) Acquisition: JW Marriott New Orleans represents prior ownership results for the hotel which was acquired by the Company on February 15, 2011, adjusted for the Company’s pro forma interest and depreciation expense along with non-cash straightline lease expense.

(6) Acquisition: Hilton San Diego Bayfront represents prior ownership results for the hotel which was acquired by the Company on April 15, 2011, adjusted for the Company’s pro forma interest and depreciation expense plus non-cash straightline lease expense, along with its 25% non-controlling interest.

(7) Equity Offering: Preferred Stock Series D represents the dividends paid on the 4,600,000 8% cumulative redeemable preferred shares issued on April 6, 2011 .

(8) Disposition: Royal Palm Note Receivable represents interest income on the $90.0 million mortgage-secured purchase money loan which was sold in October 2011.

(9) Acquisition: Hyatt Chicago Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on June 4, 2012, adjusted for the Company’s pro forma depreciation expense and ground lease payment classified as a capital lease for accounting purposes.

(10) Acquisition: Hilton Garden Inn Chicago Downtown/Magnificent Mile represents prior ownership results for the hotel which was acquired by the Company on July 19, 2012, adjusted for the Company’s pro forma depreciation expense and management fee term adjustment.

(11) Pro Forma represents the Company’s ownership results and prior ownership results for the pro forma 33 hotel portfolio, as well as the acquisition of BuyEfficient, LLC in January 2011 along with the effects of the Equity Offering completed in April 2011 and the disposition of the Royal Palm Note Receivable sold in October 2011.

(12) Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 54

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

Q1 2012

	Hotels sorted by number of rooms	For the Three Months Ended March 31, 2012
							Plus:		Plus:		Plus:		Equals:			Hotel
	(In thousands)	Total		Net Income /			Other						Hotel			EBITDA
		Revenues		(Loss)			Adjustments (2)		Depreciation		Interest Expense		EBITDA			Margins
1	Hilton San Diego Bayfront (1)	$	30,620	$	2,242		$	450	$	5,674	$	2,510	$	10,876		35.5	%
2	Renaissance Washington DC	13,701		(1,374		)	-		1,926		1,960		2,512			18.3	%
3	Renaissance Orlando at SeaWorld ®	15,650		2,454			-		1,969		1,146		5,569			35.6	%
4	Kahler Grand (3)	5,504		498			-		817		375		1,690			30.7	%
5	Renaissance Harborplace (3)	7,047		(2,588		)	-		2,028		1,296		736			10.4	%
6	Renaissance Los Angeles Airport	5,677		378			-		688		-		1,066			18.8	%
7	JW Marriott New Orleans	8,312		536			1		1,798		585		2,920			35.1	%
8	Hilton North Houston (3)	5,919		144			-		945		478		1,567			26.5	%
9	Marriott Quincy	4,830		(539		)	-		1,228		-		689			14.3	%
10	Doubletree Guest Suites Times Square (1)	11,949		(3,168		)	1,003		1,983		1,956		1,774			14.8	%
11	Hilton Times Square	10,254		(2,373		)	270		2,157		1,243		1,297			12.6	%
12	Fairmont Newport Beach	6,002		(440		)	-		1,353		-		913			15.2	%
13	Hyatt Chicago Magnificent Mile	3,813		(2,593		)	-		1,950		-		(643		)	-16.9	%
14	Marriott Boston Long Wharf	8,171		(3,073		)	-		2,153		2,486		1,566			19.2	%
15	Hyatt Regency Newport Beach	6,619		242			-		656		-		898			13.6	%
16	Marriott Tysons Corner	4,708		(46		)	-		812		606		1,372			29.1	%
17	Marriott Houston (3)	3,950		100			-		568		311		979			24.8	%
18	Renaissance Long Beach	4,724		139			-		617		411		1,167			24.7	%
19	Embassy Suites Chicago	3,706		(1,426		)	-		879		1,047		500			13.5	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	3,141		(694		)	-		1,109		-		415			13.2	%
21	Marriott Troy	3,789		(245		)	-		586		475		816			21.5	%
22	Renaissance Westchester	4,002		(896		)	394		386		-		(116		)	-2.9	%
23	Embassy Suites La Jolla	4,448		(224		)	-		903		1,149		1,828			41.1	%
24	Marriott Philadelphia	3,947		(208		)	-		475		369		636			16.1	%
25	Kahler Inn & Suites (3)	2,065		522			-		349		-		871			42.2	%
26	Hilton Del Mar (3)	2,766		(181		)	-		382		339		540			19.5	%
27	Marriott Portland	2,775		646			-		294		-		940			33.9	%
28	Doubletree Guest Suites Minneapolis	1,634		(291		)	-		345		235		289			17.7	%
29	Sheraton Cerritos	2,933		261			-		427		-		688			23.5	%
30	Marriott Rochester (3)	2,816		249			-		562		-		811			28.8	%
31	Marriott Park City	4,286		1,288			-		350		204		1,842			43.0	%
32	Courtyard by Marriott Los Angeles	2,621		523			-		306		-		829			31.6	%
33	Residence Inn by Marriott Rochester	902		250			-		125		-		375			41.6	%
	Pro Forma Portfolio (4)	203,281		(9,887		)	2,118		36,800		19,181		48,212			23.7	%
	Less: Non-Comparable Hotels (5)
	Hyatt Chicago Magnificent Mile	3,813		(2,593		)	-		1,950		-		(643		)	-16.9	%
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	3,141		(694		)	-		1,109		-		415			13.2	%
	Actual Portfolio	$	196,327	$	(6,600	)	$	2,118	$	33,741	$	19,181	$	48,440		24.7	%
	*Footnotes on page 57.

APPENDIX	Page 55

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

Q1 2011

	Hotels sorted by number of rooms	For the Three Months Ended March 31, 2011
							Plus:		Plus:		Plus:		Equals:			Hotel
		Total		Net Income /			Other						Hotel			EBITDA
		Revenues		(Loss)			Adjustments (6)		Depreciation		Interest Expense		EBITDA			Margins
1	Hilton San Diego Bayfront (1)	$	29,876	$	2,899		$	450	$	4,868	$	2,271	$	10,488		35.1	%
2	Renaissance Washington DC	16,203		741			-		1,841		1,987		4,569			28.2	%
3	Renaissance Orlando at SeaWorld ®	15,085		2,406			-		1,838		1,159		5,403			35.8	%
4	Kahler Grand	5,493		288			-		738		380		1,406			25.6	%
5	Renaissance Harborplace	7,539		(2,389		)	-		2,003		1,370		984			13.1	%
6	Renaissance Los Angeles Airport	5,293		44			-		709		-		753			14.2	%
7	JW Marriott New Orleans	7,229		626			1		1,148		573		2,348			32.5	%
8	Hilton North Houston	5,318		(323		)	-		816		479		972			18.3	%
9	Marriott Quincy	4,075		(857		)	-		1,105		-		248			6.1	%
10	Doubletree Guest Suites Times Square (1)	11,448		(2,582		)	1,045		2,039		1,023		1,525			13.3	%
11	Hilton Times Square	9,404		(2,578		)	352		2,333		1,238		1,345			14.3	%
12	Fairmont Newport Beach	6,054		(560		)	-		1,378		-		818			13.5	%
13	Hyatt Chicago Magnificent Mile	3,322		(2,766		)	-		1,950		-		(816		)	-24.6	%
14	Marriott Boston Long Wharf	6,522		(3,624		)	-		1,960		2,459		795			12.2	%
15	Hyatt Regency Newport Beach	6,235		367			-		680		-		1,047			16.8	%
16	Marriott Tysons Corner	4,325		(240		)	-		687		615		1,062			24.6	%
17	Marriott Houston	2,905		(479		)	-		424		315		260			9.0	%
18	Renaissance Long Beach	4,849		275			-		600		416		1,291			26.6	%
19	Embassy Suites Chicago (3)	3,431		(2,005		)	-		818		1,053		(134		)	-3.9	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	2,710		(840		)	-		1,109		-		269			9.9	%
21	Marriott Troy	3,332		(536		)	-		562		482		508			15.2	%
22	Renaissance Westchester	3,406		(367		)	-		294		-		(73		)	-2.1	%
23	Embassy Suites La Jolla	4,194		(496		)	-		954		1,157		1,615			38.5	%
24	Marriott Philadelphia	3,584		(335		)	-		448		374		487			13.6	%
25	Kahler Inn & Suites	1,793		456			-		228		-		684			38.1	%
26	Hilton Del Mar	2,695		(224		)	-		359		343		478			17.7	%
27	Marriott Portland	2,411		342			-		282		-		624			25.9	%
28	Doubletree Guest Suites Minneapolis	1,230		(425		)	-		236		238		49			4.0	%
29	Sheraton Cerritos	2,100		(142		)	-		375		-		233			11.1	%
30	Marriott Rochester	2,434		71			-		484		-		555			22.8	%
31	Marriott Park City	4,485		1,408			-		293		207		1,908			42.5	%
32	Courtyard by Marriott Los Angeles	2,031		329			-		174		-		503			24.8	%
33	Residence Inn by Marriott Rochester	964		283			-		139		-		422			43.8	%
	Pro Forma Portfolio (7)	191,975		(11,233		)	1,848		33,872		18,139		42,626			22.2	%
	Less: Non-Comparable Hotels (5)
	Hyatt Chicago Magnificent Mile	3,322		(2,766		)	-		1,950		-		(816		)
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	2,710		(840		)	-		1,109		-		269			9.9	%
	Comparable Portfolio	185,943		(7,627		)	1,848		30,813		18,139		43,173			23.2	%
	Prior Ownership Results (8)
	Doubletree Guest Suites Times Square (1)	1,560		(458		)	145		261		138		86			5.5	%
	JW Marriott New Orleans	3,277		174			1		262		287		724			22.1	%
	Hilton San Diego Bayfront (1)	29,875		2,899			450		4,868		2,271		10,488			35.1	%
	Actual Portfolio	$	151,231	$	(10,242	)	$	1,252	$	25,422	$	15,443	$	31,875		21.1	%
	*Footnotes on page 57.

APPENDIX	Page 56

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

(1)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(2)	Other Adjustments for the three months ended March 31, 2012 include: a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; a total of $0.7 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; and $0.4 million in management transition costs at the Renaissance Westchester.
(3)	Hotel EBITDA for the first quarter of 2012 is impacted by a total of $0.3 million in property tax credits received at the following hotels: Hilton Del Mar $65,000; Hilton North Houston $56,000; Kahler Grand $44,000; Kahler Inn & Suites $15,000; Marriott Houston $43,000; Marriott Rochester $10,000; and Renaissance Harborplace $106,000. Hotel EBITDA for the first quarter of 2011 is impacted by a $315,000 property tax assessment received at the Embassy Suites Chicago.
(4)	Pro Forma Portfolio for the three months ended March 31, 2012 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(5)	Non-Comparable Hotels include prior ownership results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile which is currently experiencing material and prolonged business interruption due to rebranding and renovation, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile due to its acquisition date subsequent to June 30, 2012.
(6)	Other Adjustments for the three months ended March 31, 2011 include: a total of $1.1 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; a total of $0.7 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; and $0.1 million in management transition costs at the Hilton Times Square.
(7)	Pro Forma Portfolio for the three months ended March 31, 2011 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results and the Company’s pro forma adjustments related to non-cash amortization of lease intangibles, non-cash straightline lease expense, interest expense and depreciation expense as applicable for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011, the Hilton San Diego Bayfront acquired by the Company on April 15, 2011, the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(8)	Includes prior ownership results and the Company’s pro forma adjustments related to non-cash amortization of lease intangibles, non-cash straightline lease expense, interest expense and depreciation expense as applicable for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011 and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

APPENDIX	Page 57

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

Q2 2012

	Hotels sorted by number of rooms	For the Three Months Ended June 30, 2012
	(In thousands)	Total Revenues		Net Income / (Loss)			Plus: Other Adjustments (2)		Plus: Depreciation		Plus: Interest Expense		Equals: Hotel EBITDA		Hotel EBITDA Margins
1	Hilton San Diego Bayfront (1) (3)	$	30,860	$	1,250		$	450	$	5,683	$	2,490	$	9,873	32.0	%
2	Renaissance Washington DC	20,099		3,219			-		1,954		1,953		7,126		35.5	%
3	Renaissance Orlando at SeaWorld ®	13,740		1,256			-		1,938		1,140		4,334		31.5	%
4	Kahler Grand	6,017		782			-		832		373		1,987		33.0	%
5	Renaissance Harborplace	11,299		403			-		1,985		1,286		3,674		32.5	%
6	Renaissance Los Angeles Airport	5,668		383			-		702		-		1,085		19.1	%
7	JW Marriott New Orleans	8,767		823			1		1,804		763		3,391		38.7	%
8	Hilton North Houston	5,656		(226		)	-		953		476		1,203		21.3	%
9	Marriott Quincy	6,999		1,047			-		1,163		-		2,210		31.6	%
10	Doubletree Guest Suites Times Square (1)	17,438		1,533			1,000		1,969		2,097		6,599		37.8	%
11	Hilton Times Square	14,321		1,296			270		2,183		1,242		4,991		34.9	%
12	Fairmont Newport Beach	6,408		(103		)	-		1,349		-		1,246		19.4	%
13	Hyatt Chicago Magnificent Mile	7,132		112			143		1,950		-		2,205		30.9	%
14	Marriott Boston Long Wharf	12,167		401			-		2,053		2,486		4,940		40.6	%
15	Hyatt Regency Newport Beach	7,757		888			-		656		-		1,544		19.9	%
16	Marriott Tysons Corner	5,764		695			-		806		602		2,103		36.5	%
17	Marriott Houston	3,950		137			-		584		309		1,030		26.1	%
18	Renaissance Long Beach	5,207		837			-		606		138		1,581		30.4	%
19	Embassy Suites Chicago (3)	7,031		1,630			-		877		1,042		3,549		50.5	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	6,057		1,462			-		1,109		-		2,571		42.4	%
21	Marriott Troy	4,134		(44		)	-		586		472		1,014		24.5	%
22	Renaissance Westchester	5,335		276			72		372		-		720		13.5	%
23	Embassy Suites La Jolla (3)	4,815		342			-		906		1,146		2,394		49.7	%
24	Marriott Philadelphia	4,679		408			-		479		366		1,253		26.8	%
25	Kahler Inn & Suites	2,098		505			-		350		-		855		40.8	%
26	Hilton Del Mar	2,359		(454		)	-		441		336		323		13.7	%
27	Marriott Portland	3,400		1,090			-		294		-		1,384		40.7	%
28	Doubletree Guest Suites Minneapolis (3)	2,431		434			-		350		234		1,018		41.9	%
29	Sheraton Cerritos	2,962		296			-		421		-		717		24.2	%
30	Marriott Rochester	3,606		808			-		566		-		1,374		38.1	%
31	Marriott Park City	1,554		(590		)	-		371		203		(16)		-1.0	%
32	Courtyard by Marriott Los Angeles	2,764		630			-		309		-		939		34.0	%
33	Residence Inn by Marriott Rochester	951		312			-		124		-		436		45.8	%
	Pro Forma Portfolio (4)	243,425		21,838			1,936		36,725		19,154		79,653		32.7	%
	Less: Non-Comparable Hotels (5)
	Hyatt Chicago Magnificent Mile	7,132		112			143		1,950		-		2,205		30.9	%
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	6,057		1,462			-		1,109		-		2,571		42.4	%
	Comparable Portfolio	230,236		20,264			1,793		33,666		19,154		74,877		32.5	%
	Add: Non-comparable Hotel (6)
	Hyatt Chicago Magnificent Mile	2,657		314			143		587		-		1,044		39.3	%
	Actual Portfolio	$	232,893	$	20,578		$	1,936	$	34,253	$	19,154	$	75,921	32.6	%
	*Footnotes on page 60.

APPENDIX	Page 58

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

Q2 2011

	Hotels sorted by number of rooms	For the Three Months Ended June 30, 2011
		Total Revenues		Net Income / (Loss)			Plus: Other Adjustments (7)			Plus: Depreciation		Plus: Interest Expense		Equals: Hotel EBITDA		Hotel EBITDA Margins
1	Hilton San Diego Bayfront (1)	$	27,981	$	1,086		$	449		$	5,652	$	2,435	$	9,622	34.4	%
2	Renaissance Washington DC (3)	19,267		3,575			-			1,884		1,981		7,440		38.6	%
3	Renaissance Orlando at SeaWorld ® (3)	10,945		(232		)	-			1,884		1,166		2,818		25.7	%
4	Kahler Grand (3)	6,407		1,007			-			793		382		2,182		34.1	%
5	Renaissance Harborplace (3)	11,072		437			-			2,011		1,307		3,755		33.9	%
6	Renaissance Los Angeles Airport	5,172		211			-			717		-		928		17.9	%
7	JW Marriott New Orleans	7,894		(212		)	3			1,774		1,439		3,004		38.1	%
8	Hilton North Houston (3)	4,963		(328		)	-			819		483		974		19.6	%
9	Marriott Quincy	6,333		546			-			1,117		-		1,663		26.3	%
10	Doubletree Guest Suites Times Square (1) (3)	16,538		2,210			967			2,070		951		6,198		37.5	%
11	Hilton Times Square	13,084		117			269			2,109		1,247		3,742		28.6	%
12	Fairmont Newport Beach (3)	6,429		220			-			1,370		-		1,590		24.7	%
13	Hyatt Chicago Magnificent Mile	7,522		335			-			1,950		-		2,285		30.4	%
14	Marriott Boston Long Wharf	10,656		(491		)	-			1,964		2,486		3,959		37.2	%
15	Hyatt Regency Newport Beach (3)	7,644		767			-			679		-		1,446		18.9	%
16	Marriott Tysons Corner	6,191		973			-			771		618		2,362		38.2	%
17	Marriott Houston (3)	3,520		(232		)	-			508		317		593		16.8	%
18	Renaissance Long Beach	4,692		166			-			604		419		1,189		25.3	%
19	Embassy Suites Chicago (3)	6,871		2,123			-			882		1,064		4,069		59.2	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	5,445		1,166			-			1,109		-		2,275		41.8	%
21	Marriott Troy	3,692		(263		)	-			574		484		795		21.5	%
22	Renaissance Westchester (3)	5,048		333			-			300		-		633		12.5	%
23	Embassy Suites La Jolla (3)	4,502		(196		)	-			913		1,159		1,876		41.7	%
24	Marriott Philadelphia	4,913		665			-			457		375		1,497		30.5	%
25	Kahler Inn & Suites	1,725		365			-			289		-		654		37.9	%
26	Hilton Del Mar	2,974		(19		)	-			363		345		689		23.2	%
27	Marriott Portland (3)	3,113		1,013			-			285		-		1,298		41.7	%
28	Doubletree Guest Suites Minneapolis	2,371		265			-			301		240		806		34.0	%
29	Sheraton Cerritos	2,802		348			-			417		-		765		27.3	%
30	Marriott Rochester (3)	2,949		548			-			520		-		1,068		36.2	%
31	Marriott Park City	1,229		(689		)	-			320		208		(161)		-13.1	%
32	Courtyard by Marriott Los Angeles	1,991		164			-			244		-		408		20.5	%
33	Residence Inn by Marriott Rochester	978		321			-			136		-		457		46.7	%
	Pro Forma Portfolio (8)	226,913		16,299			1,688			35,786		19,106		72,879		32.1	%
	Less: Non-Comparable Hotels (5)
	Hyatt Chicago Magnificent Mile	7,522		335			-			1,950		-		2,285
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	5,445		1,166			-			1,109		-		2,275		41.8	%
	Comparable Portfolio	213,946		14,798			1,688			32,727		19,106		68,319		31.9	%
	Prior Ownership Results (9)
	Hilton San Diego Bayfront (1)	4,064		87			(70		)	917		312		1,246		30.7	%
	Actual Portfolio	$	209,882	$	14,711		$	1,758		$	31,810	$	18,794	$	67,073	32.0	%
	*Footnotes on page 60.

APPENDIX	Page 59

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

(1)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(2)	Other Adjustments for the three months ended June 30, 2012 include: a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; a total of $0.7 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; $0.1 million in management transition costs at the Renaissance Westchester; and $0.1 million in management transition costs at the Hyatt Chicago Magnificent Mile.
(3)	Hotel EBITDA for the second quarter of 2012 is impacted by a total $(0.1) million in property tax (assessments) net of credits received at the following hotels: Doubletree Guest Suites Minneapolis $60,000; Embassy Suites Chicago $611,000; Embassy Suites La Jolla $301,000; and Hilton San Diego Bayfront $(1,061,000). Hotel EBITDA for the second quarter of 2011 is impacted by a total $0.9 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Times Square $(112,000); Embassy Suites Chicago $492,000; Embassy Suites La Jolla $2,000; Fairmont Newport Beach $485,000; Hilton North Houston $123,000; Hyatt Regency Newport Beach $31,000; Kahler Grand $(1,000); Marriott Houston $(33,000); Marriott Portland $48,000; Marriott Rochester $(2,000); Renaissance Harborplace $157,000; Renaissance Orlando at SeaWorld ® $(9,000); Renaissance Washington DC $(54,000); and Renaissance Westchester $(212,000).
(4)	Pro Forma Portfolio for the three months ended June 30, 2012 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results, the Company’s results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and prior ownership results and the Company’s pro forma depreciation expense for the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(5)	Non-Comparable Hotels include prior ownership results, the Company’s results as applicable and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile which is currently experiencing material and prolonged business interruption due to rebranding and renovation, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile due to its acquisition date subsequent to June 30, 2012.
(6)	Includes the Company’s ownership results for the Hyatt Chicago Magnificent Mile which has been classified as non-comparable as of June 30, 2012 because the hotel is currently experiencing material and prolonged business interruption due to rebranding and renovation.
(7)	Other Adjustments for the three months ended June 30, 2011 include: a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $0.7 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.
(8)	Pro Forma Portfolio for the three months ended June 30, 2011 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results and the Company’s pro forma adjustments related to non-cash straightline lease expense, interest expense and depreciation expense as applicable for the Hilton San Diego Bayfront acquired by the Company on April 15, 2011, the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(9)	Includes prior ownership results and the Company’s pro forma adjustments related to non-cash straightline lease expense, interest expense and depreciation expense for the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

APPENDIX	Page 60

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

YTD 2012

	Hotels sorted by number of rooms	For the Six Months Ended June 30, 2012
	(In thousands)	Total Revenues		Net Income / (Loss)			Plus: Other Adjustments (2)		Plus: Depreciation		Plus: Interest Expense		Equals: Hotel EBITDA		Hotel EBITDA Margins
1	Hilton San Diego Bayfront (1) (3)	$	61,480	$	3,492		$	900	$	11,357	$	5,000	$	20,749	33.7	%
2	Renaissance Washington DC	33,800		1,845			-		3,880		3,913		9,638		28.5	%
3	Renaissance Orlando at SeaWorld ®	29,390		3,710			-		3,907		2,286		9,903		33.7	%
4	Kahler Grand (3)	11,521		1,280			-		1,649		748		3,677		31.9	%
5	Renaissance Harborplace (3)	18,346		(2,185		)	-		4,013		2,582		4,410		24.0	%
6	Renaissance Los Angeles Airport	11,345		761			-		1,390		-		2,151		19.0	%
7	JW Marriott New Orleans	17,079		1,359			2		3,602		1,348		6,311		37.0	%
8	Hilton North Houston (3)	11,575		(82		)	-		1,898		954		2,770		23.9	%
9	Marriott Quincy	11,829		508			-		2,391		-		2,899		24.5	%
10	Doubletree Guest Suites Times Square (1)	29,387		(1,635		)	2,003		3,952		4,053		8,373		28.5	%
11	Hilton Times Square	24,575		(1,077		)	540		4,340		2,485		6,288		25.6	%
12	Fairmont Newport Beach	12,410		(543		)	-		2,702		-		2,159		17.4	%
13	Hyatt Chicago Magnificent Mile	10,945		(2,481		)	143		3,900		-		1,562		14.3	%
14	Marriott Boston Long Wharf	20,338		(2,672		)	-		4,206		4,972		6,506		32.0	%
15	Hyatt Regency Newport Beach	14,376		1,130			-		1,312		-		2,442		17.0	%
16	Marriott Tysons Corner	10,472		649			-		1,618		1,208		3,475		33.2	%
17	Marriott Houston (3)	7,900		237			-		1,152		620		2,009		25.4	%
18	Renaissance Long Beach	9,931		976			-		1,223		549		2,748		27.7	%
19	Embassy Suites Chicago (3)	10,737		204			-		1,756		2,089		4,049		37.7	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	9,198		768			-		2,218		-		2,986		32.5	%
21	Marriott Troy	7,923		(289		)	-		1,172		947		1,830		23.1	%
22	Renaissance Westchester	9,337		(620		)	466		758		-		604		6.5	%
23	Embassy Suites La Jolla (3)	9,263		118			-		1,809		2,295		4,222		45.6	%
24	Marriott Philadelphia	8,626		200			-		954		735		1,889		21.9	%
25	Kahler Inn & Suites (3)	4,163		1,027			-		699		-		1,726		41.5	%
26	Hilton Del Mar (3)	5,125		(635		)	-		823		675		863		16.8	%
27	Marriott Portland	6,175		1,736			-		588		-		2,324		37.6	%
28	Doubletree Guest Suites Minneapolis (3)	4,065		143			-		695		469		1,307		32.2	%
29	Sheraton Cerritos	5,895		557			-		848		-		1,405		23.8	%
30	Marriott Rochester (3)	6,422		1,057			-		1,128		-		2,185		34.0	%
31	Marriott Park City	5,840		698			-		721		407		1,826		31.3	%
32	Courtyard by Marriott Los Angeles	5,385		1,153			-		615		-		1,768		32.8	%
33	Residence Inn by Marriott Rochester	1,853		562			-		249		-		811		43.8	%
	Pro Forma Portfolio (4)	446,706		11,951			4,054		73,525		38,335		127,865		28.6	%
	Less: Non-Comparable Hotels (5)
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	9,198		768			-		2,218		-		2,986		32.5	%
	Hyatt Chicago Magnificent Mile	10,945		(2,481		)	143		3,900		-		1,562		14.3	%
	Comparable Portfolio	426,563		13,664			3,911		67,407		38,335		123,317		28.9	%
	Add: Non-comparable Hotel (6)
	Hyatt Chicago Magnificent Mile	2,657		314			143		587		-		1,044		39.3	%
	Actual Portfolio	$	429,220	$	13,978		$	4,054	$	67,994	$	38,335	$	124,361	29.0	%
	*Footnotes on page 63.

APPENDIX	Page 61

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

YTD 2011

	Hotels sorted by number of rooms	For the Six Months Ended June 30, 2011
		Total Revenues		Net Income / (Loss)			Plus: Other Adjustments (7)		Plus: Depreciation		Plus: Interest Expense		Equals: Hotel EBITDA		Hotel EBITDA Margins
1	Hilton San Diego Bayfront (1)	$	57,857	$	3,985		$	899	$	10,520	$	4,706	$	20,110	34.8	%
2	Renaissance Washington DC (3)	35,470		4,316			-		3,725		3,968		12,009		33.9	%
3	Renaissance Orlando at SeaWorld ® (3)	26,030		2,174			-		3,722		2,325		8,221		31.6	%
4	Kahler Grand (3)	11,900		1,295			-		1,531		762		3,588		30.2	%
5	Renaissance Harborplace (3)	18,611		(1,952		)	-		4,014		2,677		4,739		25.5	%
6	Renaissance Los Angeles Airport	10,465		255			-		1,426		-		1,681		16.1	%
7	JW Marriott New Orleans	15,123		414			4		2,922		2,012		5,352		35.4	%
8	Hilton North Houston (3)	10,281		(651		)	-		1,635		962		1,946		18.9	%
9	Marriott Quincy	10,408		(311		)	-		2,222		-		1,911		18.4	%
10	Doubletree Guest Suites Times Square (1)	27,986		(372		)	2,012		4,109		1,974		7,723		27.6	%
11	Hilton Times Square	22,488		(2,461		)	621		4,442		2,485		5,087		22.6	%
12	Fairmont Newport Beach (3)	12,483		(340		)	-		2,748		-		2,408		19.3	%
13	Hyatt Chicago Magnificent Mile	10,844		(2,431		)	-		3,900		-		1,469		13.5	%
14	Marriott Boston Long Wharf	17,178		(4,115		)	-		3,924		4,945		4,754		27.7	%
15	Hyatt Regency Newport Beach (3)	13,879		1,134			-		1,359		-		2,493		18.0	%
16	Marriott Tysons Corner	10,516		733			-		1,458		1,233		3,424		32.6	%
17	Marriott Houston (3)	6,425		(711		)	-		932		632		853		13.3	%
18	Renaissance Long Beach	9,541		441			-		1,204		835		2,480		26.0	%
19	Embassy Suites Chicago (3)	10,302		118			-		1,700		2,117		3,935		38.2	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	8,155		326			-		2,218		-		2,544		31.2	%
21	Marriott Troy	7,024		(799		)	-		1,136		966		1,303		18.6	%
22	Renaissance Westchester (3)	8,454		(34		)	-		594		-		560		6.6	%
23	Embassy Suites La Jolla (3)	8,696		(692		)	-		1,867		2,316		3,491		40.1	%
24	Marriott Philadelphia	8,497		330			-		905		749		1,984		23.3	%
25	Kahler Inn & Suites	3,518		821			-		517		-		1,338		38.0	%
26	Hilton Del Mar	5,669		(243		)	-		722		688		1,167		20.6	%
27	Marriott Portland (3)	5,524		1,355			-		567		-		1,922		34.8	%
28	Doubletree Guest Suites Minneapolis	3,601		(160		)	-		537		478		855		23.7	%
29	Sheraton Cerritos	4,902		206			-		792		-		998		20.4	%
30	Marriott Rochester (3)	5,383		619			-		1,004		-		1,623		30.2	%
31	Marriott Park City	5,714		719			-		613		415		1,747		30.6	%
32	Courtyard by Marriott Los Angeles	4,022		493			-		418		-		911		22.7	%
33	Residence Inn by Marriott Rochester	1,942		604			-		275		-		879		45.3	%
	Pro Forma Portfolio (8)	418,888		5,066			3,536		69,658		37,245		115,505		27.6	%
	Less: Non-Comparable Hotels (5)
	Hyatt Chicago Magnificent Mile	10,844		(2,431		)	-		3,900		-		1,469
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	8,155		326			-		2,218		-		2,544		31.2	%
	Comparable Portfolio	399,889		7,171			3,536		63,540		37,245		111,492		27.9	%
	Prior Ownership Results (9)
	Doubletree Guest Suites Times Square (1)	1,560		(458		)	145		261		138		86		5.5	%
	JW Marriott New Orleans	3,277		174			1		262		287		724		22.1	%
	Hilton San Diego Bayfront (1)	33,939		2,986			380		5,785		2,583		11,734		34.6	%
	Actual Portfolio	$	361,113	$	4,469		$	3,010	$	57,232	$	34,237	$	98,948	27.4	%
	*Footnotes on page 63.

APPENDIX	Page 62

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

(1)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(2)	Other Adjustments for the six months ended June 30, 2012 include: a total of $2.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; a total of $1.4 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; $0.5 million in management transition costs at the Renaissance Westchester; and $0.1 million in management transition costs at the Hyatt Chicago Magnificent Mile.
(3)	Hotel EBITDA for the first six months of 2012 is impacted by a total of $0.3 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Minneapolis $60,000; Embassy Suites Chicago $611,000; Embassy Suites La Jolla $301,000; Hilton Del Mar $65,000; Hilton North Houston $56,000; Hilton San Diego Bayfront $(1,061,000); Kahler Grand $44,000; Kahler Inn & Suites $15,000; Marriott Houston $43,000; Marriott Rochester $10,000; and Renaissance Harborplace $106,000. Hotel EBITDA for the first six months of 2011 is impacted by a total of $0.6 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Times Square $(112,000); Embassy Suites Chicago $177,000; Embassy Suites La Jolla $2,000; Fairmont Newport Beach $485,000; Hilton North Houston $123,000; Hyatt Regency Newport Beach $31,000; Kahler Grand $(1,000); Marriott Houston $(33,000); Marriott Portland $48,000; Marriott Rochester $(2,000); Renaissance Harborplace $157,000; Renaissance Orlando at SeaWorld ® $(9,000); Renaissance Washington DC $(54,000); and Renaissance Westchester $(212,000).
(4)	Pro Forma Portfolio for the six months ended June 30, 2012 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results, the Company’s results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and prior ownership results and the Company’s pro forma depreciation expense for the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(5)	Non-Comparable Hotels include prior ownership results, the Company’s results as applicable and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile which is currently experiencing material and prolonged business interruption due to rebranding and renovation, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile due to its acquisition date subsequent to June 30, 2012.
(6)	Includes the Company’s ownership results for the Hyatt Chicago Magnificent Mile which has been classified as non-comparable as of June 30, 2012 because the hotel is currently experiencing material and prolonged business interruption due to rebranding and renovation.
(7)	Other Adjustments for the six months ended June 30, 2011 include: a total of $2.1 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; a total of $1.4 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; and a total of $0.1 million in management company transition costs at the Hilton Times Square.
(8)	Pro Forma Portfolio for the six months ended June 30, 2011 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results and the Company’s pro forma adjustments related to non-cash amortization of lease intangibles, non-cash straightline lease expense, interest expense and depreciation expense as applicable for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011, the Hilton San Diego Bayfront acquired by the Company on April 15, 2011, the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(9)	Includes prior ownership results and the Company’s pro forma adjustments related to non-cash amortization of lease intangibles, non-cash straightline lease expense, interest expense and depreciation expense for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011 and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

APPENDIX	Page 63

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

Q3 2011

	Hotels sorted by number of rooms	For the Three Months Ended September 30, 2011
							Plus:			Plus:		Plus:		Equals:		Hotel
		Total		Net Income /			Other							Hotel		EBITDA
		Revenues		(Loss)			Adjustments (2)			Depreciation		Interest Expense		EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	26,733	$	(126	)	$	450		$	5,657	$	2,434	$	8,415	31.5	%
2	Renaissance Washington DC	13,944		(1,062		)	-			1,903		1,974		2,815		20.2	%
3	Renaissance Orlando at SeaWorld ®	8,028		(2,725		)	-			1,935		1,172		382		4.8	%
4	Kahler Grand	6,262		741			-			800		384		1,925		30.7	%
5	Renaissance Harborplace	9,350		(860		)	-			2,014		1,330		2,484		26.6	%
6	Renaissance Los Angeles Airport	5,329		209			-			724		-		933		17.5	%
7	JW Marriott New Orleans	5,413		(2,767		)	(1		)	1,778		1,667		677		12.5	%
8	Hilton North Houston	3,819		(843		)	-			888		487		532		13.9	%
9	Marriott Quincy	6,676		575			-			1,183		-		1,758		26.3	%
10	Doubletree Guest Suites Times Square (1)	17,485		2,218			1,004			2,071		948		6,241		35.7	%
11	Hilton Times Square	13,676		370			269			2,154		1,258		4,051		29.6	%
12	Fairmont Newport Beach	6,360		(172		)	-			1,360		-		1,188		18.7	%
13	Hyatt Chicago Magnificent Mile	6,908		283			-			1,950		-		2,233		32.3	%
14	Marriott Boston Long Wharf	10,973		(635		)	-			2,015		2,514		3,894		35.5	%
15	Hyatt Regency Newport Beach	8,996		1,314			-			658		-		1,972		21.9	%
16	Marriott Tysons Corner	4,773		(154		)	-			800		620		1,266		26.5	%
17	Marriott Houston	3,012		(280		)	-			556		319		595		19.8	%
18	Renaissance Long Beach	4,275		(111		)	-			607		421		917		21.5	%
19	Embassy Suites Chicago	6,744		830			-			865		1,068		2,763		41.0	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	5,254		990			-			1,110		-		2,100		40.0	%
21	Marriott Troy	3,691		(241		)	-			578		486		823		22.3	%
22	Renaissance Westchester	4,383		127			-			343		-		470		10.7	%
23	Embassy Suites La Jolla	5,392		347			-			895		1,156		2,398		44.5	%
24	Marriott Philadelphia	3,972		(145		)	-			460		377		692		17.4	%
25	Kahler Inn & Suites	1,931		401			-			331		-		732		37.9	%
26	Hilton Del Mar	3,851		515			-			378		347		1,240		32.2	%
27	Marriott Portland	3,643		1,342			-			287		-		1,629		44.7	%
28	Doubletree Guest Suites Minneapolis	2,697		457			-			345		241		1,043		38.7	%
29	Sheraton Cerritos	2,746		193			-			422		-		615		22.4	%
30	Marriott Rochester	3,409		712			-			548		-		1,260		37.0	%
31	Marriott Park City	1,838		(348		)	-			325		209		186		10.1	%
32	Courtyard by Marriott Los Angeles	2,561		509			-			299		-		808		31.6	%
33	Residence Inn by Marriott Rochester	923		283			-			126		-		409		44.3	%
	Pro Forma Portfolio (3)	215,047		1,947			1,722			36,365		19,412		59,446		27.6	%
	Less: Non-Comparable Hotels (4)
	Hyatt Chicago Magnificent Mile	6,908		283			-			1,950		-		2,233		32.3	%
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	5,254		990			-			1,110		-		2,100		40.0	%
	Actual Portfolio	$	202,885	$	674		$	1,722		$	33,305	$	19,412	$	55,113	27.2	%
	*Footnotes on page 65.

APPENDIX	Page 64

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

(1)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(2)	Other Adjustments for the three months ended September 30, 2011 include: a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square and JW Marriott New Orleans; and a total of $0.7 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.
(3)	Pro Forma Portfolio for the three months ended September 30, 2011 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(4)	Non-Comparable Hotels include prior ownership results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile which is currently experiencing material and prolonged business interruption due to rebranding and renovation, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile due to its acquisition date subsequent to June 30, 2012.

APPENDIX	Page 65

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

Q4 2011

	Hotels sorted by number of rooms	For the Three Months Ended December 31, 2011
							Plus:		Plus:		Plus:		Equals:		Hotel
		Total		Net Income /			Other						Hotel		EBITDA
		Revenues		(Loss)			Adjustments (2)		Depreciation		Interest Expense		EBITDA		Margins
1	Hilton San Diego Bayfront (1)	$	27,554	$	398		$	450	$	5,663	$	2,455	$	8,966	32.5	%
2	Renaissance Washington DC	21,969		2,953			-		1,904		1,967		6,824		31.1	%
3	Renaissance Orlando at SeaWorld ®	14,216		365			-		1,951		1,166		3,482		24.5	%
4	Kahler Grand	5,372		383			-		807		382		1,572		29.3	%
5	Renaissance Harborplace	12,621		242			-		2,015		1,320		3,577		28.3	%
6	Renaissance Los Angeles Airport	6,566		311			-		735		-		1,046		15.9	%
7	JW Marriott New Orleans	9,209		217			1		1,784		587		2,589		28.1	%
8	Hilton North Houston	5,294		(625		)	-		944		485		804		15.2	%
9	Marriott Quincy	8,656		1,100			-		1,220		-		2,320		26.8	%
10	Doubletree Guest Suites Times Square (1)	20,522		3,439			1,004		2,131		2,401		8,975		43.7	%
11	Hilton Times Square	15,618		2,219			270		2,363		1,257		6,109		39.1	%
12	Fairmont Newport Beach	5,336		(924		)	-		1,351		-		427		8.0	%
13	Hyatt Chicago Magnificent Mile	6,253		(259		)	-		1,950		-		1,691		27.0	%
14	Marriott Boston Long Wharf	13,242		(297		)	-		2,148		2,513		4,364		33.0	%
15	Hyatt Regency Newport Beach	6,002		30			-		657		-		687		11.4	%
16	Marriott Tysons Corner	7,130		933			-		812		617		2,362		33.1	%
17	Marriott Houston	3,048		(625		)	-		562		316		253		8.3	%
18	Renaissance Long Beach	5,467		131			-		610		418		1,159		21.2	%
19	Embassy Suites Chicago	5,841		(509		)	-		874		1,064		1,429		24.5	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	4,837		723			-		1,109		-		1,832		37.9	%
21	Marriott Troy	5,503		310			-		586		484		1,380		25.1	%
22	Renaissance Westchester	6,127		396			-		375		-		771		12.6	%
23	Embassy Suites La Jolla	4,047		(460		)	-		900		1,152		1,592		39.3	%
24	Marriott Philadelphia	6,030		723			-		468		375		1,566		26.0	%
25	Kahler Inn & Suites	1,859		402			-		344		-		746		40.1	%
26	Hilton Del Mar	2,482		(314		)	-		385		344		415		16.7	%
27	Marriott Portland	2,983		814			-		290		-		1,104		37.0	%
28	Doubletree Guest Suites Minneapolis	2,075		58			-		352		239		649		31.3	%
29	Sheraton Cerritos	2,774		331			-		425		-		756		27.3	%
30	Marriott Rochester	3,083		489			-		556		-		1,045		33.9	%
31	Marriott Park City	1,665		(427		)	-		342		207		122		7.3	%
32	Courtyard by Marriott Los Angeles	2,315		156			-		306		-		462		20.0	%
33	Residence Inn by Marriott Rochester	854		253			-		126		-		379		44.4	%
	Pro Forma Portfolio (3)	246,550		12,936			1,725		37,045		19,749		71,455		29.0	%
	Less: Non-Comparable Hotels (4)
	Hyatt Chicago Magnificent Mile	6,253		(259		)	-		1,950		-		1,691		27.0	%
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	4,837		723			-		1,109		-		1,832		37.9	%
	Actual Portfolio	$	235,460	$	12,472		$	1,725	$	33,986	$	19,749	$	67,932	28.9	%
	*Footnotes on page 67.

APPENDIX	Page 66

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

(1)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(2)	Other Adjustments for the three months ended December 31, 2011 include: a total of $1.0 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square, and JW Marriott New Orleans; and a total of $0.7 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans.
(3)	Pro Forma Portfolio for the three months ended December 31, 2011 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(4)	Non-Comparable Hotels include prior ownership results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile which is currently experiencing material and prolonged business interruption due to rebranding and renovation, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile due to its acquisition date subsequent to June 30, 2012.

APPENDIX	Page 67

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

FY 2011

	Hotels sorted by number of rooms	For the Year Ended December 31, 2011
		Total Revenues		Net Income / (Loss)			Plus: Other Adjustments (2)		Plus: Depreciation		Plus: Interest Expense		Equals: Hotel EBITDA		Hotel EBITDA Margins
1	Hilton San Diego Bayfront (1)	$	112,144	$	4,257		$	1,799	$	21,840	$	9,595	$	37,491	33.4	%
2	Renaissance Washington DC (3)	71,384		6,207			-		7,532		7,909		21,648		30.3	%
3	Renaissance Orlando at SeaWorld ® (3)	48,273		(186		)	-		7,608		4,663		12,085		25.0	%
4	Kahler Grand (3)	23,534		2,419			-		3,138		1,528		7,085		30.1	%
5	Renaissance Harborplace (3)	40,582		(2,570		)	-		8,043		5,327		10,800		26.6	%
6	Renaissance Los Angeles Airport (3)	22,360		775			-		2,885		-		3,660		16.4	%
7	JW Marriott New Orleans	29,745		(2,136		)	4		6,484		4,266		8,618		29.0	%
8	Hilton North Houston (3)	19,394		(2,119		)	-		3,467		1,934		3,282		16.9	%
9	Marriott Quincy	25,740		1,364			-		4,625		-		5,989		23.3	%
10	Doubletree Guest Suites Times Square (1)	65,993		5,285			4,020		8,311		5,323		22,939		34.8	%
11	Hilton Times Square	51,782		128			1,160		8,959		5,000		15,247		29.4	%
12	Fairmont Newport Beach (3)	24,179		(1,436		)	-		5,459		-		4,023		16.6	%
13	Hyatt Chicago Magnificent Mile	24,005		(2,407		)	-		7,800		-		5,393		22.5	%
14	Marriott Boston Long Wharf	41,393		(5,047		)	-		8,087		9,972		13,012		31.4	%
15	Hyatt Regency Newport Beach (3)	28,877		2,478			-		2,674		-		5,152		17.8	%
16	Marriott Tysons Corner	22,419		1,512			-		3,070		2,470		7,052		31.5	%
17	Marriott Houston (3)	12,485		(1,616		)	-		2,050		1,267		1,701		13.6	%
18	Renaissance Long Beach	19,283		461			-		2,421		1,674		4,556		23.6	%
19	Embassy Suites Chicago (3)	22,887		439			-		3,439		4,249		8,127		35.5	%
20	Hilton Garden Inn Chicago Downtown/Magnificent Mile	18,246		2,039			-		4,437		-		6,476		35.5	%
21	Marriott Troy	16,218		(730		)	-		2,300		1,936		3,506		21.6	%
22	Renaissance Westchester (3)	18,964		489			-		1,312		-		1,801		9.5	%
23	Embassy Suites La Jolla (3)	18,135		(805		)	-		3,662		4,624		7,481		41.3	%
24	Marriott Philadelphia	18,499		908			-		1,833		1,501		4,242		22.9	%
25	Kahler Inn & Suites	7,308		1,624			-		1,192		-		2,816		38.5	%
26	Hilton Del Mar	12,002		(42		)	-		1,485		1,379		2,822		23.5	%
27	Marriott Portland (3)	12,150		3,511			-		1,144		-		4,655		38.3	%
28	Doubletree Guest Suites Minneapolis	8,373		355			-		1,234		958		2,547		30.4	%
29	Sheraton Cerritos	10,422		730			-		1,639		-		2,369		22.7	%
30	Marriott Rochester (3)	11,875		1,820			-		2,108		-		3,928		33.1	%
31	Marriott Park City	9,217		(56		)	-		1,280		831		2,055		22.3	%
32	Courtyard by Marriott Los Angeles	8,898		1,158			-		1,023		-		2,181		24.5	%
33	Residence Inn by Marriott Rochester	3,719		1,140			-		527		-		1,667		44.8	%
	Pro Forma Portfolio (4)	880,485		19,949			6,983		143,068		76,406		246,406		28.0	%
	Less: Non-Comparable Hotels (5)
	Hyatt Chicago Magnificent Mile	24,005		(2,407		)	-		7,800		-		5,393		22.5	%
	Hilton Garden Inn Chicago Downtown/Magnificent Mile	18,246		2,039			-		4,437		-		6,476		35.5	%
	Comparable Portfolio	838,234		20,317			6,983		130,831		76,406		234,537		28.0	%
	Prior Ownership Results (6)
	Doubletree Guest Suites Times Square (1)	1,560		(458		)	145		261		138		86		5.5	%
	JW Marriott New Orleans	3,277		174			1		262		287		724		22.1	%
	Hilton San Diego Bayfront (1)	33,939		2,986			380		5,785		2,583		11,734		34.6	%
	Actual Portfolio	$	799,458	$	17,615		$	6,457	$	124,523	$	73,398	$	221,993	27.8	%
	*Footnotes on page 69.

APPENDIX	Page 68

Supplemental Financial Information – Unaudited
August 2, 2012

Property-Level EBITDA Reconciliation

(1)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(2)	Other Adjustments for the year ended December 31, 2011 include: a total of $4.1 million in amortization of lease intangibles at the Doubletree Guest Suites Times Square, Hilton Times Square, and JW Marriott New Orleans; a total of $2.8 million in non-cash straightline lease expense at the Doubletree Guest Suites Times Square, Hilton San Diego Bayfront, Hilton Times Square and JW Marriott New Orleans; and a total of $0.1 million in management company transition costs at the Hilton Times Square.
(3)	Hotel EBITDA for the year ended December 31, 2011 is impacted by a total of $0.6 million in property tax credits net of (assessments) received at the following hotels: Doubletree Guest Suites Times Square $(112,000); Embassy Suites Chicago $177,000; Embassy Suites La Jolla $2,000; Fairmont Newport Beach $485,000; Hilton North Houston $123,000; Hyatt Regency Newport Beach $31,000; Kahler Grand $(1,000); Marriott Houston $(33,000); Marriott Portland $48,000; Marriott Rochester $(2,000); Renaissance Harborplace $157,000; Renaissance Orlando at SeaWorld ® $(9,000); Renaissance Washington DC $(54,000); and Renaissance Westchester $(212,000).
(4)	Pro Forma Portfolio for the year ended December 31, 2011 includes all hotels in which the Company has interests as of June 30, 2012 except the Marriott Del Mar, which has been classified as held for sale as of June 30, 2012 due to its probable sale within the next year. Includes prior ownership results and the Company’s pro forma adjustments related to non-cash amortization of lease intangibles, non-cash straightline lease expense, interest expense and depreciation expense as applicable for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011, the Hilton San Diego Bayfront acquired by the Company on April 15, 2011, the Hyatt Chicago Magnificent Mile acquired by the Company on June 4, 2012, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile acquired by the Company on July 19, 2012.
(5)	Non-Comparable Hotels include prior ownership results and the Company’s pro forma depreciation expense for the Hyatt Chicago Magnificent Mile which is currently experiencing material and prolonged business interruption due to rebranding and renovation, and the Hilton Garden Inn Chicago Downtown/Magnificent Mile due to its acquisition date subsequent to June 30, 2012.
(6)	Includes prior ownership results and the Company’s pro forma adjustments related to non-cash amortization of lease intangibles, non-cash straightline lease expense, interest expense and depreciation expense for the Doubletree Guest Suites Times Square acquired by the Company on January 14, 2011, the JW Marriott New Orleans acquired by the Company on February 15, 2011 and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

APPENDIX	Page 69