EXHIBIT 99.15

INDEPENDENT AUDITORS' REPORT

The Partners
EquiStar Hotel Investors, L.P.:

We have audited the accompanying statements of operations and cash flows of
the Charlotte Sheraton Airport Plaza (the "Hotel") for the period from January
1, 1996 to February 2, 1996 (date of acquisition by EquiStar Hotel Investors,
L.P.) and the years ended December 31, 1995, 1994 and 1993. These financial
statements are the responsibility of the Hotel's management. Our responsibility
is to express an opinion on these financial statements based on our audits.

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

In our opinion, the financial statements referred to above present fairly,
in all material respects, the results of the Charlotte Sheraton Airport Plaza's
operations and its cash flows for the period from January 1, 1996 to February 2,
1996 and the years ended December 31, 1995, 1994 and 1993 in conformity with
generally accepted accounting principles.

KPMG Peat Marwick LLP

Washington, D.C.
March 29, 1996

CHARLOTTE SHERATON AIRPORT PLAZA
STATEMENTS OF OPERATIONS
FOR THE PERIOD FROM JANUARY 1, 1996 TO FEBRUARY 2, 1996
(DATE OF ACQUISITION BY EQUISTAR HOTEL INVESTORS, L.P.)
AND THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

1996 1995 1994 1993
---------- ---------- ----------- ----------

Revenue:
Rooms....................................................... $ 404,646 4,353,741 4,279,608 3,764,540
Food and beverage........................................... 330,471 3,136,701 2,698,709 2,625,091
Other operating departments................................. 21,096 609,342 861,007 779,557
---------- ---------- ----------- ----------
756,213 8,099,784 7,839,324 7,169,188
---------- ---------- ----------- ----------
Operating costs and expenses:
Rooms....................................................... 111,163 1,067,053 1,151,114 976,178
Food and beverage........................................... 258,901 2,101,504 1,906,329 1,854,924
Other operating departments................................. 13,740 114,588 82,500 80,354
Undistributed operating expenses:
Administrative and general.................................. 73,487 375,920 263,728 254,309
Sales and marketing......................................... 90,546 922,890 927,186 863,274
Management fees............................................. 22,497 269,689 391,966 358,459
Property operating costs.................................... 67,286 618,771 556,634 519,500
Property taxes, insurance and other......................... 41,126 425,563 404,523 356,690
Depreciation and amortization............................... 49,600 595,522 603,543 587,150
Interest expense............................................ -- 689,563 3,378,933 1,466,088
---------- ---------- ----------- ----------
728,346 7,181,063 9,666,456 7,316,926
---------- ---------- ----------- ----------
Net income (loss)............................................. $ 27,867 918,721 (1,827,132) (147,738)
---------- ---------- ----------- ----------
---------- ---------- ----------- ----------

See accompanying notes to financial statements.

CHARLOTTE SHERATON AIRPORT PLAZA
STATEMENTS OF CASH FLOWS
FOR THE PERIOD FROM JANUARY 1, 1996 TO FEBRUARY 2, 1996
(DATE OF ACQUISITION BY EQUISTAR HOTEL INVESTORS, L.P.)
AND THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

1996 1995 1994 1993
----------- ----------- ----------- ----------

Cash flows from operating activities:
Net income (loss)......................................... $ 27,867 918,721 (1,827,132) (147,738)
Adjustments to reconcile net income (loss) to net cash
provided (used) by operating activities:
Depreciation and amortization......................... 49,600 595,522 603,543 587,150
Decrease (increase) in accounts receivable............ 70,128 (86,461) (45,518) (44,970)
Increase in intercompany receivable................... (450,000) (1,444,939) (1,937,634) (263,645)
Decrease (increase) in other assets................... 50,127 87,415 (5,447) 40,469
Increase (decrease) in accounts payable and accrued
expenses............................................ (80,687) 165,657 193,488 75,714
Increase in interest payable.......................... -- 689,563 3,378,346 92,000
----------- ----------- ----------- ----------
Net cash provided (used) by operating activities............ (332,965) 925,478 359,646 338,980
----------- ----------- ----------- ----------
Cash flows from investing activities--purchases of
furniture, fixtures and equipment......................... (57,124) (257,302) (346,957) (133,901)
----------- ----------- ----------- ----------
Cash flows from financing activities--principal payments on
note payable.............................................. -- -- -- (203,839)
----------- ----------- ----------- ----------
Net increase (decrease) in cash............................. (390,089) 668,176 12,689 1,240
Cash at beginning of period................................. 712,894 44,718 32,029 30,789
----------- ----------- ----------- ----------
Cash at end of period....................................... $ 322,805 712,894 44,718 32,029
----------- ----------- ----------- ----------
----------- ----------- ----------- ----------
Supplemental disclosure of cash flow information:
Cash paid for interest.................................... $ -- -- 587 1,374,088
----------- ----------- ----------- ----------
----------- ----------- ----------- ----------

See accompanying notes to financial statements.

CHARLOTTE SHERATON AIRPORT PLAZA
Notes to Financial Statements
For the period from January 1, 1996 to February 2, 1996
(date of acquisition by EquiStar Hotel Investors, L.P.)
and the years ended December 31, 1995, 1994 and 1993

(1) ORGANIZATION

The Charlotte Sheraton Airport Plaza (the "Hotel") is a 226 room,
full-service hotel located near the Charlotte Douglas International Airport. The
Hotel was constructed in 1985.

The Hotel was owned by Krisch Realty Associates, L.P. ("Krisch Realty")
during 1993, 1994 and through March 7, 1995, when it was conveyed to the lender.

The Hotel was sold on February 2, 1996 to EquiStar for a purchase price of
$18,000,000.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accounts of the Hotel were included in the financial records of Krisch
Realty, which owned the Hotel until it was conveyed to the lender. The
accompanying statements of operations and cash flows include the accounts of the
Hotel only, as if it were a separate legal entity, and have been prepared on the
accrual basis of accounting.

DEPRECIATION

Depreciation is computed on the cost of hotel property and equipment using
the straight-line method over 45 years for the building, ten years for most
building improvements, and five to eight years for furniture, fixtures and
equipment.

BAD DEBT EXPENSE

Bad debt expense is accounted for using the allowance method. Management
reviews the aging of accounts receivables and other current information on
debtors to establish an allowance for doubtful accounts. Write-offs occur when
management deems a receivable uncollectible.

REVENUE

Revenue is earned primarily through the operations of the hotel and
recognized when earned.

INCOME TAXES

The financial statements contain no provision for federal income taxes since
the Hotel was owned by a partnership and, therefore, all federal income tax
liabilities are passed through to the individual partners in accordance with the
Partnership Agreement and the Internal Revenue Code.

USE OF ESTIMATES

Management has made a number of estimates and assumptions to prepare these
financial statements in conformity with generally accepted accounting
principles. Actual results could differ from those estimates.

CHARLOTTE SHERATON AIRPORT PLAZA
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)

(3) INTEREST EXPENSE

For the period from January 1, 1995 to February 2, 1995, and during 1994 and
1993, financing for the Hotel was provided through a two-tier loan. The first
tier loan, which had an original principal balance of $12,523,925, had an
interest rate of prime plus 1%. Principal and interest payments on the first
tier loan were due monthly. The second tier loan, which had an original
principal balance of $7,444,062, required interest payments based on the Hotel's
cash flow.

During January 1994, the owner ceased making payments on the loan and the
loan went into default. From that point, the first and second tiers of the loan
accrued interest at the default rate of 16% until March 7, 1995, when the Hotel
was conveyed to the lender.

(4) OTHER RELATED-PARTY TRANSACTIONS

Krisch Hotels, Inc. ("Krisch"), an affiliate of the Hotel's owner, managed
the Hotel until March 7, 1995, and charged the Hotel base management fees of 3%
of gross revenues. The Hotel management agreement also provided for incentive
management fees to be paid to Krisch of 10% of net operating income, as defined
in the agreement. After March 7, 1995, the Hotel incurred only base management
fees of 3% of gross revenues. For the period from January 1, 1996 to February 2,
1996, and for 1995, 1994 and 1993, base and incentive management fees incurred
by the Hotel totaled $22,497, $269,689, $391,966 and $358,459, respectively.