

		Initial Costs		Costs Capitalized Subsequent to Acquisition		Gross Amounts at which Carried at Close of Period			Accumulated Depreciation	Net Book Value

Description	Encumbrances	Land	Buildings & Improvements	Land	Buildings & Improvements	Land	Buildings & Improvements	Total	Buildings & Improvements*	Land, Buildings & Improvements	Date of Acquisition

Residence Inn, Framingham, MA		1,325	12,737	-	4,915	1,325	17,652	18,977	($5,774)	13,203	03/26/04
Hampton Inn, New York, NY	(22,363)	5,472	23,280	-	1,885	5,472	25,165	30,637	(7,489)	23,148	04/01/05
Residence Inn, Greenbelt, MD		2,615	14,815	-	2,252	2,615	17,067	19,682	(5,688)	13,994	07/16/04
Courtyard, Brookline, MA		-	47,414	-	2,852	-	50,266	50,266	(13,877)	36,389	06/16/05
Residence Inn, Tyson's Corner, VA		4,283	14,475	-	1,927	4,283	16,402	20,685	(4,714)	15,971	02/02/06
Hilton Garden Inn, JFK Airport, NY	(19,379)	-	25,018	-	2,775	-	27,793	27,793	(7,736)	20,056	02/16/06
Hawthorne Suites, Franklin, MA	(7,330)	1,872	8,968	-	565	1,872	9,533	11,405	(2,501)	8,904	04/25/06
Holiday Inn Exp, Cambridge, MA		1,956	9,793	-	2,378	1,956	12,171	14,127	(3,978)	10,149	05/03/06
Residence Inn, Norwood, MA		1,970	11,761	-	1,505	1,970	13,266	15,236	(3,392)	11,844	07/27/06
Hampton Inn, Chelsea, NY	(33,155)	8,905	33,500	-	2,423	8,905	35,923	44,828	(9,286)	35,542	09/29/06
Hyatt House, Gaithersburg, MD	(13,720)	2,912	16,001	-	4,022	2,912	20,023	22,935	(5,528)	17,407	12/28/06
Hyatt House, Pleasant Hills, CA	(20,160)	6,216	17,229	-	3,017	6,216	20,246	26,462	(5,046)	21,416	12/28/06
Hyatt House, Pleasanton, CA	(14,490)	3,941	12,560	-	3,530	3,941	16,090	20,031	(4,609)	15,422	12/28/06
Hyatt House, Scottsdale, AZ	(16,778)	3,060	19,968	-	3,489	3,060	23,457	26,517	(6,549)	19,968	12/28/06
Hyatt House, White Plains, NY	(33,030)	8,823	30,273	-	2,726	8,823	32,999	41,822	(8,631)	33,191	12/28/06
Holiday Inn Exp & Suites, Chester, NY	(6,156)	1,500	6,671	-	301	1,500	6,972	8,472	(1,603)	6,869	01/25/07

(1) Costs capitalized subsequent to acquisition include reductions of asset value due to impairment.


		Initial Costs		Costs Capitalized Subsequent to Acquisition		Gross Amounts at which Carried at Close of Period			Accumulated Depreciation	Net Book Value

Description	Encumbrances	Land	Buildings & Improvements	Land	Buildings & Improvements	Land	Buildings & Improvements	Total	Buildings & Improvements*	Land, Buildings & Improvements	Date of Acquisition
Hampton Inn, Seaport, NY	(17,462)	7,816	19,040	-	952	7,816	19,992	27,808	(4,634)	23,174	02/01/07
Sheraton Hotel, JFK Airport, NY		-	27,315	-	2,144	-	29,459	29,459	(5,831)	23,628	06/13/08
Hampton Inn, Philadelphia, PA		3,490	24,382	-	5,931	3,490	30,313	33,803	(11,729)	22,074	02/15/06
Duane Street, Tribeca, NY	(9,167)	8,213	12,869	-	1,378	8,213	14,247	22,460	(3,360)	19,100	01/04/08
NU Hotel, Brooklyn, NY		-	22,042	-	1,562	-	23,604	23,604	(4,721)	18,883	01/14/08
Hilton Garden Inn, Tribeca, NY	(46,500)	21,077	42,955	-	918	21,077	43,873	64,950	(7,414)	57,536	05/01/09
Hampton Inn, Times Square, NY		10,691	41,637	-	757	10,691	42,394	53,085	(6,259)	46,826	02/09/10
Holiday Inn Express, Times Square, NY		11,075	43,113	-	172	11,075	43,285	54,360	(6,383)	47,977	02/09/10
Candlewood Suites, Times Square, NY		10,281	36,687	-	99	10,281	36,786	47,067	(5,415)	41,652	02/09/10
Hyatt Place, KOP, PA		1,133	7,267	-	4,021	1,133	11,288	12,421	(5,089)	7,332	08/17/10
Holiday Inn Express, Wall Street, NY		12,152	21,100	-	414	12,152	21,514	33,666	(3,105)	30,561	05/09/10
Hampton Inn, Washington, DC		9,335	58,048	-	1,232	9,335	59,280	68,615	(8,276)	60,339	09/01/10
Courtyard, Alexandria, VA	(23,028)	6,376	26,089	-	2,594	6,376	28,683	35,059	(7,685)	27,374	09/29/06
Sheraton, Wilmington South, DE		1,765	16,929	-	1,265	1,765	18,194	19,959	(3,881)	16,078	12/21/10
Holiday Inn, Water Street, NY		7,341	28,591	-	382	7,341	28,973	36,314	(3,024)	33,290	03/25/11

(1) Costs capitalized subsequent to acquisition include reductions of asset value due to impairment.


		Initial Costs		Costs Capitalized Subsequent to Acquisition		Gross Amounts at which Carried at Close of Period			Accumulated Depreciation	Net Book Value

Description	Encumbrances	Land	Buildings & Improvements	Land	Buildings & Improvements	Land	Buildings & Improvements	Total	Buildings & Improvements*	Land, Buildings & Improvements	Date of Acquisition
Capitol Hill Suites Washington, DC	(25,000)	8,095	35,141	-	3,993	8,095	39,134	47,229	(5,763)	41,466	04/15/11
Courtyard, LA Westside, CA	(35,000)	13,489	27,025	-	4,755	13,489	31,780	45,269	(4,477)	40,792	05/19/11
Hampton Inn, Pearl Street, NY		11,384	23,432	-	556	11,384	23,988	35,372	(958)	34,414	07/22/11
Courtyard, Miami, FL		35,699	55,805	-	21,917	35,699	77,722	113,421	(7,241)	106,180	11/16/11
The Rittenhouse Hotel, PA		7,108	29,556	-	14,127	7,108	43,683	50,791	(7,555)	43,237	03/01/12
Bulfinch, Boston, MA		1,456	14,954	-	1,481	1,456	16,435	17,891	(1,921)	15,969	05/07/12
Holiday Inn Express, Manhattan, NY	(51,862)	30,329	57,016	-	801	30,329	57,817	88,146	(5,341)	82,805	06/18/12
Hyatt, Union Square, NY	(55,750)	32,940	79,300	-	882	32,940	80,182	113,122	(5,599)	107,523	04/09/13
Courtyard, San Diego, CA		15,656	51,674	-	1,656	15,656	53,330	68,986	(3,504)	65,482	05/30/13
Residence Inn, Coconut Grove, FL		4,146	17,456	-	7,025	4,146	24,481	28,627	(2,317)	26,310	06/12/13
Hotel Milo, Santa Barbara, CA	(24,147)	-	55,080	-	1,696	-	56,776	56,776	(2,696)	54,080	02/28/14
Hilton Garden Inn, Midtown East, NY	(45,000)	45,480	60,762	-	137	45,480	60,899	106,379	(2,440)	103,939	05/27/14

(1) Costs capitalized subsequent to acquisition include reductions of asset value due to impairment.


			Initial Costs			Costs Capitalized Subsequent to Acquisition		Gross Amounts at which Carried at Close of Period				Accumulated Depreciation	Net Book Value

Description		Encumbrances	Land	Buildings & Improvements		Land	Buildings & Improvements	Land	Buildings & Improvements	Total		Buildings & Improvements*	Land, Buildings & Improvements	Date of Acquisition
Parrot Key Hotel, Key West, FL			57,889	33,959		-	523	57,889	34,482	92,371		(1,443)	90,928	05/07/14
Winter Haven Hotel, Miami Beach, FL			5,400	18,147		-	523	5,400	18,670	24,070		(974)	23,096	12/20/13
Blue Moon Hotel, Miami Beach, FL			4,874	20,354		-	705	4,874	21,059	25,933		(1,072)	24,861	12/20/13
St. Gregory Hotel, Washington D.C.		(25,559)	23,764	33,005		-	52	23,764	33,057	56,821		(448)	56,374	06/16/15
TownePlace Suites, Sunnyvale, CA			-	18,999		-	1	-	19,000	19,000		(167)	18,832	08/25/15
Ritz Carlton Georgetown, Washington D.C.			17,570	29,160		-	-	17,570	29,160	46,730		(6)	46,724	12/29/15
Total Investment in Real Estate	$	($545,036)	480,874	1,393,353	$	-	125,213	480,874	1,518,565	1,999,438	$	($237,129)	1,762,309

*Assets are depreciated over a 7 to 40 year life, upon which the latest income statement is computed

The aggregate cost of land, buildings and improvements for Federal income tax purposes for the years ended December 31, 2015, 2014 and 2013 is approximately $1,848,773, $1,836,861 and $1,575,555, respectively.

Depreciation is computed for buildings and improvements using a useful life for these assets of 7 to 40 years.

See Accompanying Report of Independent Registered Public Accounting Firm


		2015		2014		2013
Reconciliation of Real Estate
Balance at beginning of year	$	1,864,382	$	1,629,312	$	1,520,151
Additions during the year		135,056		333,889		275,032
Dispositions/Deconsolidation of consolidated joint venture during the year		-		(98,819)		(156,504)
Changes/Impairments in Assets Held for Sale				-		(9,367)
Total Real Estate	$	1,999,438	$	1,864,382	$	1,629,312

Reconciliation of Accumulated Depreciation
Balance at beginning of year	$	189,889	$	162,189	$	150,353
Depreciation for year		47,240		43,218		39,771
Changes/Impairments in Assets Held for Sale		-		-		51
Accumulated depreciation on assets sold		-		(15,518)		(27,986)
Balance at the end of year	$	237,129	$	189,889	$	162,189