Exhibit 99.2

Supplemental Financial Information For the quarter ended September 30, 2011 November 7, 2011

Supplemental Financial Information – Unaudited November 7, 2011

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 Q3 2011 – Q3 2010	9
Consolidated Statements of Operations Q3 & YTD 2011/2010	11
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA Q3 & YTD 2011/2010	12
Reconciliation of Net Income (Loss) to FFO and Adjusted FFO Q3 & YTD 2011/2010	13
Pro Forma Comparable Consolidated Statements of Operations Q3 2011 – Q1 2010	14
EARNINGS GUIDANCE FOR FULL YEAR 2011	15
Earnings Guidance for Full Year 2011	16
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted FFO FY 2011	17
CAPITALIZATION	18
Comparative Capitalization Q3 2011 – Q3 2010	19
Debt Summary Schedule	20
Amortization and Debt Maturity Schedule	21

Supplemental Financial Information – Unaudited November 7, 2011

PROPERTY-LEVEL DATA	22
PROPERTY-LEVEL OPERATING STATISTICS	24
Q1 2011/2010	25
Q2 2011/2010	26
Q3 2011/2010	27
YTD Q3 2011/2010	28
Q4 2010	29
FY 2010/2009	30
OPERATING STATISTICS BY BRAND & GEOGRAPHY	31
Comparable Portfolio Operating Statistics by Brand Q3 & YTD 2011/2010	32
Comparable Portfolio Property-Level 2010 EBITDA Contribution by Brand	33
Comparable Portfolio Operating Statistics by Region Q3 & YTD 2011/2010	34
PROPERTY-LEVEL EBITDA & EBITDA MARGINS	35
Property-Level EBITDA Q3 2011/2010, YTD 2011/2010	36
Property-Level EBITDA Margins Q3 2011/2010, YTD 2011/2010	37
APPENDIX	38
Reconciliations of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA	39
Property-Level EBITDA Reconciliations	55

Supplemental Financial Information – Unaudited November 7, 2011

CORPORATE PROFILE, FINANCIAL DISCLOSURES,
AND SAFE HARBOR

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	Page 3

Supplemental Financial Information – Unaudited November 7, 2011

About Sunstone

Sunstone Hotel Investors, Inc. (NYSE:SHO) is a lodging real estate investment trust (REIT) that, as of September 30, 2011, has interests in 32 hotels comprised of 13,206 rooms, excluding one hotel classified as held for sale. Sunstone’s hotels are primarily in the upper-upscale segment and are generally operated under nationally recognized brands, such as Marriott, Hilton, Fairmont, Hyatt, and Starwood.

The Sunstone team is focused on maximizing shareholder value through a comprehensive, cycle-appropriate approach to portfolio management. Sunstone’s strategy is predicated on:

·Acquiring upper-upscale and luxury hotels with nationally recognized brands in markets with high barriers to entry;

·Enhancing the value of our hotels through major capital projects and repositionings;

·Optimizing the performance of our portfolio through aggressive asset management;

·Recycling capital through opportunistic dispositions of assets that are not expected to generate returns above our risk-adjusted cost of capital; and

·Minimizing our cost of capital through disciplined balance sheet management.

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 November 7, 2011

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 November 7, 2011, 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 November 7, 2011

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: (1) Earnings Before Interest Expense, Taxes, Depreciation and Amortization, or EBITDA; (2) Adjusted EBITDA (as defined below); (3) Funds From Operations, or FFO; (4) Adjusted FFO (as defined below); and (5) comparable portfolio hotel EBITDA and comparable portfolio hotel EBITDA margin for the purpose of our operating margins.

EBITDA represents net income (loss) excluding: (1) non-controlling interests; (2) interest expense; (3) provision for income taxes, including income taxes applicable to sale of assets; and (4) depreciation and amortization. In addition, we have presented Adjusted EBITDA, which excludes: (1) amortization of deferred stock compensation; (2) the impact of any gain or loss from asset sales; (3) impairment charges; and (4) 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) to EBITDA and Adjusted EBITDA are set forth on pages 39 – 54.  We believe comparable portfolio hotel EBITDA and comparable portfolio 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 after adjustment for unconsolidated partnerships and joint ventures. We also present Adjusted FFO, which excludes penalties, written-off deferred financing costs, impairment losses and 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) to FFO and Adjusted FFO are set forth on pages 39 – 54.

CORPORATE PROFILE, FINANCIAL DISCLOSURES, AND SAFE HARBOR	Page 6

Supplemental Financial Information – Unaudited November 7, 2011

Our 32 hotel comparable portfolio includes all hotels owned by the Company as of September 30, 2011, excluding the Valley River Inn, which has been classified as held for sale as of September 30, 2011 and included in discontinued operations for all periods presented in anticipation of its sale in October 2011.  The 32 hotel comparable portfolio also includes operating results for the Renaissance Westchester during the period it was held in receivership prior to the Company’s reacquisition in June 2010, as well as prior ownership results 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.

We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, FFO, Adjusted FFO, comparable portfolio hotel EBITDA and comparable portfolio 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 portfolio hotel EBITDA and comparable portfolio 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 portfolio hotel EBITDA and comparable portfolio 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 portfolio hotel EBITDA and comparable portfolio 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 November 7, 2011

CORPORATE FINANCIAL INFORMATION

CORPORATE FINANCIAL INFORMATION	Page 8

Supplemental Financial Information – Unaudited November 7, 2011

Condensed Consolidated Balance Sheets
Q3 2011 – Q3 2010

(In thousands)	9/30/2011 (1)		6/30/2011 (2)		3/31/2011 (3)		12/31/2010 (4)		9/30/2010 (5)
Assets
Investment in hotel properties:
Land	$	265,108	$	265,108	$	266,914	$	274,590	$	274,591
Buildings & improvements	2,621,142		2,601,310		2,175,430		1,964,535		1,958,697
Furniture, fixtures, & equipment	337,673		329,826		295,691		258,962		254,893
Other	192,249		205,253		186,548		73,899		53,171
	3,416,172		3,401,497		2,924,583		2,571,986		2,541,352
Less accumulated depreciation & amortization	(622,272)		(587,560)		(562,720)		(537,763)		(513,270)
		2,793,900		2,813,937		2,361,863		2,034,223		2,028,082
Other real estate investments:
Land	2,768		2,768		2,768		2,768		2,768
Buildings & improvements	9,397		9,297		9,297		9,297		9,296
Furniture, fixtures, & equipment	5,494		4,897		6,796		6,687		6,497
Other	600		787		498		304		188
Less accumulated depreciation	(6,314)		(6,109)		(7,250)		(7,044)		(6,849)
	11,945		11,640		12,109		12,012		11,900
Investments in unconsolidated joint ventures	-		-		-		246		449
Other assets, net	124,259		137,210		59,787		26,395		23,428
Current assets:
Cash and cash equivalents	159,974		144,728		153,214		277,976		71,089
Restricted cash	63,767		61,143		61,370		55,972		72,388
Other current assets, net	55,711		62,932		161,816		29,282		166,126
Total assets	$	3,209,556	$	3,231,590	$	2,810,159	$	2,436,106	$	2,373,462

CORPORATE FINANCIAL INFORMATION	Page 9

Supplemental Financial Information – Unaudited November 7, 2011

Condensed Consolidated Balance Sheets
Q3 2011 – Q3 2010 (cont.)

(In thousands)	9/30/2011 (1)		6/30/2011 (2)		3/31/2011 (3)		12/31/2010 (4)		9/30/2010 (5)
Liabilities
Current liabilities:
Current portion of notes payable	$	324,279	$	292,189	$	288,699	$	16,486	$	94,810
Other current liabilities	104,116		98,571		102,071		84,762		254,287
Total current liabilities	428,395		390,760		390,770		101,248		349,097
Notes payable, less current portion	1,280,927		1,318,530		1,103,089		1,066,514		979,707
Senior exchangeable notes, less discount (6)	61,095		60,826		60,565		60,303		60,050
Other liabilities	12,295		10,764		9,517		8,742		7,923
Total liabilities		1,782,712		1,780,880		1,563,941		1,236,807		1,396,777
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		-		-		-
Common stock, $0.01 par value, 500,000,000 shares authorized	1,173		1,172		1,172		1,170		973
Additional paid in capital	1,311,918		1,311,037		1,314,099		1,313,498		1,121,460
Retained earnings (deficit)	103,091		119,613		80,928		29,593		(6,079)
Cumulative dividends	(437,959)		(430,522)		(423,212)		(418,075)		(412,938)
Accumulated other comprehensive loss	(3,137)		(3,137)		(3,137)		(3,137)		(2,981)
Total stockholders’ equity	1,266,336		1,289,413		1,146,100		1,099,299		876,685
Non-controlling interest in consolidated joint ventures	60,508		61,297		118		-		-
Total equity		1,326,844		1,350,710		1,146,218		1,099,299		876,685
Total liabilities and equity	$	3,209,556	$	3,231,590	$	2,810,159	$	2,436,106	$	2,373,462
(1) As presented on Form 10-Q to be filed 11/09/11.
(2) As presented on Form 10-Q filed 08/09/11.
(3) As presented on Form 10-Q filed 05/06/11.
(4) As presented on Form 10-K filed 02/17/11.
(5) As presented on Form 10-Q filed 11/04/10.
(6) Face value of $62.5 million.

CORPORATE FINANCIAL INFORMATION	Page 10

Supplemental Financial Information – Unaudited November 7, 2011

Consolidated Statements of Operations

Q3 & YTD 2011/2010

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands, except per share data)	2011		2010		2011		2010
Revenues
Room	$	150,584	$	105,927	$	407,344	$	302,033
Food and beverage	44,153		34,671		134,481		111,206
Other operating	17,597		11,877		47,821		34,415
Total revenues	212,334		152,475		589,646		447,654
Operating expenses
Room	37,894		27,033		102,782		77,378
Food and beverage	34,882		27,656		100,714		82,768
Other operating	6,871		5,734		19,059		17,113
Advertising and promotion	10,338		7,776		29,325		22,782
Repairs and maintenance	8,349		6,452		23,870		19,247
Utilities	8,441		6,593		22,518		17,750
Franchise costs	7,942		5,727		20,676		15,878
Property tax, ground lease and insurance	17,197		10,671		45,762		31,354
Property general and administrative	24,768		18,045		70,013		53,199
Corporate overhead	6,943		4,802		20,916		14,510
Depreciation and amortization	34,176		23,043		93,057		69,264
Impairment loss	10,862		-		10,862		1,943
Total operating expenses	208,663		143,532		559,554		423,186
Operating income	3,671		8,943		30,092		24,468
Equity in earnings of unconsolidated joint ventures	-		200		21		475
Interest income and other income (loss)	1,544		(280)		2,973		(10)
Interest expense	(21,792)		(16,506)		(60,729)		(53,235)
Gain on remeasurement of equity interests	-		-		69,230		-
Income (loss) from continuing operations	(16,577)		(7,643)		41,587		(28,302)
Income from discontinued operations	24		31,296		32,124		31,172
Net income (loss)	(16,553)		23,653		73,711		2,870
(Income) loss from consolidated joint venture attributable to non-controlling interest	31		-		(213)		-
Distributions to non-controlling interest	(8)		-		(22)		-
Preferred stock dividends and accretion	(7,437)		(5,141)		(19,884)		(15,515)
Undistributed income allocated to unvested restricted stock compensation	-		(232)		(638)		-
Income available (loss attributable) to common stockholders	$	(23,967)	$	18,280	$	52,954	$	(12,645)
Basic per share amounts:
Income (loss) from continuing operations available (attributable) to common stockholders	$	(0.20)	$	(0.13)	$	0.18	$	(0.45)
Income from discontinued operations	-		0.32		0.27		0.32
Basic income available (loss attributable) to common stockholders per common share	$	(0.20)	$	0.19	$	0.45	$	(0.13)
Diluted per share amounts:
Income (loss) from continuing operations available (attributable) to common stockholders	$	(0.20)	$	(0.13)	$	0.18	$	(0.45)
Income from discontinued operations	-		0.32		0.27		0.32
Diluted income available (loss attributable) to common stockholders per common share	$	(0.20)	$	0.19	$	0.45	$	(0.13)
Weighted average common shares outstanding:
Basic	117,254		97,250		117,186		97,163
Diluted	117,254		97,612		117,268		97,163
Dividends declared per common share	$	-	$	-	$	-	$	-

CORPORATE FINANCIAL INFORMATION	Page 11

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Q3 & YTD 2011/2010

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2011		2010		2011		2010
Net income (loss)	$	(16,553)	$	23,653	$	73,711	$	2,870
Operations held for investment:
Depreciation and amortization	34,176		23,043		93,057		69,264
Amortization of lease intangibles	1,035		76		2,971		226
Interest expense	19,595		15,954		55,581		48,756
Interest expense - default rate	-		-		-		884
Amortization of deferred financing fees	840		300		2,265		1,093
Write-off of deferred financing fees	-		-		-		1,585
Loan penalties and fees	-		-		-		174
Non-cash interest related to discount on Senior Notes	270		252		792		743
Non-cash interest related to loss on derivatives, net	1,087		-		2,091		-
Non-controlling interests:
(Income) loss from consolidated joint venture attributable to non-controlling interest	31		-		(213)		-
Depreciation and amortization	(1,414)		-		(2,598)		-
Interest expense	(549)		-		(1,005)		-
Amortization of deferred financing fees	(56)		-		(103)		-
Non-cash interest related to loss on derivative	(4)		-		(32)		-
Unconsolidated joint ventures:
Depreciation and amortization	-		13		3		40
Discontinued operations:
Depreciation and amortization	-		2,380		1,951		6,342
Interest expense	158		2,586		472		8,314
Interest expense - default rate	-		2,038		-		6,392
Amortization of deferred financing fees	3		134		9		406
Loan penalties and fees	-		282		-		927
EBITDA	38,619		70,711		228,952		148,016
Operations held for investment:
Amortization of deferred stock compensation	697		757		2,170		2,405
Non-cash straightline lease expense	696		340		1,702		738
(Gain) loss on sale of assets	(17)		383		(73)		383
Gain on remeasurement of equity interests	-		-		(69,230)		-
Due diligence costs - abandoned project	-		938		-		938
Closing costs - completed acquisitions	-		-		3,372		-
Impairment loss	10,862		-		10,862		1,943
Lawsuit settlement costs	1,620		-		1,620		-
Non-controlling interests:
Non-cash straightline lease expense	(114)		-		(243)		-
Unconsolidated joint ventures:
Amortization of deferred stock compensation	-		4		2		21
Discontinued operations:
(Gain) loss on sale of assets	52		-		(13,966)		-
Impairment loss	-		-		1,495		-
Gain on extinguishment of debt	-		(40,473)		(18,145)		(47,220)
Closing costs - completed acquisitions	-		6,774		-		6,774
	13,796		(31,277)		(80,434)		(34,018)
Adjusted EBITDA	$	52,415	$	39,434	$	148,518	$	113,998

CORPORATE FINANCIAL INFORMATION	Page 12

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Net Income (Loss) to FFO and Adjusted FFO
Q3 & YTD 2011/2010

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2011		2010		2011		2010
Net income (loss)	$	(16,553)	$	23,653	$	73,711	$	2,870
Preferred stock dividends	(7,437)		(5,141)		(19,884)		(15,515)
Operations held for investment:
Real estate depreciation and amortization	33,882		22,906		92,186		68,858
Amortization of lease intangibles	1,035		76		2,971		226
(Gain) loss on sale of assets	(17)		383		(73)		383
Non-controlling interests:
(Income) loss from consolidated joint venture attributable to non-controlling interest	31		-		(213)		-
Real estate depreciation and amortization	(1,414)		-		(2,598)		-
Discontinued operations:
Real estate depreciation and amortization	-		2,380		1,951		6,342
(Gain) loss on sale of assets	52		-		(13,966)		-
FFO available to common stockholders	9,579		44,257		134,085		63,164
Operations held for investment:
Interest expense - default rate	-		-		-		884
Write-off of deferred financing fees	-		-		-		1,585
Loan penalties and fees	-		-		-		174
Non-cash straightline lease expense	696		340		1,702		738
Non-cash interest related to loss on derivatives, net	1,087		-		2,091		-
Gain on remeasurement of equity interests	-		-		(69,230)		-
Due diligence costs - abandoned project	-		938		-		938
Closing costs - completed acquisitions	-		-		3,372		-
Impairment loss	10,862		-		10,862		1,943
Lawsuit settlement costs	1,620		-		1,620		-
Non-controlling interests:
Non-cash straightline lease expense	(114)		-		(243)		-
Non-cash interest related to loss on derivative	(4)		-		(32)		-
Discontinued operations:
Interest expense - default rate	-		2,038		-		6,392
Loan penalties and fees	-		282		-		927
Impairment loss	-		-		1,495		-
Gain on extinguishment of debt	-		(40,473)		(18,145)		(47,220)
Closing costs - completed acquisitions	-		6,774		-		6,774
	14,147		(30,101)		(66,508)		(26,865)
Adjusted FFO available to common stockholders	$	23,726	$	14,156	$	67,577	$	36,299
FFO available to common stockholders per diluted share	$	0.08	$	0.45	$	1.14	$	0.65
Adjusted FFO available to common stockholders per diluted share	$	0.20	$	0.15	$	0.58	$	0.37
Basic weighted average shares outstanding	117,254		97,250		117,186		97,163
Shares associated with unvested restricted stock awards	-		362		82		372
Diluted weighted average shares outstanding (1)	117,254		97,612		117,268		97,535

(1) Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.  On an “as-converted” basis, FFO available to common stockholders per diluted share is $0.09 and $0.45, respectively, for the three months ended September 30, 2011 and 2010, and $1.14 and $0.67, respectively, for the nine months ended September 30, 2011 and 2010.

On an “as-converted” basis,  Adjusted FFO available to common stockholders per diluted share is $0.21 and $0.15, respectively, for the three months ended September 30, 2011 and 2010, and $0.59 and $0.40, respectively, for the nine months ended September 30, 2011 and 2010.

CORPORATE FINANCIAL INFORMATION	Page 13

Supplemental Financial Information – Unaudited November 7, 2011

Pro Forma Comparable Consolidated Statements of Operations
Q3 2011 – Q1 2010

	Three Months Ended (1)
(Unaudited and in thousands)	Sept. 30,		June 30,		March 31,		Dec. 31,		Sept. 30,		June 30,		March 31,
	2011		2011		2011		2010		2010		2010		2010
Revenues
Room	$	150,584	$	152,790	$	128,120	$	155,705	$	138,466	$	142,502	$	119,228
Food and beverage	44,153		52,315		49,767		59,360		43,900		49,974		49,502
Other operating	17,597		17,213		16,142		17,424		17,304		16,721		16,158
Total revenues	212,334		222,318		194,029		232,489		199,670		209,197		184,888
Operating Expenses
Room	37,894		36,419		34,395		39,134		35,164		34,480		31,160
Food and beverage	34,882		36,979		36,443		41,979		34,509		35,882		34,874
Other expenses	83,906		80,650		80,117		87,463		80,519		81,046		76,967
Corporate overhead	6,943		6,316		7,657		7,461		4,802		5,132		4,576
Depreciation and amortization	34,176		33,576		31,650		30,545		30,481		30,666		30,993
Impairment loss	10,862		-		-		-		-		1,943		-
Total operating expenses	208,663		193,940		190,262		206,582		185,475		189,149		178,570
Operating Income	3,671		28,378		3,767		25,907		14,195		20,048		6,318
Interest income and other income (loss)	164		60		109		121		(280)		99		171
Interest expense	(21,792)		(21,465)		(20,480)		(20,825)		(20,468)		(20,390)		(21,919)
Gain on remeasurement of equity interests	-		-		69,230		-		-		-		-
Income (loss) from continuing operations	(17,957)		6,973		52,626		5,203		(6,553)		(243)		(15,430)
Income from discontinued operations	24		30,783		1,317		37,433		31,296		3,964		(4,088)
Net Income (Loss)	$	(17,933)	$	37,756	$	53,943	$	42,636	$	24,743	$	3,721	$	(19,518)
Adjusted EBITDA (2)	$	50,798	$	62,818	$	37,962	$	59,951	$	46,331	$	53,208	$	37,904

(1) Includes the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as the acquisition of BuyEfficient and the Series D preferred stock offering all completed in 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 on pages 39, 41, 43, 45, 47, 49 and 51 of this supplemental package.

CORPORATE FINANCIAL INFORMATION	Page 14

Supplemental Financial Information – Unaudited November 7, 2011

EARNINGS GUIDANCE FOR FULL YEAR 2011

EARNINGS GUIDANCE FOR FULL YEAR 2011	Page 15

Supplemental Financial Information – Unaudited November 7, 2011

Earnings Guidance for Full Year 2011

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 anticipated results is subject to risks and uncertainties, including those disclosed in the Company’s filings with the Securities and Exchange Commission. The Company has provided guidance for the full year 2011. The Company’s guidance does not take into account any additional hotel acquisitions, dispositions or financings during 2011.

For the full year 2011, the Company has revised its most recently provided guidance as follows:

Metric	Prior Guidance (1)	Adjusted Prior Guidance (2)	Current Guidance	Change to Adjusted Prior Midpoint
Comparable Hotel RevPAR (3)	+6% - 8%	+6% - 8%	+6% - 8%	-
Net Loss (4)	($14) - ($3)	($17) - ($6)	($15) - ($10)	-$1.0
Adjusted EBITDA ($ millions)	$203 - $214	$201 - $212	$204 - $209	-
Adjusted FFO ($ millions)	$91 - $102	$89 - $100	$93 - $98	+$1.0
Adjusted FFO per diluted share	$0.77 - $0.87	$0.76 - $0.86	$0.79 - $0.84	+$0.005

(1) Reflects guidance presented on 8/8/2011.

(2) Prior guidance has been adjusted down by $1.4 million to reflect the sale of the mortgage note secured by the Royal Palm Hotel.

(3) Includes 32 comparable hotels.

(4) Net loss reflects loss attributable to common stockholders plus preferred stock dividends. Guidance for the full year 2011 includes the Company’s ownership results for all acquisitions and dispositions, and includes the Company’s 75% ownership results for the Hilton San Diego Bayfront.

EARNINGS GUIDANCE FOR FULL YEAR 2011	Page 16

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Net Loss to Adjusted EBITDA and Adjusted FFO
FY 2011

Reconciliation of Net Loss to Adjusted EBITDA (1)
	Year Ended
	December 31, 2011
(In thousands except per share amounts)	Low		High
Net loss	$	(15,200)	$	(9,800)
Depreciation and amortization	130,000		130,000
Amortization of lease intangibles	4,000		4,000
Interest expense	75,900		75,900
Amortization of deferred financing fees	3,000		3,000
Non-cash interest related to discount on Senior Notes	1,100		1,100
Amortization of deferred stock compensation	3,000		3,000
Non-cash straightline lease expense	2,200		2,200
Adjusted EBITDA	$	204,000	$	209,400

Reconciliation of Net Loss to Adjusted FFO (1)
Net loss	$	(15,200)	$	(9,800)
Preferred stock dividends	(27,400)		(27,400)
Real estate depreciation and amortization	129,100		129,100
Amortization of lease intangibles	4,000		4,000
Non-cash straightline lease expense	2,200		2,200
Adjusted FFO available to common stockholders	$	92,700	$	98,100
Adjusted FFO available to common stockholders per diluted share	$	0.79	$	0.84
Diluted weighted average shares outstanding	117,400		117,400

(1) Guidance for the full  year 2011 includes the Company’s ownership results for all acquisitions and dispositions, and includes the Company’s 75% ownership results for the Hilton San Diego Bayfront.

EARNINGS GUIDANCE FOR FULL YEAR 2011	Page 17

Supplemental Financial Information – Unaudited November 7, 2011

CAPITALIZATION

CAPITALIZATION Page 18

Supplemental Financial Information – Unaudited November 7, 2011

Comparative Capitalization

Q3 2011 – Q3 2010

(In thousands, except per share data)	9/30/2011			6/30/2011			3/31/2011			12/31/2010			9/30/2010
Common Share Price & Dividends
At the end of the quarter	$	5.69		$	9.27		$	10.19		$	10.33		$	9.07
High during quarter ended	$	10.03		$	10.50		$	10.90		$	10.93		$	10.95
Low during quarter ended	$	5.10		$	8.65		$	9.28		$	9.33		$	8.27
Common dividends per share	$	-		$	-		$	-		$	-		$	-
Common Shares & Units
Common shares outstanding (1)	118,672			118,334			117,941			117,619			98,512
Units outstanding	-			-			-			-			-
Total common shares and units outstanding	118,672			118,334			117,941			117,619			98,512
Capitalization
Market value of common equity	$	675,244		$	1,096,956		$	1,201,819		$	1,215,004		$	893,504
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			-			-			-
Consolidated debt (2)	1,577,706			1,673,219			1,454,288			1,145,500			1,137,017
Consolidated total capitalization		2,644,200			3,161,425			2,932,357			2,636,754			2,306,771
Non-controlling interest in consolidated debt	(59,637		)	(59,820		)	-			-			-
Pro rata total capitalization	$	2,584,563		$	3,101,605		$	2,932,357		$	2,636,754		$	2,306,771
Consolidated debt to total capitalization	59.7		%	52.9		%	49.6		%	43.4		%	49.3		%
Pro rata debt to pro rata total capitalization	58.7		%	52.0		%	49.6		%	43.4		%	49.3		%
Consolidated debt and preferred equity to total capitalization	74.5		%	65.3		%	59.0		%	53.9		%	61.3		%
Pro rata debt and preferred equity to total capitalization	73.9		%	64.6		%	59.0		%	53.9		%	61.3		%

(1) Reflects shares outstanding at respective dates.

(2) Consolidated debt at 9/30/2011 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.

CAPITALIZATION Page 19

Supplemental Financial Information – Unaudited November 7, 2011

Debt Summary Schedule

(In thousands)		Interest Rate /	Maturity	September 30, 2011		Subsequent		November 7, 2011		Full Year 2011		Balance At
Debt	Collateral	Spread	Date	Balance		Event (1)		Balance (2)		Principal Amortization (3)		Maturity
Fixed Rate Debt
Secured Mortgage Debt	Renaissance Long Beach	4.98%	7/1/2012	$	32,664	$	-	$	32,664	$	790	$	31,982
Secured Mortgage Debt	Rochester laundry facility	9.88%	6/1/2013	1,773		-		1,773		946		-
Secured Mortgage Debt	Doubletree Guest Suites Minneapolis	5.34%	5/1/2015	17,294		-		17,294		435		15,508
Secured Mortgage Debt	Hilton Del Mar	5.34%	5/1/2015	25,081		-		25,081		630		22,491
Secured Mortgage Debt	Marriott Houston	5.34%	5/1/2015	23,023		-		23,023		579		20,645
Secured Mortgage Debt	Marriott Park City	5.34%	5/1/2015	15,009		-		15,009		377		13,458
Secured Mortgage Debt	Marriott Philadelphia	5.34%	5/1/2015	27,194		-		27,194		683		24,385
Secured Mortgage Debt	Marriott Troy	5.34%	5/1/2015	35,208		-		35,208		885		31,572
Secured Mortgage Debt	Marriott Tysons Corner	5.34%	5/1/2015	44,925		-		44,925		1,129		40,285
Secured Mortgage Debt	The Kahler Grand	5.34%	5/1/2015	27,695		-		27,695		696		24,834
Secured Mortgage Debt	JW Marriott New Orleans	5.45%	9/1/2015	41,642		-		41,642		676		38,094
Secured Mortgage Debt	Renaissance Harborplace	5.13%	1/1/2016	99,595		-		99,595		6,411		84,919
Secured Mortgage Debt	Marriott Del Mar	5.69%	1/11/2016	47,610		-		47,610		540		44,711
Secured Mortgage Debt	Hilton North Houston	5.66%	3/11/2016	32,919		-		32,919		461		30,522
Secured Mortgage Debt	Renaissance Orlando Resort at SeaWorld®	5.52%	7/1/2016	82,582		-		82,582		1,846		72,210
Secured Mortgage Debt	Embassy Suites Chicago	5.58%	3/1/2017	74,346		-		74,346		1,000		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	69,750		-		69,750		378		62,179
Secured Mortgage Debt	Hilton Times Square	4.97%	11/1/2020	91,413		-		91,413		1,313		75,976
Secured Mortgage Debt	Renaissance Washington DC	5.95%	5/1/2021	130,935		-		130,935		1,838		106,580
Exchangeable Senior Notes	Guaranty	4.60%	7/15/2027	62,500		-		62,500		-		62,500
Total Fixed Rate Debt				1,159,158		-		1,159,158		21,613		1,044,428
Secured Mortgage Debt	Doubletree Guest Suites Times Square	L + 1.15%	1/9/2012	270,000		(270,000)		-		-		270,000
Secured Mortgage Debt	Hilton San Diego Bayfront	L + 3.25%	4/15/2016	238,548		-		238,548		1,945		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				508,548		(90,000)		418,548		1,945		660,506
TOTAL DEBT				$	1,667,706	$	(90,000)	$	1,577,706	$	23,558	$	1,704,934
Preferred Stock
Series A cumulative redeemable preferred		8.00%	perpetual	$	176,250	$	-	$	176,250
Series C cumulative convertible redeemable preferred		6.45%	perpetual	$	100,000	$	-	$	100,000
Series D cumulative redeemable preferred		8.00%	perpetual	$	115,000	$	-	$	115,000
Debt Statistics
% Fixed Rate Debt				69.5%				73.5%
% Floating Rate Debt				30.5%				26.5%
Average Interest Rate (4)				4.54%				4.97%
Weighted Average Maturity of Debt (5)				5.0 years				5.9 years

(1) Subsequent Event represents 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. The new mortgage is interest only for the first 24 months, and bears a floating interest rate of 3-month LIBOR plus 325 basis points.

(2) Excludes the effects of principal amortization subsequent to September 30, 2011.

(3) Full year 2011 principal amortization on the mortgage debt secured by the Renaissance Harborplace includes $4.2 million which was transferred from the Company’s restricted cash account to the mortgage debt’s principal in compliance with the loan modification pursuant to the Company’s 2009 secured debt restructuring program.

(4) Average Interest Rate on variable-rate debt obligations is calculated based on the variable rates at September 30, 2011 and includes the effect of the Company’s interest rate derivative agreements.

(5) Assumes the exchangeable senior notes remain outstanding to maturity. If the exchangeable senior notes were redeemed upon the first put date, the weighted average maturity would be approximately 4.4 years.

CAPITALIZATION Page 20

Supplemental Financial Information – Unaudited November 7, 2011

Amortization and Debt Maturity Schedule

(1) Percentage of current total capitalization is calculated by dividing the sum of scheduled principal amortization and maturity payments by the 09/30/11 pro rata total capitalization as presented on page 19.

CAPITALIZATION Page 21

Supplemental Financial Information – Unaudited November 7, 2011

PROPERTY-LEVEL DATA

PROPERTY-LEVEL DATA Page 22

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level Data

Hotel	Location	Brand	Number of Rooms	% of Total Rooms	Ownership Interest	Interest	Leasehold Maturity (1)	Year Acquired
Hilton San Diego Bayfront	California	Hilton	1,190	9.01%	75%	Leasehold	2071	2011
Renaissance Washington DC	Washington DC	Marriott	807	6.11%	100%	Fee Simple		2005
Renaissance Orlando at SeaWorld® (2)	Florida	Marriott	781	5.91%	100%	Fee Simple		2005
The Kahler Grand	Minnesota	Independent	668	5.06%	100%	Fee Simple		1999
Renaissance Harborplace	Maryland	Marriott	622	4.71%	100%	Leasehold	2085	2005
Renaissance Los Angeles Airport	California	Marriott	499	3.78%	100%	Fee Simple		2007
JW Marriott New Orleans	Louisiana	Marriott	494	3.74%	100%	Leasehold	2081	2011
Hilton North Houston	Texas	Hilton	480	3.63%	100%	Fee Simple		2002
Marriott Quincy	Massachusettes	Marriott	464	3.51%	100%	Fee Simple		2007
Doubletree Guest Suites Times Square	New York	Hilton	460	3.48%	100%	Leasehold	2127	2011
Hilton Times Square	New York	Hilton	460	3.48%	100%	Leasehold	2091	2006
Fairmont Newport Beach	California	Fairmont	444	3.36%	100%	Leasehold	2082	2005
Marriott Boston Long Wharf	Massachusettes	Marriott	412	3.12%	100%	Fee Simple		2007
Hyatt Regency Newport Beach	California	Hyatt	403	3.05%	100%	Leasehold	2048	2002
Marriott Tysons Corner	Virginia	Marriott	396	3.00%	100%	Fee Simple		2002
Marriott Houston	Texas	Marriott	390	2.95%	100%	Fee Simple		2002
Renaissance Long Beach	California	Marriott	374	2.83%	100%	Fee Simple		2005
Embassy Suites Chicago	Illinois	Hilton	367	2.78%	100%	Fee Simple		2002
Marriott Troy	Michigan	Marriott	350	2.65%	100%	Fee Simple		2002
Renaissance Westchester	New York	Marriott	347	2.63%	100%	Fee Simple		2005
Embassy Suites La Jolla	California	Hilton	340	2.57%	100%	Fee Simple		2006
Marriott Philadephia	Pennsylvania	Marriott	289	2.19%	100%	Fee Simple		2002
Marriott Del Mar	California	Marriott	284	2.15%	100%	Fee Simple		2006
Kahler Inn & Suites	Minnesota	Independent	271	2.05%	100%	Fee Simple		1999
Hilton Del Mar	California	Hilton	257	1.95%	100%	Fee Simple		2002
Marriott Portland	Oregon	Marriott	249	1.89%	100%	Fee Simple		2000
Doubletree Guest Suites Minneapolis	Minnesota	Hilton	229	1.73%	100%	Fee Simple		2002
Sheraton Cerritos	California	Starwood	203	1.54%	100%	Leasehold	2087	2005
Marriott Rochester	Minnesota	Marriott	203	1.54%	100%	Fee Simple		1999
Marriott Park City	Utah	Marriott	199	1.51%	100%	Fee Simple		1999
Courtyard by Marriott Los Angeles	California	Marriott	185	1.40%	100%	Leasehold	2096	1999
Residence Inn by Marriott Rochester	Minnesota	Marriott	89	0.67%	100%	Fee Simple		2004
			13,206	100%

(1) Assumes the full exercise of all lease extensions.

(2) Reflects 100% economic interest in the Renaissance Orlando.

PROPERTY-LEVEL DATA	Page 23

Supplemental Financial Information – Unaudited November 7, 2011

PROPERTY-LEVEL OPERATING STATISTICS

PROPERTY-LEVEL OPERATING STATISTICS	Page 24

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level Operating Statistics

Q1 2011/2010

		ADR					Occupancy					RevPAR
		For the Three Months Ended March 31,					For the Three Months Ended March 31,					For the Three Months Ended March 31,
		2011		2010		Variance	2011		2010		Variance	2011		2010		Variance
1	Courtyard by Marriott Los Angeles	$	134.51	$	117.99	14.0%	78.6	%	93.2	%	-15.7%	$	105.72	$	109.97	-3.9%
2	Doubletree Guest Suites Minneapolis	97.53		89.13		9.4%	48.1	%	55.6	%	-13.5%	46.91		49.56		-5.3%
3	Doubletree Guest Suites Times Square (1)	237.25		223.07		6.4%	92.3	%	85.8	%	7.6%	218.98		191.39		14.4%
4	Embassy Suites Chicago	134.23		130.14		3.1%	61.8	%	59.8	%	3.3%	82.95		77.82		6.6%
5	Embassy Suites La Jolla	150.26		150.68		-0.3%	75.7	%	70.9	%	6.8%	113.75		106.83		6.5%
6	Fairmont Newport Beach	126.68		124.10		2.1%	76.8	%	74.3	%	3.4%	97.29		92.21		5.5%
7	Hilton Del Mar	120.29		111.87		7.5%	63.5	%	61.1	%	3.9%	76.38		68.35		11.8%
8	Hilton North Houston	101.25		114.41		-11.5%	76.0	%	73.9	%	2.8%	76.95		84.55		-9.0%
9	Hilton San Diego Bayfront (1)	208.35		188.70		10.4%	80.1	%	70.3	%	13.9%	166.89		132.66		25.8%
10	Hilton Times Square	231.02		225.15		2.6%	84.9	%	83.0	%	2.3%	196.14		186.87		5.0%
11	Hyatt Regency Newport Beach	121.46		104.09		16.7%	80.7	%	82.5	%	-2.2%	98.02		85.87		14.1%
12	JW Marriott New Orleans (1)	174.55		153.55		13.7%	77.5	%	84.0	%	-7.7%	135.28		128.98		4.9%
13	Kahler Grand	112.11		101.38		10.6%	54.1	%	53.4	%	1.3%	60.65		54.14		12.0%
14	Kahler Inn & Suites	104.65		100.80		3.8%	63.7	%	66.5	%	-4.2%	66.66		67.03		-0.6%
15	Marriott Boston Long Wharf	186.21		179.95		3.5%	72.2	%	72.3	%	-0.1%	134.44		130.10		3.3%
16	Marriott Del Mar	136.57		135.81		0.6%	66.5	%	66.0	%	0.8%	90.82		89.63		1.3%
17	Marriott Houston	97.76		99.56		-1.8%	56.3	%	58.7	%	-4.1%	55.04		58.44		-5.8%
18	Marriott Park City	210.17		203.83		3.1%	88.2	%	82.7	%	6.7%	185.37		168.57		10.0%
19	Marriott Philadelphia	161.38		147.71		9.3%	57.4	%	59.3	%	-3.2%	92.63		87.59		5.8%
20	Marriott Portland	121.27		115.56		4.9%	69.7	%	72.7	%	-4.1%	84.53		84.01		0.6%
21	Marriott Quincy	146.53		139.49		5.0%	45.5	%	54.5	%	-16.5%	66.67		76.02		-12.3%
22	Marriott Rochester	197.56		197.90		-0.2%	52.8	%	56.6	%	-6.7%	104.31		112.01		-6.9%
23	Marriott Troy	122.20		113.78		7.4%	62.8	%	66.1	%	-5.0%	76.74		75.21		2.0%
24	Marriott Tysons Corner	178.54		163.08		9.5%	52.8	%	64.3	%	-17.9%	94.27		104.86		-10.1%
25	Renaissance Harborplace	150.61		155.10		-2.9%	58.5	%	52.7	%	11.0%	88.11		81.74		7.8%
26	Renaissance Los Angeles Airport	113.46		106.17		6.9%	79.4	%	78.9	%	0.6%	90.09		83.77		7.5%
27	Renaissance Long Beach	157.50		154.57		1.9%	69.4	%	66.9	%	3.7%	109.31		103.41		5.7%
28	Renaissance Orlando at SeaWorld ®	158.16		148.90		6.2%	76.3	%	66.4	%	14.9%	120.68		98.87		22.1%
29	Renaissance Washington DC	212.98		209.98		1.4%	71.8	%	69.1	%	3.9%	152.92		145.10		5.4%
30	Renaissance Westchester (1)	147.96		142.03		4.2%	51.7	%	59.1	%	-12.5%	76.50		83.94		-8.9%
31	Residence Inn by Marriott Rochester	126.03		119.82		5.2%	88.2	%	76.4	%	15.4%	111.16		91.54		21.4%
32	Sheraton Cerritos	116.76		112.10		4.2%	66.9	%	72.9	%	-8.2%	78.11		81.72		-4.4%
	Total Comparable Portfolio	$	159.93	$	150.94	6.0%	69.6	%	68.6	%	1.5%	$	111.31	$	103.54	7.5%
	(1) Includes prior operating results for the Renaissance Westchester during the period it was held in receivership before its reaquisition by the Company on June 14, 2010, as well as 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

PROPERTY-LEVEL OPERATING STATISTICS	Page 25

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level Operating Statistics

Q2 2011/2010

		ADR					Occupancy					RevPAR
		For the Three Months Ended June 30,					For the Three Months Ended June 30,					For the Three Months Ended June 30,
		2011		2010		Variance	2011		2010		Variance	2011		2010		Variance
1	Courtyard by Marriott Los Angeles	$	127.86	$	116.81	9.5%	81.6	%	89.6	%	-8.9%	$	104.33	$	104.66	-0.3%
2	Doubletree Guest Suites Minneapolis	123.87		108.36		14.3%	76.7	%	78.0	%	-1.7%	95.01		84.52		12.4%
3	Doubletree Guest Suites Times Square (1)	349.79		308.05		13.5%	98.3	%	97.3	%	1.0%	343.84		299.73		14.7%
4	Embassy Suites Chicago	204.94		191.20		7.2%	85.6	%	81.0	%	5.7%	175.43		154.87		13.3%
5	Embassy Suites La Jolla	149.78		151.12		-0.9%	81.0	%	78.8	%	2.8%	121.32		119.08		1.9%
6	Fairmont Newport Beach	127.19		115.69		9.9%	80.8	%	77.8	%	3.9%	102.77		90.01		14.2%
7	Hilton Del Mar	116.54		120.35		-3.2%	73.6	%	69.1	%	6.5%	85.77		83.16		3.1%
8	Hilton North Houston	106.58		115.97		-8.1%	68.5	%	64.4	%	6.4%	73.01		74.68		-2.2%
9	Hilton San Diego Bayfront (1)	188.63		185.99		1.4%	79.6	%	76.1	%	4.6%	150.15		141.54		6.1%
10	Hilton Times Square	298.08		287.03		3.8%	95.4	%	91.3	%	4.5%	284.37		262.06		8.5%
11	Hyatt Regency Newport Beach	123.35		118.16		4.4%	87.4	%	87.2	%	0.2%	107.81		103.04		4.6%
12	JW Marriott New Orleans (1)	173.28		153.84		12.6%	86.3	%	83.6	%	3.2%	149.54		128.61		16.3%
13	Kahler Grand	123.21		110.42		11.6%	58.5	%	57.5	%	1.7%	72.08		63.49		13.5%
14	Kahler Inn & Suites	107.19		103.21		3.9%	60.1	%	63.8	%	-5.8%	64.42		65.85		-2.2%
15	Marriott Boston Long Wharf	260.10		253.76		2.5%	89.0	%	90.1	%	-1.2%	231.49		228.64		1.2%
16	Marriott Del Mar	131.72		129.78		1.5%	68.1	%	68.5	%	-0.6%	89.70		88.90		0.9%
17	Marriott Houston	93.81		98.21		-4.5%	75.8	%	64.3	%	17.9%	71.11		63.15		12.6%
18	Marriott Park City	96.05		93.19		3.1%	46.5	%	42.2	%	10.2%	44.66		39.33		13.6%
19	Marriott Philadelphia	166.22		147.56		12.6%	76.0	%	76.8	%	-1.0%	126.33		113.33		11.5%
20	Marriott Portland	136.20		126.63		7.6%	82.6	%	80.0	%	3.2%	112.50		101.30		11.1%
21	Marriott Quincy	145.04		139.54		3.9%	74.3	%	74.5	%	-0.3%	107.76		103.96		3.7%
22	Marriott Rochester	210.47		198.66		5.9%	62.1	%	64.2	%	-3.3%	130.70		127.54		2.5%
23	Marriott Troy	122.55		114.25		7.3%	68.7	%	68.2	%	0.7%	84.19		77.92		8.1%
24	Marriott Tysons Corner	170.75		164.86		3.6%	79.5	%	76.2	%	4.3%	135.75		125.62		8.1%
25	Renaissance Harborplace	183.21		180.73		1.4%	75.5	%	79.6	%	-5.2%	138.32		143.86		-3.8%
26	Renaissance Los Angeles Airport	110.98		104.10		6.6%	80.4	%	76.0	%	5.8%	89.23		79.12		12.8%
27	Renaissance Long Beach	136.09		138.69		-1.9%	76.7	%	63.9	%	20.0%	104.38		88.62		17.8%
28	Renaissance Orlando at SeaWorld ®	128.53		132.66		-3.1%	70.9	%	68.6	%	3.4%	91.13		91.00		0.1%
29	Renaissance Washington DC	224.16		215.69		3.9%	83.8	%	84.6	%	-0.9%	187.85		182.47		2.9%
30	Renaissance Westchester (1)	141.84		137.20		3.4%	73.9	%	66.2	%	11.6%	104.82		90.83		15.4%
31	Residence Inn by Marriott Rochester	134.11		128.84		4.1%	83.9	%	78.8	%	6.5%	112.52		101.53		10.8%
32	Sheraton Cerritos	111.53		108.50		2.8%	87.8	%	78.2	%	12.3%	97.92		84.85		15.4%
	Total Comparable Portfolio	$	169.74	$	163.10	4.1%	77.7	%	75.4	%	3.1%	$	131.89	$	122.98	7.2%
	(1) Includes prior operating results for the Renaissance Westchester during the period it was held in receivership before its reaquisition by the Company on June 14, 2010, as well as 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

PROPERTY-LEVEL OPERATING STATISTICS	Page 26

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level Operating Statistics

Q3 2011/2010

		ADR					Occupancy			RevPAR
		For the Three Months Ended September 30,					For the Three Months Ended September 30,			For the Three Months Ended September 30,
		2011		2010		Variance	2011	2010	Variance	2011		2010		Variance
1	Courtyard by Marriott Los Angeles	$	134.91	$	115.24	17.1%	95.3%	91.5%	4.2%	$	128.57	$	105.44	21.9%
2	Doubletree Guest Suites Minneapolis	125.94		112.46		12.0%	86.5%	79.9%	8.3%	108.94		89.86		21.2%
3	Doubletree Guest Suites Times Square (1)	352.68		317.66		11.0%	97.8%	96.6%	1.2%	344.92		306.86		12.4%
4	Embassy Suites Chicago	192.78		189.44		1.8%	90.3%	80.9%	11.6%	174.08		153.26		13.6%
5	Embassy Suites La Jolla	169.02		168.85		0.1%	86.9%	81.8%	6.2%	146.88		138.12		6.3%
6	Fairmont Newport Beach	142.74		124.37		14.8%	74.7%	81.2%	-8.0%	106.63		100.99		5.6%
7	Hilton Del Mar	141.08		144.40		-2.3%	84.0%	78.3%	7.3%	118.51		113.07		4.8%
8	Hilton North Houston	103.25		109.40		-5.6%	55.0%	53.9%	2.0%	56.79		58.97		-3.7%
9	Hilton San Diego Bayfront (1)	189.48		188.56		0.5%	82.4%	76.5%	7.7%	156.13		144.25		8.2%
10	Hilton Times Square	300.70		283.84		5.9%	97.4%	89.3%	9.1%	292.88		253.47		15.5%
11	Hyatt Regency Newport Beach	146.45		138.34		5.9%	91.4%	87.5%	4.5%	133.86		121.05		10.6%
12	JW Marriott New Orleans (1)	125.25		120.39		4.0%	75.5%	75.2%	0.4%	94.56		90.53		4.5%
13	Kahler Grand	103.44		111.86		-7.5%	65.5%	61.7%	6.2%	67.75		69.02		-1.8%
14	Kahler Inn & Suites	109.77		100.62		9.1%	65.5%	59.9%	9.3%	71.90		60.27		19.3%
15	Marriott Boston Long Wharf	270.70		252.58		7.2%	89.2%	91.4%	-2.4%	241.46		230.86		4.6%
16	Marriott Del Mar	150.85		143.42		5.2%	85.8%	80.9%	6.1%	129.43		116.03		11.6%
17	Marriott Houston	87.39		96.14		-9.1%	71.2%	49.6%	43.5%	62.22		47.69		30.5%
18	Marriott Park City	100.94		95.20		6.0%	67.1%	67.1%	0.0%	67.73		63.88		6.0%
19	Marriott Philadelphia	154.95		144.38		7.3%	70.4%	70.2%	0.3%	109.08		101.35		7.6%
20	Marriott Portland	146.39		135.08		8.4%	90.0%	90.0%	0.0%	131.75		121.57		8.4%
21	Marriott Quincy	148.01		138.21		7.1%	80.3%	77.0%	4.3%	118.85		106.42		11.7%
22	Marriott Rochester	206.79		204.43		1.2%	65.6%	73.8%	-11.1%	135.65		150.87		-10.1%
23	Marriott Troy	127.85		118.74		7.7%	68.6%	66.3%	3.5%	87.71		78.72		11.4%
24	Marriott Tysons Corner	156.45		156.79		-0.2%	70.2%	67.7%	3.7%	109.83		106.15		3.5%
25	Renaissance Harborplace	173.86		165.93		4.8%	72.7%	71.4%	1.8%	126.40		118.47		6.7%
26	Renaissance Los Angeles Airport	111.03		106.40		4.4%	87.3%	80.8%	8.0%	96.93		85.97		12.7%
27	Renaissance Long Beach	118.64		127.55		-7.0%	82.3%	70.8%	16.2%	97.64		90.31		8.1%
28	Renaissance Orlando at SeaWorld ®	106.40		107.70		-1.2%	64.8%	64.6%	0.3%	68.95		69.57		-0.9%
29	Renaissance Washington DC	189.96		169.39		12.1%	71.0%	74.8%	-5.1%	134.87		126.70		6.4%
30	Renaissance Westchester	135.81		135.23		0.4%	74.2%	64.9%	14.3%	100.77		87.76		14.8%
31	Residence Inn by Marriott Rochester	141.69		128.26		10.5%	74.5%	80.1%	-7.0%	105.56		102.74		2.7%
32	Sheraton Cerritos	108.79		105.37		3.2%	91.6%	80.0%	14.5%	99.65		84.30		18.2%
	Total Comparable Portfolio	$	165.26	$	159.05	3.9%	78.1%	74.7%	4.6%	$	129.07	$	118.81	8.6%

(1) Includes prior operating results for the Renaissance Westchester during the period it was held in receivership before its reaquisition by the Company on June 14, 2010, as well as 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

PROPERTY-LEVEL OPERATING STATISTICS	Page 27

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level Operating Statistics

YTD Q3 2011/2010

		ADR					Occupancy			RevPAR
		For the Nine Months Ended September 30,					For the Nine Months Ended September 30,			For the Nine Months Ended September 30,
		2011		2010		Variance	2011	2010	Variance	2011		2010		Variance
1	Courtyard by Marriott Los Angeles	$	132.55	$	116.68	13.6%	85.3%	91.4%	-6.7%	$	113.07	$	106.65	6.0%
2	Doubletree Guest Suites Minneapolis	118.81		104.96		13.2%	70.6%	71.3%	-1.0%	83.88		74.84		12.1%
3	Doubletree Guest Suites Times Square (1)	315.16		285.63		10.3%	96.2%	93.3%	3.1%	303.18		266.49		13.8%
4	Embassy Suites Chicago	182.10		174.28		4.5%	79.3%	74.0%	7.2%	144.41		128.97		12.0%
5	Embassy Suites La Jolla	156.86		157.32		-0.3%	81.2%	77.2%	5.2%	127.37		121.45		4.9%
6	Fairmont Newport Beach	132.08		121.39		8.8%	77.4%	77.8%	-0.5%	102.23		94.44		8.2%
7	Hilton Del Mar	127.02		127.02		0.0%	73.8%	69.5%	6.2%	93.74		88.28		6.2%
8	Hilton North Houston	103.64		113.51		-8.7%	66.4%	64.0%	3.8%	68.82		72.65		-5.3%
9	Hilton San Diego Bayfront (1)	195.37		187.73		4.1%	80.7%	74.3%	8.6%	157.66		139.48		13.0%
10	Hilton Times Square	278.74		266.67		4.5%	92.6%	87.9%	5.3%	258.11		234.40		10.1%
11	Hyatt Regency Newport Beach	130.99		120.63		8.6%	86.6%	85.7%	1.1%	113.44		103.38		9.7%
12	JW Marriott New Orleans (1)	158.54		143.37		10.6%	79.8%	80.9%	-1.4%	126.51		115.99		9.1%
13	Kahler Grand	112.53		108.17		4.0%	59.4%	57.6%	3.1%	66.84		62.31		7.3%
14	Kahler Inn & Suites	107.25		101.55		5.6%	63.1%	63.3%	-0.3%	67.67		64.28		5.3%
15	Marriott Boston Long Wharf	242.57		232.30		4.4%	83.5%	84.6%	-1.3%	202.55		196.53		3.1%
16	Marriott Del Mar	140.63		136.75		2.8%	73.5%	71.8%	2.4%	103.36		98.19		5.3%
17	Marriott Houston	92.62		98.06		-5.5%	67.8%	57.5%	17.9%	62.80		56.38		11.4%
18	Marriott Park City	147.07		141.04		4.3%	67.2%	63.9%	5.2%	98.83		90.12		9.7%
19	Marriott Philadelphia	160.96		146.52		9.9%	67.9%	68.8%	-1.3%	109.29		100.81		8.4%
20	Marriott Portland	135.78		126.52		7.3%	80.9%	81.0%	-0.1%	109.85		102.48		7.2%
21	Marriott Quincy	146.57		139.03		5.4%	66.7%	68.7%	-2.9%	97.76		95.51		2.4%
22	Marriott Rochester	205.39		200.65		2.4%	60.2%	64.9%	-7.2%	123.64		130.22		-5.1%
23	Marriott Troy	124.26		115.58		7.5%	66.7%	66.9%	-0.3%	82.88		77.32		7.2%
24	Marriott Tysons Corner	167.83		161.69		3.8%	67.5%	69.4%	-2.7%	113.29		112.21		1.0%
25	Renaissance Harborplace	170.69		168.91		1.1%	68.9%	67.9%	1.5%	117.61		114.69		2.5%
26	Renaissance Los Angeles Airport	111.79		105.58		5.9%	82.3%	78.5%	4.8%	92.00		82.88		11.0%
27	Renaissance Long Beach	136.31		140.04		-2.7%	76.1%	67.2%	13.2%	103.73		94.11		10.2%
28	Renaissance Orlando at SeaWorld ®	132.43		129.98		1.9%	70.7%	66.5%	6.3%	93.63		86.44		8.3%
29	Renaissance Washington DC	209.90		198.80		5.6%	75.5%	76.2%	-0.9%	158.47		151.49		4.6%
30	Renaissance Westchester (1)	141.18		138.03		2.3%	66.6%	63.4%	5.0%	94.03		87.51		7.4%
31	Residence Inn by Marriott Rochester	133.57		125.74		6.2%	82.1%	78.5%	4.6%	109.66		98.71		11.1%
32	Sheraton Cerritos	111.90		108.53		3.1%	82.2%	77.0%	6.8%	91.98		83.57		10.1%
	Total Comparable Portfolio	$	165.17	$	157.92	4.6%	75.2%	72.9%	3.2%	$	124.21	$	115.12	7.9%

(1) Includes prior operating results for the Renaissance Westchester during the period it was held in receivership before its reaquisition by the Company on June 14, 2010, as well as 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

PROPERTY-LEVEL OPERATING STATISTICS	Page 28

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level Operating Statistics

Q4 2010

	For the Three Months Ended December 31, 2010
	ADR		Occupancy	RevPAR
Courtyard by Marriott Los Angeles	$	116.07	84.5%	$	98.08
Doubletree Guest Suites Minneapolis	106.62		67.7%	72.18
Doubletree Guest Suites Times Square (1)	433.24		94.3%	408.55
Embassy Suites Chicago	183.70		68.1%	125.10
Embassy Suites La Jolla	142.43		66.8%	95.14
Fairmont Newport Beach	118.56		66.1%	78.37
Hilton Del Mar	118.66		54.2%	64.31
Hilton North Houston	108.60		55.8%	60.60
Hilton San Diego Bayfront (1)	185.87		75.2%	139.77
Hilton Times Square	329.26		88.3%	290.74
Hyatt Regency Newport Beach	112.97		73.4%	82.92
JW Marriott New Orleans (1)	145.97		76.7%	111.96
Kahler Grand	118.29		53.8%	63.64
Kahler Inn & Suites	103.93		60.0%	62.36
Marriott Boston Long Wharf	247.76		81.2%	201.18
Marriott Del Mar	131.13		66.4%	87.07
Marriott Houston	94.05		49.0%	46.09
Marriott Park City	125.24		44.8%	56.11
Marriott Philadelphia	152.24		68.3%	103.98
Marriott Portland	131.35		68.1%	89.45
Marriott Quincy	147.87		69.2%	102.33
Marriott Rochester	217.72		58.2%	126.71
Marriott Troy	117.20		65.1%	76.30
Marriott Tysons Corner	161.88		63.5%	102.79
Renaissance Harborplace	174.92		66.8%	116.85
Renaissance Los Angeles Airport	106.38		75.8%	80.64
Renaissance Long Beach	144.38		63.8%	92.11
Renaissance Orlando at SeaWorld ®	128.74		66.2%	85.23
Renaissance Washington DC	216.71		66.8%	144.76
Renaissance Westchester	145.58		63.5%	92.44
Residence Inn by Marriott Rochester	129.58		76.7%	99.39
Sheraton Cerritos	106.63		75.7%	80.72
Total Comparable Portfolio	$	170.10	68.5%	$	116.52

(1) Includes prior operating 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

PROPERTY-LEVEL OPERATING STATISTICS	Page 29

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level Operating Statistics

FY 2010/2009

		ADR					Occupancy			RevPAR
		For the Years Ended December 31,					For the Years Ended December 31,			For the Years Ended December 31,
		2010		2009		Variance	2010	2009	Variance	2010		2009		Variance
1	Courtyard by Marriott Los Angeles	$	116.53	$	115.84	0.6%	89.7%	86.0%	4.3%	$	104.53	$	99.62	4.9%
2	Doubletree Guest Suites Minneapolis	105.36		105.04		0.3%	70.4%	59.7%	17.9%	74.17		62.71		18.3%
3	Doubletree Guest Suites Times Square (1)	323.17		295.62		9.3%	93.5%	90.4%	3.4%	302.16		267.24		13.1%
4	Embassy Suites Chicago	176.51		176.89		-0.2%	72.5%	70.7%	2.5%	127.97		125.06		2.3%
5	Embassy Suites La Jolla	153.96		155.27		-0.8%	74.6%	70.3%	6.1%	114.85		109.15		5.2%
6	Fairmont Newport Beach	120.76		125.46		-3.7%	74.8%	72.7%	2.9%	90.33		91.21		-1.0%
7	Hilton Del Mar	125.28		127.86		-2.0%	65.7%	62.0%	6.0%	82.31		79.27		3.8%
8	Hilton North Houston	112.39		112.83		-0.4%	61.9%	71.9%	-13.9%	69.57		81.12		-14.2%
9	Hilton San Diego Bayfront (1)	187.26		185.15		1.1%	74.5%	64.0%	16.4%	139.51		118.50		17.7%
10	Hilton Times Square	282.50		265.83		6.3%	88.0%	85.8%	2.6%	248.60		228.08		9.0%
11	Hyatt Regency Newport Beach	118.92		119.36		-0.4%	82.6%	75.4%	9.5%	98.23		90.00		9.1%
12	JW Marriott New Orleans (1)	144.14		137.34		5.0%	79.6%	74.8%	6.4%	114.74		102.73		11.7%
13	Kahler Grand	110.60		102.44		8.0%	56.6%	59.6%	-5.0%	62.60		61.05		2.5%
14	Kahler Inn & Suites	102.13		97.28		5.0%	62.5%	69.2%	-9.7%	63.83		67.32		-5.2%
15	Marriott Boston Long Wharf	236.92		225.59		5.0%	83.5%	78.3%	6.6%	197.83		176.64		12.0%
16	Marriott Del Mar	135.11		136.88		-1.3%	70.1%	65.5%	7.0%	94.71		89.66		5.6%
17	Marriott Houston	97.17		106.10		-8.4%	55.3%	61.3%	-9.8%	53.74		65.04		-17.4%
18	Marriott Park City	138.02		146.23		-5.6%	59.1%	60.4%	-2.2%	81.57		88.32		-7.6%
19	Marriott Philadelphia	148.27		146.94		0.9%	68.6%	69.0%	-0.6%	101.71		101.39		0.3%
20	Marriott Portland	127.58		129.34		-1.4%	77.7%	69.8%	11.3%	99.13		90.28		9.8%
21	Marriott Quincy	141.76		135.33		4.8%	68.8%	68.6%	0.3%	97.53		92.84		5.1%
22	Marriott Rochester	204.61		198.79		2.9%	63.2%	61.5%	2.8%	129.31		122.26		5.8%
23	Marriott Troy	116.07		109.93		5.6%	66.3%	67.5%	-1.8%	76.95		74.20		3.7%
24	Marriott Tysons Corner	161.74		160.16		1.0%	67.6%	64.2%	5.3%	109.34		102.82		6.3%
25	Renaissance Harborplace	170.74		170.90		-0.1%	67.5%	61.4%	9.9%	115.25		104.93		9.8%
26	Renaissance Los Angeles Airport	105.82		102.62		3.1%	77.7%	80.5%	-3.5%	82.22		82.61		-0.5%
27	Renaissance Long Beach	141.33		144.06		-1.9%	66.2%	66.8%	-0.9%	93.56		96.23		-2.8%
28	Renaissance Orlando at SeaWorld ®	129.60		136.82		-5.3%	66.4%	63.4%	4.7%	86.05		86.74		-0.8%
29	Renaissance Washington DC	203.82		203.82		0.0%	73.3%	76.3%	-3.9%	149.40		155.51		-3.9%
30	Renaissance Westchester (1)	140.36		142.21		-1.3%	63.4%	60.3%	5.1%	88.99		85.75		3.8%
31	Residence Inn by Marriott Rochester	126.69		124.41		1.8%	78.0%	72.4%	7.7%	98.82		90.07		9.7%
32	Sheraton Cerritos	108.05		113.05		-4.4%	76.7%	71.3%	7.6%	82.87		80.60		2.8%
	Total Comparable Portfolio	$	161.15	$	157.58	2.3%	71.7%	69.6%	3.0%	$	115.54	$	109.68	5.3%

(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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

PROPERTY-LEVEL OPERATING STATISTICS	Page 30

Supplemental Financial Information – Unaudited November 7, 2011

OPERATING STATISTICS BY BRAND & GEOGRAPHY

OPERATING STATISTICS BY BRAND & GEOGRAPHY	Page 31

Supplemental Financial Information – Unaudited November 7, 2011

Comparable Portfolio Operating Statistics by Brand
Q3 & YTD 2011/2010

		FY11						FY10
		Q-T-D(Sep)						Q-T-D(Sep)
	# of Hotels	Occ		ADR		RevPAR		Occ		ADR		RevPAR		Change
Marriott (1)	19	75.6	%	$	148.44	$	112.22	72.9	%	$	143.43	$	104.56	7.3	%
Hilton (2)	8	84.1	%	212.26		178.51		78.9	%	204.64		161.46		10.6	%
Hyatt	1	91.4	%	146.45		133.86		87.5	%	138.34		121.05		10.6	%
Other (3)	2	80.0	%	130.55		104.44		80.8	%	118.47		95.72		9.1	%
Independent	2	65.5	%	105.26		68.95		61.2	%	108.68		66.51		3.7	%
Total Comparable Portfolio	32	78.1	%	$	165.26	$	129.07	74.7	%	$	159.05	$	118.81	8.6	%
		FY11						FY10
		Y-T-D(Sep)						Y-T-D(Sep)
	# of Hotels	Occ		ADR		RevPAR		Occ		ADR		RevPAR		Change
Marriott (4)	19	72.9	%	$	155.50	$	113.36	71.6	%	$	149.97	$	107.38	5.6	%
Hilton (2)	8	81.0	%	201.72		163.39		76.7	%	192.95		147.99		10.4	%
Hyatt	1	86.6	%	130.99		113.44		85.7	%	120.63		103.38		9.7	%
Other (3)	2	78.9	%	125.49		99.01		77.6	%	117.38		91.09		8.7	%
Independent	2	60.5	%	110.94		67.12		59.2	%	106.13		62.83		6.8	%
Total Comparable Portfolio	32	75.2	%	$	165.17	$	124.21	72.9	%	$	157.92	$	115.12	7.9	%

(1) Includes prior ownership results for the  JW Marriott New Orleans acquired by the Company on February 15, 2011.

(2) Includes prior ownership results 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) Includes Fairmont and Starwood.

(4) Includes prior operating results for the Renaissance Westchester during the period it was held in receivership before its reaquisition by the Company on June 14, 2010, as well as prior ownership results for the JW Marriott New Orleans acquired by the Company on February 15, 2011.

OPERATING STATISTICS BY BRAND & GEOGRAPHY	Page 32

Supplemental Financial Information – Unaudited November 7, 2011

Comparable Portfolio Property-Level 2010 EBITDA Contribution
by Brand

OPERATING STATISTICS BY BRAND & GEOGRAPHY	Page 33

Supplemental Financial Information – Unaudited November 7, 2011

Comparable Portfolio Operating Statistics by Region
Q3 & YTD 2011/2010

		FY11						FY10
		Q-T-D(Sep)						Q-T-D(Sep)
	# of Hotels	Occ		ADR		RevPAR		Occ		ADR		RevPAR		Change
California (1)	10	84.7	%	$	151.22	$	128.08	79.8	%	$	146.95	$	117.27	9.2	%
Other West	4	68.2	%	108.77		74.18		61.4	%	111.00		68.15		8.8	%
Midwest	7	72.8	%	139.80		101.77		69.3	%	137.29		95.14		7.0	%
East (2)	11	77.7	%	200.15		155.52		76.3	%	187.28		142.89		8.8	%
Total Comparable Portfolio	32	78.1	%	$	165.26	$	129.07	74.7	%	$	159.05	$	118.81	8.6	%
		FY11						FY10
		Y-T-D(Sep)						Y-T-D(Sep)
	# of Hotels	Occ		ADR		RevPAR		Occ		ADR		RevPAR		Change
California (1)	10	80.1	%	$	149.80	$	119.99	76.4	%	$	143.06	$	109.30	9.8	%
Other West	4	69.7	%	113.84		79.35		65.3	%	116.61		76.15		4.2	%
Midwest	7	66.6	%	137.53		91.59		65.5	%	130.39		85.41		7.2	%
East (3)	11	76.2	%	199.92		152.34		75.2	%	188.89		142.05		7.2	%
Total Comparable Portfolio	32	75.2	%	$	165.17	$	124.21	72.9	%	$	157.92	$	115.12	7.9	%

(1) Includes prior ownership results for the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

(2) Includes prior ownership results 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.

(3) Includes prior operating results for the Renaissance Westchester during the period it was held in receivership before its reaquisition by the Company on June 14, 2010, as well as prior ownership results 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.

OPERATING STATISTICS BY BRAND & GEOGRAPHY	Page 34

Supplemental Financial Information – Unaudited November 7, 2011

PROPERTY-LEVEL EBITDA & EBITDA MARGINS

PROPERTY-LEVEL EBITDA & EBITDA MARGINS	Page 35

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA

Q3 2011/2010, YTD 2011/2010

		For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	(In thousands)	2011		2010			2011		2010
		Hotel EBITDA (1)		Hotel EBITDA (1)		% Change	Hotel EBITDA (1)		Hotel EBITDA (1)		% Change
1	Courtyard by Marriott Los Angeles	$	808	$	515	57%	$	1,719	$	1,640	5%
2	Doubletree Guest Suites Minneapolis	1,043		764		37%	1,898		1,618		17%
3	Doubletree Guest Suites Times Square (2)	6,241		4,927		27%	13,964		10,857		29%
4	Embassy Suites Chicago	2,763		2,142		29%	6,698		4,313		55%
5	Embassy Suites La Jolla	2,398		2,315		4%	5,889		5,597		5%
6	Fairmont Newport Beach	1,188		1,128		5%	3,596		3,132		15%
7	Hilton Del Mar	1,240		1,265		-2%	2,407		2,118		14%
8	Hilton North Houston	532		460		16%	2,478		3,160		-22%
9	Hilton San Diego Bayfront (2)	8,415		8,250		2%	28,525		25,594		11%
10	Hilton Times Square	4,051		3,106		30%	9,138		8,032		14%
11	Hyatt Regency Newport Beach	1,972		1,740		13%	4,465		4,183		7%
12	JW Marriott New Orleans	677		580		17%	6,029		5,044		20%
13	Kahler Grand	1,925		1,826		5%	5,513		4,414		25%
14	Kahler Inn & Suites	732		539		36%	2,070		1,846		12%
15	Marriott Boston Long Wharf	3,894		4,492		-13%	8,648		9,709		-11%
16	Marriott Del Mar	1,253		817		53%	2,461		2,092		18%
17	Marriott Houston	595		16		3619%	1,448		1,168		24%
18	Marriott Park City	186		226		-18%	1,933		1,643		18%
19	Marriott Philadelphia	692		681		2%	2,676		2,175		23%
20	Marriott Portland	1,629		1,241		31%	3,551		2,899		22%
21	Marriott Quincy	1,758		1,429		23%	3,669		3,349		10%
22	Marriott Rochester	1,260		1,367		-8%	2,883		3,051		-6%
23	Marriott Troy	823		673		22%	2,126		1,655		28%
24	Marriott Tysons Corner	1,266		1,372		-8%	4,690		4,511		4%
25	Renaissance Harborplace	2,484		2,316		7%	7,223		7,023		3%
26	Renaissance Los Angeles Airport	933		614		52%	2,614		1,744		50%
27	Renaissance Long Beach	917		728		26%	3,397		2,925		16%
28	Renaissance Orlando at SeaWorld ®	382		1,088		-65%	8,603		9,009		-5%
29	Renaissance Washington DC	2,815		2,508		12%	14,824		12,910		15%
30	Renaissance Westchester	470		235		100%	1,030		1,173		-12%
31	Residence Inn by Marriott Rochester	409		413		-1%	1,288		1,143		13%
32	Sheraton Cerritos	615		458		34%	1,613		1,534		5%
	Total Comparable Portfolio	$	56,366	$	50,231	12%	$	169,066	$	151,261	12%

(1) Reconciliations to Adjusted Net Income / (Loss) provided on pages 64 - 69.

(2) Reflects 100% ownership.

PROPERTY-LEVEL EBITDA & EBITDA MARGINS	Page 36

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Margins

Q3 2011/2010, YTD 2011/2010

		For the Three Months Ended September 30,			For the Nine Months Ended September 30,
		2011	2010		2011	2010
		Hotel EBITDA	Hotel EBITDA	Change in	Hotel EBITDA	Hotel EBITDA	Change in
		Margin	Margin	bps	Margin	Margin	bps
1	Courtyard by Marriott Los Angeles	31.6%	24.4%	720  bps	26.1%	25.6%	50  bps
2	Doubletree Guest Suites Minneapolis	38.7%	33.6%	510  bps	30.1%	28.0%	210  bps
3	Doubletree Guest Suites Times Square (1)	35.7%	31.8%	390  bps	30.7%	26.9%	380  bps
4	Embassy Suites Chicago	41.0%	35.7%	530  bps	39.3%	28.3%	1,100  bps
5	Embassy Suites La Jolla	44.5%	45.7%	(120) bps	41.8%	41.7%	10  bps
6	Fairmont Newport Beach	18.7%	18.1%	60  bps	19.1%	17.4%	170  bps
7	Hilton Del Mar	32.2%	33.5%	(130) bps	25.3%	23.2%	210  bps
8	Hilton North Houston	13.9%	10.5%	340  bps	17.6%	19.6%	(200) bps
9	Hilton San Diego Bayfront (1)	31.5%	32.6%	(110) bps	33.7%	34.5%	(80) bps
10	Hilton Times Square	29.6%	26.2%	340  bps	25.3%	24.3%	100  bps
11	Hyatt Regency Newport Beach	21.9%	21.3%	60  bps	19.5%	19.3%	20  bps
12	JW Marriott New Orleans	12.5%	11.4%	110  bps	29.4%	25.9%	350  bps
13	Kahler Grand	30.7%	28.8%	190  bps	30.4%	25.8%	460  bps
14	Kahler Inn & Suites	37.9%	33.1%	480  bps	38.0%	35.5%	250  bps
15	Marriott Boston Long Wharf	35.5%	40.3%	(480) bps	30.7%	33.4%	(270) bps
16	Marriott Del Mar	27.2%	20.3%	690  bps	20.5%	18.5%	200  bps
17	Marriott Houston	19.8%	0.7%	1,910  bps	15.3%	13.2%	210  bps
18	Marriott Park City	10.1%	12.6%	(250) bps	25.6%	23.6%	200  bps
19	Marriott Philadelphia	17.4%	18.7%	(130) bps	21.5%	18.8%	270  bps
20	Marriott Portland	44.7%	36.6%	810  bps	38.7%	33.3%	540  bps
21	Marriott Quincy	26.3%	23.5%	280  bps	21.5%	20.1%	140  bps
22	Marriott Rochester	37.0%	36.9%	10  bps	32.8%	32.3%	50  bps
23	Marriott Troy	22.3%	19.1%	320  bps	19.8%	15.7%	410  bps
24	Marriott Tysons Corner	26.5%	29.7%	(320) bps	30.7%	30.7%	-       bps
25	Renaissance Harborplace	26.6%	24.9%	170  bps	25.8%	25.1%	70  bps
26	Renaissance Los Angeles Airport	17.5%	13.0%	450  bps	16.6%	12.4%	420  bps
27	Renaissance Long Beach	21.5%	18.5%	300  bps	24.6%	22.9%	170  bps
28	Renaissance Orlando at SeaWorld ®	4.8%	12.4%	(760) bps	25.3%	26.6%	(130) bps
29	Renaissance Washington DC	20.2%	19.2%	100  bps	30.0%	27.8%	220  bps
30	Renaissance Westchester	10.7%	6.0%	470  bps	8.0%	9.4%	(140) bps
31	Residence Inn by Marriott Rochester	44.3%	45.5%	(120) bps	45.0%	44.4%	60  bps
32	Sheraton Cerritos	22.4%	18.4%	400  bps	21.1%	20.5%	60  bps
	Total Comparable Portfolio	27.2%	25.7%	150  bps	27.5%	26.0%	150  bps

Total Adjusted Comparable Portfolio (2) 27.2% 25.7% 150  bps 27.4% 26.0% 140  bps

(1) Reflects 100% ownership.

(2) Reflects sum of prior period tax adjustments of zero for the three months ended September 30, 2011 and $0.6 million for the nine months ended September 30, 2011.

PROPERTY-LEVEL EBITDA & EBITDA MARGINS	Page 37

Supplemental Financial Information – Unaudited November 7, 2011

APPENDIX

APPENDIX	Page 38

Supplemental Financial Information – Unaudited November 7, 2011

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

Q3 2011

	Three Months Ended September 30, 2011
							Disposition:
				Discontinued			Royal Palm			Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Note Receivable (3)			Forma (4)
Net loss	$	(16,553	)	$	(24	)	$	(1,380	)	$	(17,957	)
Operations held for investment:
Depreciation and amortization	34,176			-			-			34,176
Amortization of lease intangibles	1,035			-			-			1,035
Interest expense	19,595			-			-			19,595
Amortization of deferred financing fees	840			-			-			840
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:
Interest expense	158			(158		)	-			-
Amortization of deferred financing fees	3			(3		)	-			-
EBITDA	38,619			(185		)	(1,380		)	37,054
Operations held for investment:
Amortization of deferred stock compensation	697			-			-			697
Non-cash straightline lease expense	696			-			-			696
Gain on sale of assets	(17		)	-			-			(17		)
Impairment loss	10,862			-			-			10,862
Lawsuit settlement costs	1,620			-			-			1,620
Non-controlling interests:
Non-cash straightline lease expense	(114		)	-			-			(114		)
Discontinued operations:
Loss on sale of assets	52			(52		)	-			-
	13,796			(52		)	-			13,744
Adjusted EBITDA	$	52,415		$	(237	)	$	(1,380	)	$	50,798

*Footnotes on following page

APPENDIX	Page 39

Supplemental Financial Information – Unaudited November 7, 2011

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

	Three Months Ended September 30, 2011
							Disposition:
				Discontinued			Royal Palm			Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Note Receivable (3)			Forma (4)
Net loss	$	(16,553	)	$	(24	)	$	(1,380	)	$	(17,957	)
Preferred stock dividends	(7,437		)	-			-			(7,437		)
Operations held for investment:
Real estate depreciation and amortization	33,882			-			-			33,882
Amortization of lease intangibles	1,035			-			-			1,035
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:
Loss on sale of assets	52			(52		)	-			-
FFO available to common stockholders	9,579			(76		)	(1,380		)	8,123
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 available to common stockholders	$	23,726		$	(76	)	$	(1,380	)	$	22,270
FFO available to common stockholders per diluted share	$	0.08								$	0.07
Adjusted FFO available to common stockholders per diluted share	$	0.20								$	0.19
Basic weighted average shares outstanding	117,254									117,254
Shares associated with unvested restricted stock awards	-									-
Diluted weighted average shares outstanding (5)	117,254									117,254

(1) Actual represents the Company’s ownership results for the 33 hotels owned by the Company as of September 30, 2011 and includes 32 hotels classified as held for investment and one 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 Q3 2011 along with the Eugene Valley River Inn which was classified as held for sale during 2011.

(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) Pro Forma represents the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as the effects of the sale of the Royal Palm Note Receivable in October 2011.

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

APPENDIX	Page 40

Supplemental Financial Information – Unaudited November 7, 2011

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

Q2 2011

	Three Months Ended June 30, 2011
							Acquisition:			Equity Offering:		Disposition:
				Discontinued			Hilton San			Preferred Stock		Royal Palm			Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Diego Bayfront (3)			Series D (4)		Note Receivable (5)			Forma (6)
Net income	$	38,929		$	(30,783	)	$	87		$	-	$	(1,260	)	$	6,973
Operations held for investment:
Depreciation and amortization	32,659			-			917			-		-			33,576
Amortization of lease intangibles	999			-			-			-		-			999
Interest expense	19,120			-			274			-		-			19,394
Amortization of deferred financing fees	812			-			38			-		-			850
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	258			(258		)	-			-		-			-
Interest expense	157			(157		)	-			-		-			-
Amortization of deferred financing fees	3			(3		)	-			-		-			-
EBITDA	92,199			(31,201		)	992			-		(1,260		)	60,730
Operations held for investment:
Amortization of deferred stock compensation	929			-			-			-		-			929
Non-cash straightline lease expense	766			-			(70		)	-		-			696
Gain on sale of assets	(56		)	-			-			-		-			(56		)
Closing costs - completed acquisitions	633			-			-			-		-			633
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		)	-		-			2,088
Adjusted EBITDA	$	63,674		$	(533	)	$	937		$	-	$	(1,260	)	$	62,818
*Footnotes on following page

APPENDIX	Page 41

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
Q2 2011

	Three Months Ended June 30, 2011
							Acquisition:			Equity Offering:			Disposition:
				Discontinued			Hilton San			Preferred Stock			Royal Palm			Pro
(Unaudited and in thousands, except per share amounts)	Actual (1)			Operations (2)			Diego Bayfront (3)			Series D (4)			Note Receivable (5)			Forma (6)
Net income	$	38,929		$	(30,783	)	$	87		$	-		$	(1,260	)	$	6,973
Preferred stock dividends	(7,310		)	-			-			(128		)	-			(7,438		)
Operations held for investment:
Real estate depreciation and amortization	32,359			-			917			-			-			33,276
Amortization of lease intangibles	999			-			-			-			-			999
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	258			(258		)	-			-			-			-
Gain on sale of assets	(14,018		)	14,018			-			-			-			-
FFO available to common stockholders	49,733			(17,023		)	759			(128		)	(1,260		)	32,081
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 available to common stockholders	$	35,285		$	(373	)	$	704		$	(128	)	$	(1,260	)	$	34,228
FFO available to common stockholders per diluted share	$	0.42														$	0.27
Adjusted FFO available to common stockholders per diluted share	$	0.30														$	0.29
Basic weighted average shares outstanding	117,227															117,227
Shares associated with unvested restricted stock awards	87															87
Diluted weighted average shares outstanding (7)	117,314															117,314
(1) Actual represents the Company’s ownership results for the 33 hotels owned by the Company as of September 30, 2011 and includes 32 hotels classified as held for investment and one reclassified as discontinued operations. (2) Discontinued Operations  represents the Company’s ownership results for the Royal Palm Miami Beach that was sold in Q2 2011 and the Salt Lake City commercial laundry facility that was sold in Q3 2011 along with the Eugene Valley River Inn which was classified as held for sale during 2011. (3) Acquisition: Hilton San Diego Bayfront represents prior ownership results of the hotel which was acquired by the Company on April 15, 2011, adjusted for the Company’s pro forma interest and depreciation 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) Pro Forma represents the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as the effects of the Equity Offering completed in April 2011 and the sale of the Royal Palm Note Receivable in October 2011. (7) Diluted weighted average shares outstanding includes the Series C convertible preferred stock on a “non-converted” basis.

APPENDIX	Page 42

Supplemental Financial Information – Unaudited November 7, 2011

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:
				Discontinued			Doubletree Guest			BuyEfficient,			JW Marriott		Hilton San			Preferred Stock		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)		Forma (8)
Net income	$	51,335		$	(1,317	)	$	(458	)	$	(7	)	$	174	$	2,899		$	-	$	52,626
Operations held for investment:
Depreciation and amortization	26,222			-			261			37			262		4,868			-		31,650
Amortization of lease intangibles	937			-			140			-			-		-			-		1,077
Interest expense	16,866			-			138			-			287		2,046			-		19,337
Amortization of deferred financing fees	613			-			-			-			-		225			-		838
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	1,693			(1,693		)	-			-			-		-			-		-
Interest expense	157			(157		)	-			-			-		-			-		-
Amortization of deferred financing fees	3			(3		)	-			-			-		-			-		-
EBITDA	98,134			(3,170		)	81			27			723		7,530			-		103,325
Operations held for investment:
Amortization of deferred stock compensation	544			-			-			2			-		-			-		546
Non-cash straightline lease expense	240			-			5			-			1		450			-		696
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		)
Unconsolidated joint ventures:
Amortization of deferred stock compensation	2			-			-			(2		)	-		-			-		-
	(65,705		)	-			5			-			1		336			-		(65,363		)
Adjusted EBITDA	$	32,429		$	(3,170	)	$	86		$	27		$	724	$	7,866		$	-	$	37,962

*Footnotes on following page

APPENDIX	Page 43

Supplemental Financial Information – Unaudited November 7, 2011

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:
				Discontinued			Doubletree Guest			BuyEfficient,			JW Marriott		Hilton San			Preferred Stock			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)			Forma (8)
Net income	$	51,335		$	(1,317	)	$	(458	)	$	(7	)	$	174	$	2,899		$	-		$	52,626
Preferred stock dividends	(5,137		)	-			-			-			-		-			(2,300		)	(7,437		)
Operations held for investment:
Real estate depreciation and amortization	25,945			-			261			-			262		4,868			-			31,336
Amortization of lease intangibles	937			-			140			-			-		-			-			1,077
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	1,693			(1,693		)	-			-			-		-			-			-
FFO available to common stockholders	74,773			(3,010		)	(57		)	(7		)	436		5,827			(2,300		)	75,662
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 available to common stockholders	$	8,566		$	(3,010	)	$	(52	)	$	(7	)	$	437	$	6,163		$	(2,300	)	$	9,797
FFO available to common stockholders per diluted share	$	0.64																			$	0.65
Adjusted FFO available to common stockholders 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 (9)	117,211																				117,211

(1)Actual represents the Company’s ownership results for the 33 hotels owned by the Company as of March 31, 2011.  In accordance with the September 30, 2011 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 Q2 2011 and the Salt Lake City commercial laundry facility that was sold in Q3 2011 along with the Eugene Valley River Inn which was classified as held for sale during 2011.

(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.

(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.

(6)Acquisition: Hilton San Diego Bayfront represents prior ownership results of the hotel which was acquired by the Company on April 15, 2011, adjusted for the Company’s pro forma interest and depreciation 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)Pro Forma represents the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as the effects of the Equity Offering completed in April 2011.

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

APPENDIX	Page 44

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA
Q1 2010

	Three Months Ended March 31, 2010
(Unaudited and in thousands except per share amounts)	Actual (1)			Held for Investment (2)			Reacquired Hotel (3)		Discontinued Operations (4)			Acquisition: Doubletree Guest Suites Times Square (5)			Acquisition: BuyEfficient, LLC (6)			Acquisition: JW Marriott New Orleans (7)		Acquisition: Hilton San Diego Bayfront (8)			Equity Offering: Preferred Stock Series D (9)		Pro Forma (10)
Net loss	$	(21,091	)	$	1,802		$	149	$	4,088		$	(2,914	)	$	(23	)	$	1,219	$	1,340		$	-	$	(15,430	)
Operations held for investment:
Depreciation and amortization	23,247			-			306		-			1,869			178			525		4,868			-		30,993
Amortization of lease intangibles	-			-			-		-			1,007			-			-		-			-		1,007
Interest expense	16,778			(910		)	-		-			933			-			577		2,108			-		19,486
Interest expense - default rate	764			(764		)	-		-			-			-			-		-			-		-
Amortization of deferred financing fees	490			(29		)	-		-			-			-			-		225			-		686
Write-off of deferred financing fees	1,462			-			-		-			-			-			-		-			-		1,462
Loan penalties and fees	138			(99		)	-		-			-			-			-		-			-		39
Non-cash interest related to discount on Senior Notes	246			-			-		-			-			-			-		-			-		246
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-			-			-		(333		)	-		(333		)
Depreciation and amortization	-			-			-		-			-			-			-		(1,217		)	-		(1,217		)
Interest expense	-			-			-		-			-			-			-		(527		)	-		(527		)
Amortization of deferred financing fees	-			-			-		-			-			-			-		(56		)	-		(56		)
Unconsolidated joint ventures:
Depreciation and amortization	14			-			-		-			-			(14		)	-		-			-		-
Discontinued operations:
Depreciation and amortization	2,128			-			-		(2,128		)	-			-			-		-			-		-
Interest expense	3,094			-			-		(3,094		)	-			-			-		-			-		-
Interest expense - default rate	2,276			-			-		(2,276		)	-			-			-		-			-		-
Amortization of deferred financing fees	137			-			-		(137		)	-			-			-		-			-		-
Loan penalties and fees	342			-			-		(342		)	-			-			-		-			-		-
EBITDA	30,025			-			455		(3,889		)	895			141			2,321		6,408			-		36,356
Operations held for investment:
Amortization of deferred stock compensation	962			-			-		-			-			10			-		-			-		972
Non-cash straightline lease expense	199			-			-		-			39			-			2		450			-		690
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-			-			-		(114		)	-		(114		)
Unconsolidated joint ventures:
Amortization of deferred stock compensation	10			-			-		-			-			(10		)	-		-			-		-
	1,171			-			-		-			39			-			2		336			-		1,548
Adjusted EBITDA	$	31,196		$	-		$	455	$	(3,889	)	$	934		$	141		$	2,323	$	6,744		$	-	$	37,904

* Footnotes on following page

APPENDIX	Page 45

Supplemental Financial Information – Unaudited November 7, 2011

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

Q1 2010

	Three Months Ended March 31, 2010
												Acquisition:			Acquisition:			Acquisition:		Acquisition:			Equity Offering:
				Held for			Reacquired		Discontinued			Doubletree Guest			BuyEfficient,			JW Marriott		Hilton San			Preferred Stock			Pro
(Unaudited and in thousands except per share amounts)	Actual (1)			Investment (2)			Hotel (3)		Operations (4)			Suites Times Square (5)			LLC (6)			New Orleans (7)		Diego Bayfront (8)			Series D (9)			Forma (10)
Net loss	$	(21,091	)	$	1,802		$	149	$	4,088		$	(2,914	)	$	(23	)	$	1,219	$	1,340		$	-		$	(15,430	)
Preferred stock dividends	(5,187		)	-			-		-			-			-			-		-			(2,300		)	(7,487		)
Operations held for investment:
Real estate depreciation and amortization	23,109			-			306		-			1,869			-			525		4,868			-			30,677
Amortization of lease intangibles	-			-			-		-			1,007			-			-		-			-			1,007
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-			-			-		(333		)	-			(333		)
Real estate depreciation and amortization	-			-			-		-			-			-			-		(1,217		)	-			(1,217		)
Discontinued operations:
Real estate depreciation and amortization	2,128			-			-		(2,128		)	-			-			-		-			-			-
FFO available to common stockholders	(1,041		)	1,802			455		1,960			(38		)	(23		)	1,744		4,658			(2,300		)	7,217
Operations held for investment:
Interest expense - default rate	764			(764		)	-		-			-			-			-		-			-			-
Write-off of deferred financing fees	1,462			-			-		-			-			-			-		-			-			1,462
Loan penalties and fees	138			(99		)	-		-			-			-			-		-			-			39
Non-cash straightline lease expense	199			-			-		-			39			-			2		450			-			690
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-			-			-		(114		)	-			(114		)
Discontinued operations:
Interest expense - default rate	2,276			-			-		(2,276		)	-			-			-		-			-			-
Loan penalties and fees	342			-			-		(342		)	-			-			-		-			-			-
	5,181			(863		)	-		(2,618		)	39			-			2		336			-			2,077
Adjusted FFO available to common stockholders	$	4,140		$	939		$	455	$	(658	)	$	1		$	(23	)	$	1,746	$	4,994		$	(2,300	)	$	9,294
FFO available to common stockholders per diluted share	$	(0.01	)																							$	0.07
Adjusted FFO available to common stockholders per diluted share	$	0.04																								$	0.10
Basic weighted average shares outstanding	97,047																									97,047
Shares associated with unvested restricted stock awards	328																									328
Diluted weighted average shares outstanding (11)	97,375																									97,375

(1) Actual represents the Company’s ownership results for the 40 hotels owned by the Company as of March 31, 2010.  In accordance with the September 30, 2011 presentation, 28 hotels are classified as held for investment and 12 have been reclassified as discontinued operations.

(2) Held for Investment includes only the interest and penalties associated with the three Mass Mutual hotels released on April 15, 2010. Hotel operations for these three hotels are included in the “Actual” column.

(3) Reacquired Hotel includes only the hotel operations and excludes interest and penalties associated with the Renaissance Westchester while it was in receivership prior to being reacquired by the Company on June 14, 2010.

(4) Discontinued Operations includes the W San Diego, Marriott Ontario Airport and Mass Mutual eight hotels that have been disposed by deed in lieu or sold by the receiver during 2010 along with the ownership expenses of the Renaissance Westchester prior to June 14, 2010 when it was reacquired by the Company.  It also includes the operations for the Salt Lake City commercial laundry facility that was sold in 2011 along with the Eugene Valley River Inn which was classified as held for sale during 2011.

(5) 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.

(6) 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.

(7) 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.

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

(9) 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 .

(10) Pro Forma represents the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as 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 November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA
Q2 2010

	Three Months Ended June 30, 2010
												Acquisition:		Acquisition:			Acquisition:		Acquisition:			Equity Offering:
				Held for			Reacquired		Discontinued			Doubletree Guest		BuyEfficient,			JW Marriott		Hilton San			Preferred Stock		Pro
(Unaudited and in thousands except per share amounts)	Actual (1)			Investment (2)			Hotel (3)		Operations (4)			Suites Times Square (5)		LLC (6)			New Orleans (7)		Diego Bayfront (8)			Series D (9)		Forma (10)
Net income	$	308		$	427		$	197	$	(3,964	)	$	1,090	$	24		$	1,025	$	650		$	-	$	(243	)
Operations held for investment:
Depreciation and amortization	22,974			-			255		-			1,869		176			525		4,867			-		30,666
Amortization of lease intangibles	150			-			-		-			1,007		-			-		-			-		1,157
Interest expense	16,024			(143		)	-		-			992		-			589		2,160			-		19,622
Interest expense - default rate	120			(120		)	-		-			-		-			-		-			-		-
Amortization of deferred financing fees	303			(5		)	-		-			-		-			-		225			-		523
Write-off of deferred financing fees	123			(123		)	-		-			-		-			-		-			-		-
Loan penalties and fees	36			(36		)	-		-			-		-			-		-			-		-
Non-cash interest related to discount on Senior Notes	245			-			-		-			-		-			-		-			-		245
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-		-			-		(161		)	-		(161		)
Depreciation and amortization	-			-			-		-			-		-			-		(1,217		)	-		(1,217		)
Interest expense	-			-			-		-			-		-			-		(540		)	-		(540		)
Amortization of deferred financing fees	-			-			-		-			-		-			-		(56		)	-		(56		)
Unconsolidated joint ventures:
Depreciation and amortization	13			-			-		-			-		(13		)	-		-			-		-
Discontinued operations:
Depreciation and amortization	1,834			-			-		(1,834		)	-		-			-		-			-		-
Interest expense	2,634			-			-		(2,634		)	-		-			-		-			-		-
Interest expense - default rate	2,078			-			-		(2,078		)	-		-			-		-			-		-
Amortization of deferred financing fees	135			-			-		(135		)	-		-			-		-			-		-
Loan penalties and fees	303			-			-		(303		)	-		-			-		-			-		-
EBITDA	47,280			-			452		(10,948		)	4,958		187			2,139		5,928			-		49,996
Operations held for investment:
Amortization of deferred stock compensation	686			-			-		-			-		7			-		-			-		693
Non-cash straightline lease expense	199			-			-		-			38		-			2		451			-		690
Impairment loss	1,943			-			-		-			-		-			-		-			-		1,943
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-		-			-		(114		)	-		(114		)
Unconsolidated joint ventures:
Amortization of deferred stock compensation	7			-			-		-			-		(7		)	-		-			-		-
Discontinued operations:
Gain on extinguishment of debt	(6,747		)	-			-		6,747			-		-			-		-			-		-
	(3,912		)	-			-		6,747			38		-			2		337			-		3,212
Adjusted EBITDA	$	43,368		$	-		$	452	$	(4,201	)	$	4,996	$	187		$	2,141	$	6,265		$	-	$	53,208

* Footnotes on following page

APPENDIX Page 47

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
Q2 2010

	Three Months Ended June 30, 2010
												Acquisition:		Acquisition:		Acquisition:		Acquisition:			Equity Offering:
				Held for			Reacquired		Discontinued			Doubletree Guest		BuyEfficient,		JW Marriott		Hilton San			Preferred Stock			Pro
(Unaudited and in thousands except per share amounts)	Actual (1)			Investment (2)			Hotel (3)		Operations (4)			Suites Times Square (5)		LLC (6)		New Orleans (7)		Diego Bayfront (8)			Series D (9)			Forma (10)
Net income	$	308		$	427		$	197	$	(3,964	)	$	1,090	$	24	$	1,025	$	650		$	-		$	(243	)
Preferred stock dividends	(5,187		)	-			-		-			-		-		-		-			(2,300		)	(7,487		)
Operations held for investment:
Real estate depreciation and amortization	22,843			-			255		-			1,869		-		525		4,867			-			30,359
Amortization of lease intangibles	150			-			-		-			1,007		-		-		-			-			1,157
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-		-		-		(161		)	-			(161		)
Real estate depreciation and amortization	-			-			-		-			-		-		-		(1,217		)	-			(1,217		)
Discontinued operations:
Real estate depreciation and amortization	1,834			-			-		(1,834		)	-		-		-		-			-			-
FFO available to common stockholders	19,948			427			452		(5,798		)	3,966		24		1,550		4,139			(2,300		)	22,408
Operations held for investment:
Interest expense - default rate	120			(120		)	-		-			-		-		-		-			-			-
Write-off of deferred financing fees	123			(123		)	-		-			-		-		-		-			-			-
Loan penalties and fees	36			(36		)	-		-			-		-		-		-			-			-
Non-cash straightline lease expense	199			-			-		-			38		-		2		451			-			690
Impairment loss	1,943			-			-		-			-		-		-		-			-			1,943
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-		-		-		(114		)	-			(114		)
Discontinued operations:
Interest expense - default rate	2,078			-			-		(2,078		)	-		-		-		-			-			-
Loan penalties and fees	303			-			-		(303		)	-		-		-		-			-			-
Gain on extinguishment of debt	(6,747		)	-			-		6,747			-		-		-		-			-			-
	(1,945		)	(279		)	-		4,366			38		-		2		337			-			2,519
Adjusted FFO available to common stockholders	$	18,003		$	148		$	452	$	(1,432	)	$	4,004	$	24	$	1,552	$	4,476		$	(2,300	)	$	24,927
FFO available to common stockholders per diluted share	$	0.20																						$	0.23
Adjusted FFO available to common stockholders per diluted share	$	0.18																						$	0.26
Basic weighted average shares outstanding	97,188																							97,188
Shares associated with unvested restricted stock awards	421																							421
Diluted weighted average shares outstanding (11)	97,609																							97,609

(1) Actual represents the Company’s ownership results for the 40 hotels owned by the Company as of June 30, 2010.  In accordance with the September 30, 2011 presentation, 29 hotels are classified as held for investment and 11 have been reclassified as discontinued operations.

(2) Held for Investment includes only the interest and penalties associated with the three Mass Mutual hotels released on April 15, 2010. Hotel operations for these three hotels are included in the “Actual” column.

(3) Reacquired Hotel includes only the hotel operations and excludes interest and penalties associated with the Renaissance Westchester while it was in receivership prior to being reacquired by the Company on June 14, 2010.

(4) Discontinued Operations includes the W San Diego that was disposed by deed in lieu in Q3 2010, the Marriott Ontario Airport that was sold by the receiver in Q3 2010 and the Mass Mutual eight hotels that were disposed by deed in lieu in Q4 2010 along with the ownership expenses of the Renaissance Westchester prior to June 14, 2010 when it was reacquired by the Company.  It also includes the operations for the Salt Lake City commercial laundry facility that was sold in 2011 along with the Eugene Valley River Inn which was classified as held for sale during 2011.

(5) 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.

(6) 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.

(7) 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.

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

(9) 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 .

(10) Pro Forma represents the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as 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 48

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA
Q3 2010

	Three Months Ended September 30, 2010
							Acquisition:		Acquisition:			Acquisition:			Acquisition:			Equity Offering:
				Discontinued			Doubletree Guest		BuyEfficient,			JW Marriott			Hilton San			Preferred Stock		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)		Forma (8)
Net income	$	23,653		$	(31,296	)	$	1,012	$	56		$	(536	)	$	558		$	-	$	(6,553	)
Operations held for investment:
Depreciation and amortization	23,043			-			1,869		176			525			4,868			-		30,481
Amortization of lease intangibles	76			-			1,007		-			-			-			-		1,083
Interest expense	15,954			-			1,000		-			589			2,148			-		19,691
Amortization of deferred financing fees	300			-			-		-			-			225			-		525
Non-cash interest related to discount on Senior Notes	252			-			-		-			-			-			-		252
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-			(138		)	-		(138		)
Depreciation and amortization	-			-			-		-			-			(1,217		)	-		(1,217		)
Interest expense	-			-			-		-			-			(537		)	-		(537		)
Amortization of deferred financing fees	-			-			-		-			-			(56		)	-		(56		)
Unconsolidated joint ventures:
Depreciation and amortization	13			-			-		(13		)	-			-			-		-
Discontinued operations:
Depreciation and amortization	2,380			(2,380		)	-		-			-			-			-		-
Interest expense	2,586			(2,586		)	-		-			-			-			-		-
Interest expense - default rate	2,038			(2,038		)	-		-			-			-			-		-
Amortization of deferred financing fees	134			(134		)	-		-			-			-			-		-
Loan penalties and fees	282			(282		)	-		-			-			-			-		-
EBITDA	70,711			(38,716		)	4,888		219			578			5,851			-		43,531
Operations held for investment:
Amortization of deferred stock compensation	757			-			-		4			-			-			-		761
Non-cash straightline lease expense	340			-			39		-			2			451			-		832
Loss on sale of assets	383			-			-		-			-			-			-		383
Due diligence costs - abandoned project	938			-			-		-			-			-			-		938
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-			(114		)	-		(114		)
Unconsolidated joint ventures:
Amortization of deferred stock compensation	4			-			-		(4		)	-			-			-		-
Discontinued operations:
Gain on extinguishment of debt	(40,473		)	40,473			-		-			-			-			-		-
Closing costs - completed acquisitions	6,774			(6,774		)	-		-			-			-			-		-
	(31,277		)	33,699			39		-			2			337			-		2,800
Adjusted EBITDA	$	39,434		$	(5,017	)	$	4,927	$	219		$	580		$	6,188		$	-	$	46,331

* Footnotes on following page

APPENDIX	Page 49

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
Q3 2010

	Three Months Ended September 30, 2010
							Acquisition:		Acquisition:		Acquisition:			Acquisition:			Equity Offering:
				Discontinued			Doubletree Guest		BuyEfficient,		JW Marriott			Hilton San			Preferred Stock			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)			Forma (8)
Net income	$	23,653		$	(31,296	)	$	1,012	$	56	$	(536	)	$	558		$	-		$	(6,553	)
Preferred stock dividends	(5,141		)	-			-		-		-			-			(2,300		)	(7,441		)
Operations held for investment:
Real estate depreciation and amortization	22,906			-			1,869		-		525			4,868			-			30,168
Amortization of lease intangibles	76			-			1,007		-		-			-			-			1,083
Loss on sale of assets	383			-			-		-		-			-			-			383
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-		-			(138		)	-			(138		)
Real estate depreciation and amortization	-			-			-		-		-			(1,217		)	-			(1,217		)
Discontinued operations:
Real estate depreciation and amortization	2,380			(2,380		)	-		-		-			-			-			-
FFO available to common stockholders	44,257			(33,676		)	3,888		56		(11		)	4,071			(2,300		)	16,285
Operations held for investment:
Non-cash straightline lease expense	340			-			39		-		2			451			-			832
Due diligence costs - abandoned project	938			-			-		-		-			-			-			938
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-		-			(114		)	-			(114		)
Discontinued operations:
Interest expense - default rate	2,038			(2,038		)	-		-		-			-			-			-
Loan penalties and fees	282			(282		)	-		-		-			-			-			-
Gain on extinguishment of debt	(40,473		)	40,473			-		-		-			-			-			-
Closing costs - completed acquisitions	6,774			(6,774		)	-		-		-			-			-			-
	(30,101		)	31,379			39		-		2			337			-			1,656
Adjusted FFO available to common stockholders	$	14,156		$	(2,297	)	$	3,927	$	56	$	(9	)	$	4,408		$	(2,300	)	$	17,941
FFO available to common stockholders per diluted share	$	0.45																		$	0.17
Adjusted FFO available to common stockholders per diluted share	$	0.15																		$	0.18
Basic weighted average shares outstanding	97,250																			97,250
Shares associated with unvested restricted stock awards	362																			362
Diluted weighted average shares outstanding (9)	97,612																			97,612

(1)Actual represents the Company’s ownership results for the 39 hotels owned by the Company as of September 30, 2010.  In accordance with the September 30, 2011 presentation, 29 hotels are classified as held for investment and 10 have been reclassified as discontinued operations.

(2)Discontinued Operations includes the W San Diego that was disposed by deed in lieu in Q3 2010,  the Marriott Ontario Airport that was sold by the receiver in Q3 2010 and the Mass Mutual eight hotels that were disposed by deed in lieu in Q4 2010.  It also includes the operations for the Royal Palm Miami Beach and Salt Lake City commercial laundry facility that were sold in 2011 along with the Eugene Valley River Inn which was classified as held for sale during 2011.

(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.

(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.

(6)Acquisition: Hilton San Diego Bayfront represents prior ownership results of the hotel which was acquired by the Company on April 15, 2011, adjusted for the Company’s pro forma interest and depreciation 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)Pro Forma represents the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as the effects of the Equity Offering completed in April 2011.

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

APPENDIX	Page 50

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA
Q4 2010

	Three Months Ended December 31, 2010
							Acquisition:		Acquisition:			Acquisition:		Acquisition:			Equity Offering:
				Discontinued			Doubletree Guest		BuyEfficient,			JW Marriott		Hilton San			Preferred Stock		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)		Forma (8)
Net income	$	35,672		$	(37,433	)	$	4,738	$	(54	)	$	1,185	$	1,095		$	-	$	5,203
Operations held for investment:
Depreciation and amortization	23,110			-			1,869		174			525		4,867			-		30,545
Amortization of lease intangibles	55			-			1,007		-			-		-			-		1,062
Interest expense	16,057			-			970		-			581		2,110			-		19,718
Amortization of deferred financing fees	492			-			-		-			-		225			-		717
Loan penalties and fees	137			-			-		-			-		-			-		137
Non-cash interest related to discount on Senior Notes	253			-			-		-			-		-			-		253
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-		(274		)	-		(274		)
Depreciation and amortization	-			-			-		-			-		(1,217		)	-		(1,217		)
Interest expense	-			-			-		-			-		(528		)	-		(528		)
Amortization of deferred financing fees	-			-			-		-			-		(57		)	-		(57		)
Unconsolidated joint ventures:
Depreciation and amortization	12			-			-		(12		)	-		-			-		-
Discontinued operations:
Depreciation and amortization	2,216			(2,216		)	-		-			-		-			-		-
Interest expense	969			(969		)	-		-			-		-			-		-
Interest expense - default rate	679			(679		)	-		-			-		-			-		-
Amortization of deferred financing fees	47			(47		)	-		-			-		-			-		-
Loan penalties and fees	94			(94		)	-		-			-		-			-		-
EBITDA	79,793			(41,438		)	8,584		108			2,291		6,221			-		55,559
Operations held for investment:
Amortization of deferred stock compensation	1,537			-			-		11			-		-			-		1,548
Non-cash straightline lease expense	206			-			38		-			2		449			-		695
Gain on sale of assets	(1		)	-			-		-			-		-			-		(1		)
Due diligence costs - abandoned project	21			-			-		-			-		-			-		21
Costs associated with CEO severance	2,242			-			-		-			-		-			-		2,242
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-		(113		)	-		(113		)
Unconsolidated joint ventures:
Amortization of deferred stock compensation	11			-			-		(11		)	-		-			-		-
Discontinued operations:
Gain on extinguishment of debt	(39,015		)	39,015			-		-			-		-			-		-
Closing costs - completed acquisitions	22			(22		)	-		-			-		-			-		-
	(34,977		)	38,993			38		-			2		336			-		4,392
Adjusted EBITDA	$	44,816		$	(2,445	)	$	8,622	$	108		$	2,293	$	6,557		$	-	$	59,951

*Footnotes on following page

APPENDIX	Page 51

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to FFO and Adjusted FFO
Q4 2010

	Three Months Ended December 31, 2010
(Unaudited and in thousands except per share amounts)	Actual (1)			Discontinued Operations (2)			Acquisition: Doubletree Guest Suites Times Square (3)		Acquisition: BuyEfficient, LLC (4)			Acquisition: JW Marriott New Orleans (5)		Acquisition Hilton San Diego Bayfront (6)			Equity Offering: Preferred Stock Series D (7)			Pro Forma (8)
Net income	$	35,672		$	(37,433	)	$	4,738	$	(54	)	$	1,185	$	1,095		$	-		$	5,203
Preferred stock dividends	(5,137		)	-			-		-			-		-			(2,300		)	(7,437		)
Operations held for investment:
Real estate depreciation and amortization	22,966			-			1,869		-			525		4,867			-			30,227
Amortization of lease intangibles	55			-			1,007		-			-		-			-			1,062
Gain on sale of assets	(1		)	-			-		-			-		-			-			(1		)
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-		(274		)	-			(274		)
Real estate depreciation and amortization	-			-			-		-			-		(1,217		)	-			(1,217		)
Discontinued operations:
Real estate depreciation and amortization	2,216			(2,216		)	-		-			-		-			-			-
FFO available to common stockholders	55,771			(39,649		)	7,614		(54		)	1,710		4,471			(2,300		)	27,563
Operations held for investment:
Loan penalties and fees	137			-			-		-			-		-			-			137
Non-cash straightline lease expense	206			-			38		-			2		449			-			695
Due diligence costs - abandoned project	21			-			-		-			-		-			-			21
Costs associated with CEO severance	2,242			-			-		-			-		-			-			2,242
Amortization of deferred stock compensation associated with CEO severance	1,074			-			-		-			-		-			-			1,074
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-		(113		)	-			(113		)
Discontinued operations:
Interest expense - default rate	679			(679		)	-		-			-		-			-			-
Loan penalties and fees	94			(94		)	-		-			-		-			-			-
Gain on extinguishment of debt	(39,015		)	39,015			-		-			-		-			-			-
Closing costs - completed acquisitions	22			(22		)	-		-			-		-			-			-
	(34,540		)	38,220			38		-			2		336			-			4,056
Adjusted FFO available to common stockholders	$	21,231		$	(1,429	)	$	7,652	$	(54	)	$	1,712	$	4,807		$	(2,300	)	$	31,619
FFO available to common stockholders per diluted share	$	0.52																		$	0.26
Adjusted FFO available to common stockholders per diluted share	$	0.20																		$	0.29
Basic weighted average shares outstanding	107,266																			107,266
Shares associated with unvested restricted stock awards	441																			441
Diluted weighted average shares outstanding (9)	107,707																			107,707

(1)Actual represents the Company’s ownership results for the 31 hotels owned by the Company as of December 31, 2010.  In accordance with the September 30, 2011 presentation, 29 hotels are classified as held for investment and two have been reclassified as discontinued operations.

(2)Discontinued Operations includes the Mass Mutual eight hotels that were disposed by deed in lieu in Q4 2010.  It also includes the operations for the Royal Palm Miami Beach and Salt Lake City commercial laundry facility that were sold in 2011 along with the Eugene Valley River Inn which was classified as held for sale during 2011.

(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.

(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.

(6)Acquisition: Hilton San Diego Bayfront represents prior ownership results of the hotel which was acquired by the Company on April 15, 2011, adjusted for the Company’s pro forma interest and depreciation 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)Pro Forma represents the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as the effects of the Equity Offering completed in April 2011.

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

APPENDIX	Page 52

Supplemental Financial Information – Unaudited November 7, 2011

Reconciliation of Pro Forma Net Income (Loss) to EBITDA and Adjusted EBITDA
FY 2010

	Year Ended December 31, 2010
(Unaudited and in thousands except per share amounts)	Actual (1)			Held for Investment (2)			Reacquired Hotel (3)		Discontinued Operations (4)			Acquisition: Doubletree Guest Suites Times Square (5)		Acquisition: BuyEfficient, LLC (6)			Acquisition: JW Marriott New Orleans (7)		Acquisition: Hilton San Diego Bayfront (8)			Equity Offering: Preferred Stock Series D (9)		Pro Forma (10)
Net income	$	38,542		$	2,229		$	346	$	(68,605	)	$	3,926	$	3		$	2,893	$	3,643		$	-	$	(17,023	)
Operations held for investment:
Depreciation and amortization	92,374			-			561		-			7,476		704			2,100		19,470			-		122,685
Amortization of lease intangibles	281			-			-		-			4,028		-			-		-			-		4,309
Interest expense	64,813			(1,053		)	-		-			3,895		-			2,336		8,526			-		78,517
Interest expense - default rate	884			(884		)	-		-			-		-			-		-			-		-
Amortization of deferred financing fees	1,585			(34		)	-		-			-		-			-		900			-		2,451
Write-off of deferred financing fees	1,585			(123		)	-		-			-		-			-		-			-		1,462
Loan penalties and fees	311			(135		)	-		-			-		-			-		-			-		176
Non-cash interest related to discount on Senior Notes	996			-			-		-			-		-			-		-			-		996
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-		-			-		(906		)	-		(906		)
Depreciation and amortization	-			-			-		-			-		-			-		(4,868		)	-		(4,868		)
Interest expense	-			-			-		-			-		-			-		(2,132		)	-		(2,132		)
Amortization of deferred financing fees	-			-			-		-			-		-			-		(225		)	-		(225		)
Unconsolidated joint ventures:
Depreciation and amortization	52			-			-		-			-		(52		)	-		-			-		-
Discontinued operations:
Depreciation and amortization	8,558			-			-		(8,558		)	-		-			-		-			-		-
Interest expense	9,283			-			-		(9,283		)	-		-			-		-			-		-
Interest expense - default rate	7,071								(7,071		)	-		-			-		-			-		-
Amortization of deferred financing fees	453			-			-		(453		)	-		-			-		-			-		-
Loan penalties and fees	1,021			-			-		(1,021		)	-		-			-		-			-		-
EBITDA	227,809			-			907		(94,991		)	19,325		655			7,329		24,408			-		185,442
Operations held for investment:
Amortization of deferred stock compensation	3,942			-			-		-			-		32			-		-			-		3,974
Non-cash straightline lease expense	944			-			-		-			154		-			8		1,801			-		2,907
Loss on sale of assets	382			-			-		-			-		-			-		-			-		382
Impairment loss	1,943			-			-		-			-		-			-		-			-		1,943
Due diligence costs - abandoned project	959			-			-		-			-		-			-		-			-		959
Costs associated with CEO severance	2,242			-			-		-			-		-			-		-			-		2,242
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-		-			-		(455		)	-		(455		)
Unconsolidated joint ventures:
Amortization of deferred stock compensation	32			-			-		-			-		(32		)	-		-			-		-
Discontinued operations:
Gain on extinguishment of debt	(86,235		)	-			-		86,235			-		-			-		-			-		-
Closing costs - completed acquisitions	6,796								(6,796		)	-		-			-		-			-		-
	(68,995		)	-			-		79,439			154		-			8		1,346			-		11,952
Adjusted EBITDA	$	158,814		$	-		$	907	$	(15,552	)	$	19,479	$	655		$	7,337	$	25,754		$	-	$	197,394

*Footnotes on following page

APPENDIX	Page 53

Supplemental Financial Information – Unaudited November 7, 2011

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

FY 2010

	Year Ended December 31, 2010
												Acquisition:		Acquisition:		Acquisition:		Acquisition:			Equity Offering:
				Held for			Reacquired		Discontinued			Doubletree Guest		BuyEfficient,		JW Marriott		Hilton San			Preferred Stock			Pro
(Unaudited and in thousands except per share amounts)	Actual (1)			Investment (2)			Hotel (3)		Operations (4)			Suites Times Square (5)		LLC (6)		New Orleans (7)		Diego Bayfront (8)			Series D (9)			Forma (10)
Net income	$	38,542		$	2,229		$	346	$	(68,605	)	$	3,926	$	3	$	2,893	$	3,643		$	-		$	(17,023	)
Preferred stock dividends	(20,652		)	-			-		-			-		-		-		-			(9,200		)	(29,852		)
Operations held for investment:
Real estate depreciation and amortization	91,824			-			561		-			7,476		-		2,100		19,470			-			121,431
Amortization of lease intangibles	281			-			-		-			4,028		-		-		-			-			4,309
Loss on sale of assets	382			-			-		-			-		-		-		-			-			382
Non-controlling interests:
Income from consolidated joint venture attributable to non-controlling interest	-			-			-		-			-		-		-		(906		)	-			(906		)
Real estate depreciation and amortization	-			-			-		-			-		-		-		(4,868		)	-			(4,868		)
Discontinued operations:
Real estate depreciation and amortization	8,558			-			-		(8,558		)	-		-		-		-			-			-
FFO available to common stockholders	118,935			2,229			907		(77,163		)	15,430		3		4,993		17,339			(9,200		)	73,473
Operations held for investment:
Interest expense - default rate	884			(884		)	-		-			-		-		-		-			-			-
Write-off of deferred financing fees	1,585			(123		)	-		-			-		-		-		-			-			1,462
Loan penalties and fees	311			(135		)	-		-			-		-		-		-			-			176
Non-cash straightline lease expense	944			-			-		-			154		-		8		1,801			-			2,907
Impairment loss	1,943			-			-		-			-		-		-		-			-			1,943
Due diligence costs - abandoned project	959			-			-		-			-		-		-		-			-			959
Costs associated with CEO severance	2,242			-			-		-			-		-		-		-			-			2,242
Amortization of deferred stock compensation associated with CEO severance	1,074			-			-		-			-		-		-		-			-			1,074
Non-controlling interests:
Non-cash straightline lease expense	-			-			-		-			-		-		-		(455		)	-			(455		)
Discontinued operations:
Interest expense - default rate	7,071								(7,071		)	-		-		-		-			-			-
Loan penalties and fees	1,021			-			-		(1,021		)	-		-		-		-			-			-
Gain on extinguishment of debt	(86,235		)	-			-		86,235			-		-		-		-			-			-
Closing costs - completed acquisitions	6,796			-			-		(6,796		)	-		-		-		-			-			-
	(61,405		)	(1,142		)	-		71,347			154		-		8		1,346			-			10,308
Adjusted FFO available to common stockholders	$	57,530		$	1,087		$	907	$	(5,816	)	$	15,584	$	3	$	5,001	$	18,685		$	(9,200	)	$	83,781
FFO available to common stockholders per diluted share	$	1.19																						$	0.73
Adjusted FFO available to common stockholders per diluted share	$	0.57																						$	0.84
Basic weighted average shares outstanding	99,709																							99,709
Shares associated with unvested restricted stock awards	390																							390
Diluted weighted average shares outstanding (11)	100,099																							100,099

(1) Actual represents the Company’s ownership results for the 31 hotels owned by the Company as of December 31, 2010.  In accordance with the September 30, 2011 presentation, 29 hotels are classified as held for investment and two have been reclassified as discontinued operations.

(2) Held for Investment includes only the interest and penalties associated with the three Mass Mutual hotels released on April 15, 2010. Hotel operations for these three hotels are included in the “Actual” column.

(3) Reacquired Hotel includes only the hotel operations and excludes interest and penalties associated with the Renaissance Westchester while it was in receivership prior to being reacquired by the Company on June 14, 2010.

(4) Discontinued Operations includes the W San Diego that was disposed by deed in lieu in Q3 2010, the Marriott Ontario Airport that was sold by the receiver in Q3 2010 and the Mass Mutual eight hotels that were disposed by deed in lieu in Q4 2010 along with  the ownership expenses of the Renaissance Westchester prior to June 14, 2010 when it was reacquired by the Company.  It also includes the operations for the Royal Palm Miami Beach  and the Salt Lake City commercial laundry facility which were sold in 2011 along with the Eugene Valley River Inn which was classified as held for sale during 2011.

(5) 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.

(6) 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.

(7) 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.

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

(9) 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 .

(10) Pro Forma represents the Company’s ownership results and prior ownership results for the 32 comparable hotels held for investment as of September 30, 2011, as well as 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 54

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation
FY 2010

		For the Year Ended December 31, 2010
				Adjusted			Plus:		Plus:		Equals:		Hotel
	(In thousands)	Total		Net Income /							Hotel		EBITDA
		Revenues		(Loss) (3)			Depreciation		Interest Expense		EBITDA		Margins
1	Courtyard by Marriott Los Angeles	$	8,401	$	1,353		$	704	$	1	$	2,058	24.5%
2	Doubletree Guest Suites Minneapolis	7,651		256			828		981		2,065		27.0%
3	Doubletree Guest Suites Times Square (2)	60,152		8,108			7,476		3,895		19,479		32.4%
4	Embassy Suites Chicago	20,214		475			2,753		4,275		7,503		37.1%
5	Embassy Suites La Jolla	17,024		(1,641		)	3,772		4,630		6,761		39.7%
6	Fairmont Newport Beach	23,289		(1,949		)	5,601		-		3,652		15.7%
7	Hilton Del Mar	11,519		(545		)	1,474		1,412		2,341		20.3%
8	Hilton North Houston	20,518		(1,372		)	3,462		1,960		4,050		19.7%
9	Hilton San Diego Bayfront (2)	100,372		5,444			19,470		9,426		34,340		34.2%
10	Hilton Times Square	46,818		(1,521		)	9,259		5,164		12,902		27.6%
11	Hyatt Regency Newport Beach	27,307		1,774			2,744		-		4,518		16.5%
12	JW Marriott New Orleans	27,997		2,901			2,100		2,336		7,337		26.2%
13	Kahler Grand	22,950		1,498			2,734		1,565		5,797		25.3%
14	Kahler Inn & Suites	6,901		655			899		843		2,397		34.7%
15	Marriott Boston Long Wharf	41,824		(4,193		)	7,761		9,972		13,540		32.4%
16	Marriott Del Mar	16,070		(1,480		)	1,569		2,783		2,872		17.9%
17	Marriott Houston	11,361		(1,633		)	1,645		1,298		1,310		11.5%
18	Marriott Park City	8,352		(366		)	1,089		851		1,574		18.8%
19	Marriott Philadelphia	17,061		101			1,804		1,537		3,442		20.2%
20	Marriott Portland	11,333		2,478			1,231		-		3,709		32.7%
21	Marriott Quincy	25,096		1,294			4,179		-		5,473		21.8%
22	Marriott Rochester	12,519		733			1,801		1,385		3,919		31.3%
23	Marriott Troy	15,399		(1,539		)	2,268		1,983		2,712		17.6%
24	Marriott Tysons Corner	21,188		1,184			2,809		2,529		6,522		30.8%
25	Renaissance Harborplace	41,620		(2,194		)	8,118		5,558		11,482		27.6%
26	Renaissance Los Angeles Airport	20,249		(418		)	2,821		-		2,403		11.9%
27	Renaissance Long Beach	18,447		181			2,472		1,713		4,366		23.7%
28	Renaissance Orlando at SeaWorld ®	47,764		231			7,364		4,763		12,358		25.9%
29	Renaissance Washington DC	67,509		4,002			7,401		8,015		19,418		28.8%
30	Renaissance Westchester	18,256		760			1,200		-		1,960		10.7%
31	Residence Inn by Marriott Rochester	3,454		962			551		-		1,513		43.8%
32	Sheraton Cerritos	10,253		765			1,453		-		2,218		21.6%
	Total Comparable Portfolio (1)	808,868		16,304			120,812		78,875		215,991		26.7%
	Prior Ownership Results (1)
	Renaissance Westchester	8,285		346			561		-		907		10.9%
	Doubletree Guest Suites Times Square (2)	60,152		8,108			7,476		3,895		19,479		32.4%
	JW Marriott New Orleans	27,997		2,901			2,100		2,336		7,337		26.2%
	Hilton San Diego Bayfront (2)	100,372		5,444			19,470		9,426		34,340		34.2%
	Total Actual Portfolio	$	612,062	$	(495	)	$	91,205	$	63,218	$	153,928	25.1%
	*Footnotes on page 57.

APPENDIX	Page 55

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

FY 2009

		For the Year Ended December 31, 2009
				Adjusted			Plus:		Plus:		Equals:		Hotel
	(In thousands)	Total		Net Income /							Hotel		EBITDA
		Revenues		(Loss)			Depreciation		Interest Expense		EBITDA		Margins
1	Courtyard by Marriott Los Angeles	$	8,000	$	1,250		$	706	$	-	$	1,956	24.5%
2	Doubletree Guest Suites Minneapolis	6,552		(392		)	864		1,003		1,475		22.5%
3	Doubletree Guest Suites Times Square (2)	53,261		3,434			7,476		3,895		14,805		27.8%
4	Embassy Suites Chicago	19,809		(1,403		)	2,889		4,271		5,757		29.1%
5	Embassy Suites La Jolla	16,366		(1,986		)	3,696		4,630		6,340		38.7%
6	Fairmont Newport Beach	23,561		(1,538		)	5,645		-		4,107		17.4%
7	Hilton Del Mar	11,017		(791		)	1,597		1,444		2,250		20.4%
8	Hilton North Houston	24,859		698			3,302		1,983		5,983		24.1%
9	Hilton San Diego Bayfront (2)	86,118		(911		)	19,470		9,426		27,985		32.5%
10	Hilton Times Square	42,966		(4,235		)	9,452		4,997		10,214		23.8%
11	Hyatt Regency Newport Beach	24,386		860			2,895		-		3,755		15.4%
12	JW Marriott New Orleans	25,276		994			2,100		2,336		5,430		21.5%
13	Kahler Grand	22,822		1,981			2,732		1,599		6,312		27.7%
14	Kahler Inn & Suites	7,286		236			916		1,704		2,856		39.2%
15	Marriott Boston Long Wharf	38,004		(6,860		)	7,554		9,972		10,666		28.1%
16	Marriott Del Mar	16,596		(1,844		)	2,107		2,783		3,046		18.4%
17	Marriott Houston	13,492		(696		)	1,756		1,327		2,387		17.7%
18	Marriott Park City	9,307		337			1,116		870		2,323		25.0%
19	Marriott Philadelphia	17,383		137			1,917		1,571		3,625		20.9%
20	Marriott Portland	10,683		2,156			976		-		3,132		29.3%
21	Marriott Quincy	23,598		773			4,105		-		4,878		20.7%
22	Marriott Rochester	12,014		(780		)	1,807		2,800		3,827		31.9%
23	Marriott Troy	15,883		(1,680		)	2,454		2,027		2,801		17.6%
24	Marriott Tysons Corner	20,280		487			2,911		2,586		5,984		29.5%
25	Renaissance Orlando at SeaWorld ®	37,755		(4,983		)	7,874		5,540		8,431		22.3%
26	Renaissance Los Angeles Airport	21,120		408			2,755		-		3,163		15.0%
27	Renaissance Long Beach	19,131		514			2,555		1,750		4,819		25.2%
28	Renaissance Orlando at SeaWorld ®	47,198		(249		)	7,395		4,859		12,005		25.4%
29	Renaissance Washington DC	71,099		6,429			7,254		8,109		21,792		30.7%
30	Renaissance Westchester	17,096		(4,962		)	1,810		4,575		1,423		8.3%
31	Residence Inn by Marriott Rochester	3,141		765			562		-		1,327		42.2%
32	Sheraton Cerritos	10,039		962			1,494		-		2,456		24.5%
	Total Comparable Portfolio (4)	776,098		(10,889		)	122,142		86,057		197,310		25.4%
	Prior Ownership Results (4)
	Doubletree Guest Suites Times Square (2)	53,261		3,434			7,476		3,895		14,805		27.8%
	JW Marriott New Orleans	25,276		994			2,100		2,336		5,430		21.5%
	Hilton San Diego Bayfront (2)	86,118		(911		)	19,470		9,426		27,985		32.5%
	Total Actual Portfolio	$	611,443	$	(14,406	)	$	93,096	$	70,400	$	149,090	24.4%
	*Footnotes on page 57.

APPENDIX	Page 56

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

FY 2010/2009

(1)	Total Comparable Portfolio for the year ended December 31, 2010 includes operating results for the Renaissance Westchester while it was held in receivership prior to the Company’s reacquisition of the hotel on June 14, 2010, as well as 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.
(2)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(3)	Adjusted Net Income / (Loss) for the year ended December 31, 2010 includes the following adjustments: (1) Courtyard by Marriott Los Angeles add back $6,000 related to management transition costs; (2) Doubletree Guest Suites Minneapolis add back $3,000 related to management transition costs; (3) Doubletree Guest Suites Times Square add back $4.0 million and $0.2 million to prior ownership results related to amortization of lease intangibles and non-cash straightline lease expense, respectively; (4) Embassy Suites Chicago add back $37,000 related to management transition costs; (5) Hilton Del Mar add back $76,000 related to management transition costs; (6) Hilton North Houston add back $18,000 related to management transition costs; (7) Hilton San Diego Bayfront add back $1.8 million to prior ownership results related to non-cash straightline lease expense; (8) Hilton Times Square add back $0.3 million related to amortization of lease intangibles, $0.9 million related to non-cash straightline lease expense and $4,000 related to management transition costs; (9) JW Marriott New Orleans add back $8,000 to prior ownership results related to non-cash straightline lease expense; (10) Kahler Grand add back $20,000 related to management transition costs; (11) Kahler Inn & Suites add back $6,000 related to management transition costs; (12) Marriott Del Mar add back $27,000 related to amortization of lease intangibles; (13) Marriott Houston add back $14,000 related to management transition costs; (14) Marriott Park City add back $12,000 related to management transition costs; (15) Marriott Portland add back $11,000 related to management transition costs; (16) Marriott Rochester add back $7,000 related to management transition costs; (17) Residence Inn by Marriott Rochester add back $3,000 related to management transition costs; and (18) Sheraton Cerritos add back $13,000 related to management transition costs.
(4)	Total Comparable Portfolio for the year ended December 31, 2009 includes operating results for the Renaissance Westchester prior to the period the hotel was held in receivership before the Company’s reacquisition of the hotel on June 14, 2010, as well as 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

APPENDIX	Page 57

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q1 2011

		For the Three Months Ended March 31, 2011
				Adjusted			Plus:		Plus:		Equals:			Hotel
	(In thousands)	Total		Net Income /							Hotel			EBITDA
		Revenues		(Loss) (3)			Depreciation		Interest Expense		EBITDA			Margins
1	Courytard by Marriott Los Angeles	$	2,031	$	329		$	174	$	-	$	503		24.8%
2	Doubletree Minneapolis	1,230		(425		)	236		238		49			4.0%
3	Doubletree Guest Suites Times Square (2)	11,448		(1,537		)	2,039		1,023		1,525			13.3%
4	Embassy Suites Chicago	3,431		(2,005		)	818		1,053		(134		)	-3.9%
5	Embassy Suites La Jolla	4,194		(496		)	954		1,157		1,615			38.5%
6	Fairmont Newport Beach	6,054		(560		)	1,378		-		818			13.5%
7	Hilton Del Mar	2,695		(224		)	359		343		478			17.7%
8	Hilton North Houston	5,318		(323		)	816		479		972			18.3%
9	Hilton San Diego Bayfront (2)	29,876		3,349			4,868		2,271		10,488			35.1%
10	Hilton Times Square	9,404		(2,226		)	2,333		1,238		1,345			14.3%
11	Hyatt Regency Newport Beach	6,235		367			680		-		1,047			16.8%
12	JW Marriott New Orleans	7,229		627			1,148		573		2,348			32.5%
13	Kahler Grand	5,493		288			738		380		1,406			25.6%
14	Kahler Inn & Suites	1,793		456			228		-		684			38.1%
15	Marriott Boston (Long Wharf)	6,522		(3,624		)	1,960		2,459		795			12.2%
16	Marriott Del Mar	3,707		(337		)	354		686		703			19.0%
17	Marriott Houston	2,905		(479		)	424		315		260			9.0%
18	Marriott Park City	4,485		1,408			293		207		1,908			42.5%
19	Marriott Philadelphia	3,584		(335		)	448		374		487			13.6%
20	Marriott Portland	2,411		342			282		-		624			25.9%
21	Marriott Quincy	4,075		(857		)	1,105		-		248			6.1%
22	Marriott Rochester	2,434		71			484		-		555			22.8%
23	Marriott Troy	3,332		(536		)	562		482		508			15.2%
24	Marriott Tysons Corner	4,325		(240		)	687		615		1,062			24.6%
25	Renaissance Harborplace	7,539		(2,389		)	2,003		1,370		984			13.1%
26	Renaissance Los Angeles Airport	5,293		44			709		-		753			14.2%
27	Renaissance Long Beach	4,849		275			600		416		1,291			26.6%
28	Renaissance Orlando at SeaWorld ®	15,085		2,406			1,838		1,159		5,403			35.8%
29	Renaissance Washington DC	16,203		741			1,841		1,987		4,569			28.2%
30	Renaissance Westchester	3,406		(367		)	294		-		(73		)	-2.1%
31	Residence Inn by Marriott Rochester	964		283			139		-		422			43.8%
32	Sheraton Cerritos	2,100		(142		)	375		-		233			11.1%
	Total Comparable Portfolio (1)	189,650		(6,116		)	31,167		18,825		43,876			23.1%
	Prior Ownership Results (1)
	Doubletree Guest Suites Times Square (2)	1,560		(313		)	261		138		86			5.5%
	JW Marriott New Orleans	3,277		175			262		287		724			22.1%
	Hilton San Diego Bayfront (2)	29,875		3,349			4,868		2,271		10,488			35.1%
	Actual Portfolio	$	154,938	$	(9,327	)	$	25,776	$	16,129	$	32,578		21.0%
	*Footnotes on page 60.

APPENDIX	Page 58

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q1 2010

		For the Three Months Ended March 31, 2010
				Adjusted			Plus:		Plus:		Equals:		Hotel
		Total		Net Income /							Hotel		EBITDA
		Revenues		(Loss) (5)			Depreciation		Interest Expense		EBITDA		Margins
1	Courytard by Marriott Los Angeles	$	2,206	$	421		$	176	$	-	$	597	27.1%
2	Doubletree Minneapolis	1,310		(323		)	208		244		129		9.8%
3	Doubletree Guest Suites Times Square (2)	10,032		(1,868		)	1,869		933		934		9.3%
4	Embassy Suites Chicago	3,206		(1,566		)	679		1,053		166		5.2%
5	Embassy Suites La Jolla	3,948		(582		)	926		1,158		1,502		38.0%
6	Fairmont Newport Beach	5,842		(327		)	1,425		-		1,098		18.8%
7	Hilton Del Mar	2,503		(322		)	366		351		395		15.8%
8	Hilton North Houston	6,112		140			965		485		1,590		26.0%
9	Hilton San Diego Bayfront (2)	24,420		1,790			4,868		2,333		8,991		36.8%
10	Hilton Times Square	9,067		(2,518		)	2,374		1,239		1,095		12.1%
11	Hyatt Regency Newport Beach	6,054		303			690		-		993		16.4%
12	JW Marriott New Orleans	7,294		1,221			525		577		2,323		31.8%
13	Kahler Grand	4,923		(8		)	679		389		1,060		21.5%
14	Kahler Inn & Suites	1,805		(260		)	217		682		639		35.4%
15	Marriott Boston (Long Wharf)	6,788		(3,459		)	1,920		2,459		920		13.6%
16	Marriott Del Mar	3,772		(322		)	400		686		764		20.3%
17	Marriott Houston	3,120		(268		)	411		323		466		14.9%
18	Marriott Park City	4,119		1,205			264		212		1,681		40.8%
19	Marriott Philadelphia	3,512		(435		)	448		383		396		11.3%
20	Marriott Portland	2,419		273			392		-		665		27.5%
21	Marriott Quincy	4,353		(665		)	1,033		-		368		8.5%
22	Marriott Rochester	2,712		(867		)	445		1,120		698		25.7%
23	Marriott Troy	3,425		(712		)	570		493		351		10.2%
24	Marriott Tysons Corner	4,614		(35		)	693		630		1,288		27.9%
25	Renaissance Harborplace	7,622		(2,284		)	2,080		1,370		1,166		15.3%
26	Renaissance Los Angeles Airport	4,901		30			700		-		730		14.9%
27	Renaissance Long Beach	4,767		314			639		426		1,379		28.9%
28	Renaissance Orlando at SeaWorld ®	13,285		1,621			1,892		1,183		4,696		35.3%
29	Renaissance Washington DC	15,265		335			1,854		2,013		4,202		27.5%
30	Renaissance Westchester	4,212		149			306		-		455		10.8%
31	Residence Inn by Marriott Rochester	785		173			133		-		306		39.0%
32	Sheraton Cerritos	2,357		79			377		-		456		19.3%
	Pro Forma Comparable Portfolio (4)	180,750		(8,767		)	30,524		20,742		42,499		23.5%
	Prior Ownership Results (4)
	Renaissance Westchester	4,213		149			306		-		455		10.8%
	Doubletree Guest Suites Times Square (2)	10,032		(1,868		)	1,869		933		934		9.3%
	JW Marriott New Orleans	7,294		1,221			525		577		2,323		31.8%
	Hilton San Diego Bayfront (2)	24,420		1,790			4,868		2,333		8,991		36.8%
	Actual Portfolio	$	134,791	$	(10,059	)	$	22,956	$	16,899	$	29,796	22.1%
	*Footnotes on page 60.

APPENDIX	Page 59

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q1 2011/2010

(1)	Total Comparable Portfolio for the three months ended March 31, 2011 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.
(2)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(3)	Adjusted Net Income / (Loss) for the three months ended March 31, 2011 includes the following adjustments: (1) Doubletree Guest Suites Times Square add back $0.9 million to actual results and $0.1 million to prior ownership results related to amortization of lease intangibles, and add back $33,000 to actual results and $5,000 to prior ownership results related to non-cash straightline lease expense; (2) Hilton San Diego Bayfront add back $0.5 million to prior ownership results related to non-cash straightline lease expense; (3) Hilton Times Square add back $0.1 million related to amortization of lease intangibles, $0.2 million related to non-cash straightline lease expense and $0.1 million related to management transition costs; (4) JW Marriott New Orleans add back $1,000 to prior ownership results related to non-cash straightline lease expense; and (5) Marriott Del Mar add back of $7,000 related to amortization of lease intangibles.
(4)	Total Comparable Portfolio for the three months ended March 31, 2010 includes prior ownership results for the Renaissance Westchester while it was held in receivership prior to the Company’s reacquisition of the hotel 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.
(5)	Adjusted Net Income / (Loss) for the three months ended March 31, 2010 includes the following adjustments: (1) Doubletree Guest Suites Times Square add back $1.0 million and $39,000 to prior ownership results related to amortization of lease intangibles and non-cash straightline lease expense, respectively; (2) Hilton San Diego Bayfront add back $0.5 million to prior ownership results related to non-cash straightline lease expense; (3) Hilton Times Square add back $0.2 million related to non-cash straightline lease expense; and (4) JW Marriott New Orleans add back $2,000 to prior ownership results related to non-cash straightline lease expense.

APPENDIX	Page 60

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation
Q2 2011

		For the Three Months Ended June 30, 2011
				Adjusted			Plus:		Plus:		Equals:			Hotel
	(In thousands)	Total		Net Income /							Hotel			EBITDA
		Revenues		(Loss) (3)			Depreciation		Interest Expense		EBITDA			Margins
1	Courtyard by Marriott Los Angeles	$	1,991	$	164		$	244	$	-	$	408		20.5	%
2	Doubletree Guest Suites Minneapolis	2,371		265			301		240		806			34.0	%
3	Doubletree Guest Suites Times Square (2)	16,538		3,177			2,070		951		6,198			37.5	%
4	Embassy Suites Chicago	6,871		2,123			882		1,064		4,069			59.2	%
5	Embassy Suites La Jolla	4,502		(196		)	913		1,159		1,876			41.7	%
6	Fairmont Newport Beach	6,429		220			1,370		-		1,590			24.7	%
7	Hilton Del Mar	2,974		(19		)	363		345		689			23.2	%
8	Hilton North Houston	4,963		(328		)	819		483		974			19.6	%
9	Hilton San Diego Bayfront (2)	27,981		1,535			5,652		2,435		9,622			34.4	%
10	Hilton Times Square	13,084		386			2,109		1,247		3,742			28.6	%
11	Hyatt Regency Newport Beach	7,644		767			679		-		1,446			18.9	%
12	JW Marriott New Orleans	7,894		(209		)	1,774		1,439		3,004			38.1	%
13	Kahler Grand	6,407		1,007			793		382		2,182			34.1	%
14	Kahler Inn & Suites	1,725		365			289		-		654			37.9	%
15	Marriott Boston Long Wharf	10,656		(491		)	1,964		2,486		3,959			37.2	%
16	Marriott Del Mar	3,680		(558		)	372		691		505			13.7	%
17	Marriott Houston	3,520		(232		)	508		317		593			16.8	%
18	Marriott Park City	1,229		(689		)	320		208		(161		)	-13.1	%
19	Marriott Philadelphia	4,913		665			457		375		1,497			30.5	%
20	Marriott Portland	3,113		1,013			285		-		1,298			41.7	%
21	Marriott Quincy	6,333		546			1,117		-		1,663			26.3	%
22	Marriott Rochester	2,949		548			520		-		1,068			36.2	%
23	Marriott Troy	3,692		(263		)	574		484		795			21.5	%
24	Marriott Tysons Corner	6,191		973			771		618		2,362			38.2	%
25	Renaissance Harborplace	11,072		437			2,011		1,307		3,755			33.9	%
26	Renaissance Los Angeles Airport	5,172		211			717		-		928			17.9	%
27	Renaissance Long Beach	4,692		166			604		419		1,189			25.3	%
28	Renaissance Orlando at SeaWorld ®	10,945		(232		)	1,884		1,166		2,818			25.7	%
29	Renaissance Washington DC	19,267		3,575			1,884		1,981		7,440			38.6	%
30	Renaissance Westchester	5,048		333			300		-		633			12.5	%
31	Residence Inn by Marriott Rochester	978		321			136		-		457			46.7	%
32	Sheraton Cerritos	2,802		348			417		-		765			27.3	%
	Total Comparable Portfolio (1)	217,626		15,928			33,099		19,797		68,824			31.6	%
	Prior Ownership Results (1)
	Hilton San Diego Bayfront (2)	4,064		17			917		312		1,246			30.7	%
	Total Actual Portfolio	$	213,562	$	15,911		$	32,182	$	19,485	$	67,578		31.6	%
	*Footnotes on page 63.

APPENDIX	Page 61

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q2 2010

		For the Three Months Ended June 30, 2010
				Adjusted			Plus:		Plus:		Equals:			Hotel
	(In thousands)	Total		Net Income /							Hotel			EBITDA
		Revenues		(Loss) (5)			Depreciation		Interest Expense		EBITDA			Margins
1	Courtyard by Marriott Los Angeles	$	2,092	$	351		$	176	$	1	$	528		25.2%
2	Doubletree Guest Suites Minneapolis	2,186		271			209		245		725			33.2%
3	Doubletree Guest Suites Times Square (2)	14,850		2,135			1,869		992		4,996			33.6%
4	Embassy Suites Chicago	6,028		253			682		1,070		2,005			33.3%
5	Embassy Suites La Jolla	4,402		(311		)	934		1,157		1,780			40.4%
6	Fairmont Newport Beach	5,890		(519		)	1,425		-		906			15.4%
7	Hilton Del Mar	2,866		(262		)	367		353		458			16.0%
8	Hilton North Houston	5,593		(206		)	826		490		1,110			19.8%
9	Hilton San Diego Bayfront (2)	24,485		1,101			4,867		2,385		8,353			34.1%
10	Hilton Times Square	12,183		326			2,250		1,255		3,831			31.4%
11	Hyatt Regency Newport Beach	7,415		764			686		-		1,450			19.6%
12	JW Marriott New Orleans	7,117		1,027			525		589		2,141			30.1%
13	Kahler Grand	5,833		456			681		391		1,528			26.2%
14	Kahler Inn & Suites	1,762		286			221		161		668			37.9%
15	Marriott Boston Long Wharf	11,134		(130		)	1,941		2,486		4,297			38.6%
16	Marriott Del Mar	3,502		(564		)	381		694		511			14.6%
17	Marriott Houston	3,273		(48		)	410		324		686			21.0%
18	Marriott Park City	1,065		(743		)	266		213		(264		)	-24.8%
19	Marriott Philadelphia	4,445		262			452		384		1,098			24.7%
20	Marriott Portland	2,895		689			304		-		993			34.3%
21	Marriott Quincy	6,277		515			1,037		-		1,552			24.7%
22	Marriott Rochester	3,039		276			445		265		986			32.4%
23	Marriott Troy	3,584		(433		)	568		496		631			17.6%
24	Marriott Tysons Corner	5,447		512			707		632		1,851			34.0%
25	Renaissance Harborplace	11,104		100			2,055		1,386		3,541			31.9%
26	Renaissance Los Angeles Airport	4,448		(299		)	699		-		400			9.0%
27	Renaissance Long Beach	4,038		(238		)	628		428		818			20.3%
28	Renaissance Orlando at SeaWorld ®	11,863		164			1,870		1,191		3,225			27.2%
29	Renaissance Washington DC	18,136		2,287			1,906		2,007		6,200			34.2%
30	Renaissance Westchester	4,336		177			306		-		483			11.1%
31	Residence Inn by Marriott Rochester	880		286			138		-		424			48.2%
32	Sheraton Cerritos	2,636		252			368		-		620			23.5%
	Total Comparable Portfolio (4)	204,804		8,737			30,199		19,595		58,531			28.6%
	Prior Ownership Results (4)
	Renaissance Westchester	4,072		197			255		-		452			11.1%
	Doubletree Guest Suites Times Square (2)	14,850		2,135			1,869		992		4,996			33.6%
	JW Marriott New Orleans	7,117		1,027			525		589		2,141			30.1%
	Hilton San Diego Bayfront (2)	24,485		1,101			4,867		2,385		8,353			34.1%
	Total Actual Portfolio	$	154,280	$	4,277		$	22,683	$	15,629	$	42,589		27.6%
	*Footnotes on page 63.

APPENDIX Page 62

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q2 2011/2010

(1)       Total Comparable Portfolio for the three months ended June 30, 2011 includes prior ownership results for the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

(2)       Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.

(3)       Adjusted Net Income / (Loss) for the three months ended June 30, 2011 includes the following adjustments:  (1) Doubletree Guest Suites Times Square add back $0.9 million related to amortization of lease intangibles and $39,000 related to non-cash straightline lease expense; (2) Hilton San Diego Bayfront add back $0.5 million to actual results and $<0.1> million to prior ownership results related to non-cash straightline lease expense; (3) Hilton Times Square add back $0.1 million related to amortization of lease intangibles and $0.2 million related to non-cash straightline lease expense; (4) JW Marriott New Orleans add back $3,000 related to non-cash straightline lease expense; and (5) Marriott Del Mar add back of $7,000 related to amortization of lease intangibles.

(4)       Total Comparable Portfolio for the three months ended June 30, 2010 includes prior ownership results for the Renaissance Westchester while it was held in receivership prior to the Company’s reacquisition of the hotel 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

(5)       Adjusted Net Income / (Loss) for the three months ended June 30, 2010 includes the following adjustments: (1) Doubletree Guest Suites Times Square add back $1.0 million and $38,000 to prior ownership results related to amortization of lease intangibles and non-cash straightline lease expense, respectively; (2) Embassy Suites Chicago add back $27,000 related to management transition costs; (3) Hilton Del Mar add back $57,000 related to management transition costs; (4) Hilton San Diego Bayfront add back $0.5 million to prior ownership results related to non-cash straightline lease expense;  (5) Hilton Times Square add back $0.1 million related to amortization of lease intangibles and $0.2 million related to non-cash straightline lease expense; (6) JW Marriott New Orleans add back $2,000 to prior ownership results related to non-cash straightline lease expense; and (7) Marriott Del Mar add back $23,000 related to amortization of lease intangibles.

APPENDIX Page 63

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q3 2011

		For the Three Months Ended September 30, 2011
				Adjusted			Plus:		Plus:		Equals:		Hotel
	(In thousands)	Total		Net Income /							Hotel		EBITDA
		Revenues		(Loss) (2)			Depreciation		Interest Expense		EBITDA		Margins
1	Courtyard by Marriott Los Angeles	$	2,561	$	509		$	299	$	-	$	808	31.6%
2	Doubletree Guest Suites Minneapolis	2,697		457			345		241		1,043		38.7%
3	Doubletree Guest Suites Times Square (1)	17,485		3,222			2,071		948		6,241		35.7%
4	Embassy Suites Chicago	6,744		830			865		1,068		2,763		41.0%
5	Embassy Suites La Jolla	5,392		347			895		1,156		2,398		44.5%
6	Fairmont Newport Beach	6,360		(172		)	1,360		-		1,188		18.7%
7	Hilton Del Mar	3,851		515			378		347		1,240		32.2%
8	Hilton North Houston	3,819		(843		)	888		487		532		13.9%
9	Hilton San Diego Bayfront (1)	26,733		324			5,657		2,434		8,415		31.5%
10	Hilton Times Square	13,676		639			2,154		1,258		4,051		29.6%
11	Hyatt Regency Newport Beach	8,996		1,314			658		-		1,972		21.9%
12	JW Marriott New Orleans	5,413		(2,768		)	1,778		1,667		677		12.5%
13	Kahler Grand	6,262		741			800		384		1,925		30.7%
14	Kahler Inn & Suites	1,931		401			331		-		732		37.9%
15	Marriott Boston Long Wharf	10,973		(635		)	2,015		2,514		3,894		35.5%
16	Marriott Del Mar	4,607		183			373		697		1,253		27.2%
17	Marriott Houston	3,012		(280		)	556		319		595		19.8%
18	Marriott Park City	1,838		(348		)	325		209		186		10.1%
19	Marriott Philadelphia	3,972		(145		)	460		377		692		17.4%
20	Marriott Portland	3,643		1,342			287		-		1,629		44.7%
21	Marriott Quincy	6,676		575			1,183		-		1,758		26.3%
22	Marriott Rochester	3,409		712			548		-		1,260		37.0%
23	Marriott Troy	3,691		(241		)	578		486		823		22.3%
24	Marriott Tysons Corner	4,773		(154		)	800		620		1,266		26.5%
25	Renaissance Harborplace	9,350		(860		)	2,014		1,330		2,484		26.6%
26	Renaissance Los Angeles Airport	5,329		209			724		-		933		17.5%
27	Renaissance Long Beach	4,275		(111		)	607		421		917		21.5%
28	Renaissance Orlando at SeaWorld ®	8,028		(2,725		)	1,935		1,172		382		4.8%
29	Renaissance Washington DC	13,944		(1,062		)	1,903		1,974		2,815		20.2%
30	Renaissance Westchester	4,383		127			343		-		470		10.7%
31	Residence Inn by Marriott Rochester	923		283			126		-		409		44.3%
32	Sheraton Cerritos	2,746		193			422		-		615		22.4%
	Total Comparable Portfolio	207,492		2,579			33,678		20,109		56,366		27.2%
	Prior Ownership Results
	Total Actual Portfolio	$	207,492	$	2,579		$	33,678	$	20,109	$	56,366	27.2%
	*Footnotes on page 66.

APPENDIX	Page 64

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q3 2010

		For the Three Months Ended September 30, 2010
				Adjusted			Plus:		Plus:		Equals:		Hotel
	(In thousands)	Total		Net Income /							Hotel		EBITDA
		Revenues		(Loss) (4)			Depreciation		Interest Expense		EBITDA		Margins
1	Courtyard by Marriott Los Angeles	$	2,113	$	338		$	177	$	-	$	515	24.4%
2	Doubletree Guest Suites Minneapolis	2,277		307			210		247		764		33.6%
3	Doubletree Guest Suites Times Square (1)	15,501		2,058			1,869		1,000		4,927		31.8%
4	Embassy Suites Chicago	5,998		375			691		1,076		2,142		35.7%
5	Embassy Suites La Jolla	5,064		202			956		1,157		2,315		45.7%
6	Fairmont Newport Beach	6,236		(247		)	1,375		-		1,128		18.1%
7	Hilton Del Mar	3,773		534			376		355		1,265		33.5%
8	Hilton North Houston	4,401		(866		)	832		494		460		10.5%
9	Hilton San Diego Bayfront (1)	25,333		1,009			4,868		2,373		8,250		32.6%
10	Hilton Times Square	11,839		(477		)	2,318		1,265		3,106		26.2%
11	Hyatt Regency Newport Beach	8,165		1,051			689		-		1,740		21.3%
12	JW Marriott New Orleans	5,097		(534		)	525		589		580		11.4%
13	Kahler Grand	6,343		748			684		394		1,826		28.8%
14	Kahler Inn & Suites	1,628		309			230		-		539		33.1%
15	Marriott Boston Long Wharf	11,155		30			1,948		2,514		4,492		40.3%
16	Marriott Del Mar	4,022		(279		)	394		702		817		20.3%
17	Marriott Houston	2,437		(723		)	413		326		16		0.7%
18	Marriott Park City	1,792		(262		)	274		214		226		12.6%
19	Marriott Philadelphia	3,642		(159		)	454		386		681		18.7%
20	Marriott Portland	3,388		982			259		-		1,241		36.6%
21	Marriott Quincy	6,070		384			1,045		-		1,429		23.5%
22	Marriott Rochester	3,701		913			454		-		1,367		36.9%
23	Marriott Troy	3,528		(392		)	567		498		673		19.1%
24	Marriott Tysons Corner	4,621		27			710		635		1,372		29.7%
25	Renaissance Harborplace	9,296		(1,074		)	1,989		1,401		2,316		24.9%
26	Renaissance Los Angeles Airport	4,710		(97		)	711		-		614		13.0%
27	Renaissance Long Beach	3,945		(307		)	604		431		728		18.5%
28	Renaissance Orlando at SeaWorld ®	8,744		(1,904		)	1,794		1,198		1,088		12.4%
29	Renaissance Washington DC	13,074		(1,306		)	1,813		2,001		2,508		19.2%
30	Renaissance Westchester	3,934		(59		)	294		-		235		6.0%
31	Residence Inn by Marriott Rochester	907		273			140		-		413		45.5%
32	Sheraton Cerritos	2,486		105			353		-		458		18.4%
	Total Comparable Portfolio (3)	195,220		959			30,016		19,256		50,231		25.7%
	Prior Ownership Results (3)
	Doubletree Guest Suites Times Square (1)	15,501		2,058			1,869		1,000		4,927		31.8%
	JW Marriott New Orleans	5,097		(534		)	525		589		580		11.4%
	Hilton San Diego Bayfront (1)	25,333		1,009			4,868		2,373		8,250		32.6%
	Total Actual Portfolio	$	149,289	$	(1,574	)	$	22,754	$	15,294	$	36,474	24.4%
	*Footnotes on page 66.

APPENDIX	Page 65

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q3 2011/2010

(1)Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.

(2)Adjusted Net Income / (Loss) for the three months ended September 30, 2011 includes the following adjustments:  (1) Doubletree Guest Suites Times Square add back $1.0 million related to amortization of lease intangibles and $39,000 related to non-cash straightline lease expense; (2) Hilton San Diego Bayfront add back $0.5 million related to non-cash straightline lease expense; (3) Hilton Times Square add back $0.1 million related to amortization of lease intangibles and $0.2 million related to non-cash straightline lease expense; (4) JW Marriott New Orleans add back $2,000 related to non-cash straightline lease expense; and (5) Marriott Del Mar add back $9,000 related to amortization of lease intangibles.

(3)Total Comparable Portfolio for the three months ended September 30, 2010 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.

(4)Adjusted Net Income / (Loss) for the three months ended September 30, 2010 includes the following adjustments:  (1) Courtyard by Marriott Los Angeles add back $6,000 related to management transition costs; (2) Doubletree Guest Suites Minneapolis add back $3,000 related to management transition costs; (3) Doubletree Guest Suites Times Square add back $1.0 million  and $39,000 to prior ownership results related to amortization of lease intangibles and non-cash straightline lease expense, respectively; (4) Embassy Suites Chicago add back $10,000 related to management transition costs; (5) Hilton Del Mar add back $19,000 related to management transition costs; (6) Hilton North Houston add back $18,000 related to management transition costs; (7) Hilton San Diego Bayfront add back $0.4 million to prior ownership results related to non-cash straightline lease expense; (8) Hilton Times Square add back $0.1 million related to amortization of lease intangibles, $0.3 million related to non-cash straightline lease expense and $4,000 related to management transition costs; (9) JW Marriott New Orleans add back $2,000 to prior ownership results related to non-cash straightline lease expense; (10) Kahler Grand add back $20,000 related to management transition costs; (11) Kahler Inn & Suites add back $6,000 related to management transition costs; (12) Marriott Del Mar add back $12,000 related to amortization of lease intangibles; (13) Marriott Houston add back $14,000 related to management transition costs; (14) Marriott Park City add back $12,000 related to management transition costs; (15) Marriott Portland add back $11,000 related to management transition costs; (16) Marriott Rochester add back $7,000 related to management transition costs; (17) Residence Inn by Marriott Rochester add back $3,000 related to management transition costs; and (18) Sheraton Cerritos add back $13,000 related to management transition costs.

APPENDIX	Page 66

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

YTD Q3 2011

		For the Nine Months Ended September 30, 2011
				Adjusted			Plus:		Plus:		Equals:		Hotel
	(In thousands)	Total		Net Income /							Hotel		EBITDA
		Revenues		(Loss) (3)			Depreciation		Interest Expense		EBITDA		Margins
1	Courtyard by Marriott Los Angeles	$	6,583	$	1,002		$	717	$	-	$	1,719	26.1%
2	Doubletree Guest Suites Minneapolis	6,298		297			882		719		1,898		30.1%
3	Doubletree Guest Suites Times Square (2)	45,471		4,862			6,180		2,922		13,964		30.7%
4	Embassy Suites Chicago	17,046		948			2,565		3,185		6,698		39.3%
5	Embassy Suites La Jolla	14,088		(345		)	2,762		3,472		5,889		41.8%
6	Fairmont Newport Beach	18,843		(512		)	4,108		-		3,596		19.1%
7	Hilton Del Mar	9,520		272			1,100		1,035		2,407		25.3%
8	Hilton North Houston	14,100		(1,494		)	2,523		1,449		2,478		17.6%
9	Hilton San Diego Bayfront (2)	84,590		5,208			16,177		7,140		28,525		33.7%
10	Hilton Times Square	36,164		(1,201		)	6,596		3,743		9,138		25.3%
11	Hyatt Regency Newport Beach	22,875		2,448			2,017		-		4,465		19.5%
12	JW Marriott New Orleans	20,536		(2,350		)	4,700		3,679		6,029		29.4%
13	Kahler Grand	18,162		2,036			2,331		1,146		5,513		30.4%
14	Kahler Inn & Suites	5,449		1,222			848		-		2,070		38.0%
15	Marriott Boston Long Wharf	28,151		(4,750		)	5,939		7,459		8,648		30.7%
16	Marriott Del Mar	11,994		(712		)	1,099		2,074		2,461		20.5%
17	Marriott Houston	9,437		(991		)	1,488		951		1,448		15.3%
18	Marriott Park City	7,552		371			938		624		1,933		25.6%
19	Marriott Philadelphia	12,469		185			1,365		1,126		2,676		21.5%
20	Marriott Portland	9,167		2,697			854		-		3,551		38.7%
21	Marriott Quincy	17,084		264			3,405		-		3,669		21.5%
22	Marriott Rochester	8,792		1,331			1,552		-		2,883		32.8%
23	Marriott Troy	10,715		(1,040		)	1,714		1,452		2,126		19.8%
24	Marriott Tysons Corner	15,289		579			2,258		1,853		4,690		30.7%
25	Renaissance Harborplace	27,961		(2,812		)	6,028		4,007		7,223		25.8%
26	Renaissance Los Angeles Airport	15,794		464			2,150		-		2,614		16.6%
27	Renaissance Long Beach	13,816		330			1,811		1,256		3,397		24.6%
28	Renaissance Orlando at SeaWorld ®	34,057		(551		)	5,657		3,497		8,603		25.3%
29	Renaissance Washington DC	49,415		3,254			5,628		5,942		14,824		30.0%
30	Renaissance Westchester	12,837		93			937		-		1,030		8.0%
31	Residence Inn by Marriott Rochester	2,865		887			401		-		1,288		45.0%
32	Sheraton Cerritos	7,648		399			1,214		-		1,613		21.1%
	Total Comparable Portfolio (1)	614,768		12,391			97,944		58,731		169,066		27.5%
	Prior Ownership Results (1)
	Doubletree Guest Suites Times Square (2)	1,560		(313		)	261		138		86		5.5%
	JW Marriott New Orleans	3,277		175			262		287		724		22.1%
	Hilton San Diego Bayfront (2)	33,939		3,366			5,785		2,583		11,734		34.6%
	Total Actual Portfolio	$	575,992	$	9,163		$	91,636	$	55,723	$	156,522	27.2%
	*Footnotes on page 69.

APPENDIX	Page 67

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

YTD Q3 2010

		For the Nine Months Ended September 30, 2010
				Adjusted			Plus:		Plus:		Equals:		Hotel
	(In thousands)	Total		Net Income /							Hotel		EBITDA
		Revenues		(Loss) (5)			Depreciation		Interest Expense		EBITDA		Margins
1	Courtyard by Marriott Los Angeles	$	6,411	$	1,110		$	529	$	1	$	1,640	25.6	%
2	Doubletree Guest Suites Minneapolis	5,773		255			627		736		1,618		28.0	%
3	Doubletree Guest Suites Times Square (2)	40,383		2,325			5,607		2,925		10,857		26.9	%
4	Embassy Suites Chicago	15,232		(938		)	2,052		3,199		4,313		28.3	%
5	Embassy Suites La Jolla	13,414		(691		)	2,816		3,472		5,597		41.7	%
6	Fairmont Newport Beach	17,968		(1,093		)	4,225		-		3,132		17.4	%
7	Hilton Del Mar	9,142		(50		)	1,109		1,059		2,118		23.2	%
8	Hilton North Houston	16,106		(932		)	2,623		1,469		3,160		19.6	%
9	Hilton San Diego Bayfront (2)	74,238		3,900			14,603		7,091		25,594		34.5	%
10	Hilton Times Square	33,089		(2,669		)	6,942		3,759		8,032		24.3	%
11	Hyatt Regency Newport Beach	21,634		2,118			2,065		-		4,183		19.3	%
12	JW Marriott New Orleans	19,508		1,714			1,575		1,755		5,044		25.9	%
13	Kahler Grand	17,099		1,196			2,044		1,174		4,414		25.8	%
14	Kahler Inn & Suites	5,195		335			668		843		1,846		35.5	%
15	Marriott Boston Long Wharf	29,077		(3,559		)	5,809		7,459		9,709		33.4	%
16	Marriott Del Mar	11,296		(1,165		)	1,175		2,082		2,092		18.5	%
17	Marriott Houston	8,830		(1,039		)	1,234		973		1,168		13.2	%
18	Marriott Park City	6,976		200			804		639		1,643		23.6	%
19	Marriott Philadelphia	11,599		(332		)	1,354		1,153		2,175		18.8	%
20	Marriott Portland	8,702		1,944			955		-		2,899		33.3	%
21	Marriott Quincy	16,700		234			3,115		-		3,349		20.1	%
22	Marriott Rochester	9,452		322			1,344		1,385		3,051		32.3	%
23	Marriott Troy	10,537		(1,537		)	1,705		1,487		1,655		15.7	%
24	Marriott Tysons Corner	14,682		504			2,110		1,897		4,511		30.7	%
25	Renaissance Harborplace	28,022		(3,258		)	6,124		4,157		7,023		25.1	%
26	Renaissance Los Angeles Airport	14,059		(366		)	2,110		-		1,744		12.4	%
27	Renaissance Long Beach	12,750		(231		)	1,871		1,285		2,925		22.9	%
28	Renaissance Orlando at SeaWorld ®	33,892		(119		)	5,556		3,572		9,009		26.6	%
29	Renaissance Washington DC	46,475		1,316			5,573		6,021		12,910		27.8	%
30	Renaissance Westchester	12,482		267			906		-		1,173		9.4	%
31	Residence Inn by Marriott Rochester	2,572		732			411		-		1,143		44.4	%
32	Sheraton Cerritos	7,479		436			1,098		-		1,534		20.5	%
	Total Comparable Portfolio (4)	580,774		929			90,739		59,593		151,261		26.0	%
	Prior Ownership Results (4)
	Renaissance Westchester	8,285		346			561		-		907		10.9	%
	Doubletree Guest Suites Times Square (2)	40,383		2,325			5,607		2,925		10,857		26.9	%
	JW Marriott New Orleans	19,508		1,714			1,575		1,755		5,044		25.9	%
	Hilton San Diego Bayfront (2)	74,238		3,900			14,603		7,091		25,594		34.5	%
	Total Actual Portfolio	$	438,360	$	(7,356	)	$	68,393	$	47,822	$	108,859	24.8	%
	*Footnotes on page 69.

APPENDIX	Page 68

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

YTD Q3 2011/2010

(1)	Total Comparable Portfolio for the nine months ended September 30, 2011 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.
(2)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(3)	Adjusted Net Income / (Loss) for the nine months ended September 30, 2011 includes the following adjustments: (1) Doubletree Guest Suites Times Square add back $2.8 million to actual results and $0.1 million to prior ownership results related to amortization of lease intangibles and add back $0.1 million to actual results and $5,000 to prior ownership results related to non-cash straightline lease expense; (2) Hilton San Diego Bayfront add back $1.0 million to actual results and $0.4 million to prior ownership results related to non-cash straightline lease expense; (3) Hilton Times Square add back $0.2 million related to amortization of lease intangibles, $0.6 million related to non-cash straightline lease expense and $0.1 million related to management transition costs; (4) JW Marriott New Orleans add back $4,000 to actual results and $1,000 to prior ownership results related to non-cash straightline lease expense; and (5) Marriott Del Mar add back $23,000 related to amortization of lease intangibles.
(4)	Total Comparable Portfolio for the nine months ended September 30, 2010 includes prior ownership results for the Renaissance Westchester while it was held in receivership prior to the Company’s reacquisition of the hotel 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.
(5)	Adjusted Net Income / (Loss) for the nine months ended September 30, 2010 includes the following adjustments: (1) Courtyard by Marriott Los Angeles add back $6,000 related to management transition costs; (2) Doubletree Guest Suites Minneapolis add back $3,000 related to management transition costs; (3) Doubletree Guest Suites Times Square add back $3.0 million and $0.1 million to prior ownership results related to amortization of lease intangibles and non-cash straightline lease expense, respectively; (4) Embassy Suites Chicago add back $37,000 related to management transition costs; (5) Hilton Del Mar add back $76,000 related to management transition costs; (6) Hilton North Houston add back $18,000 related to management transition costs; (7) Hilton San Diego Bayfront add back $1.4 million to prior ownership results related to non-cash straightline lease expense; (8) Hilton Times Square add back $0.2 million related to amortization of lease intangibles, $0.7 million related to non-cash straightline lease expense and $4,000 related to management transition costs; (9) JW Marriott New Orleans add back $6,000 to prior ownership results related to non-cash straightline lease expense; (10) Kahler Grand add back $20,000 related to management transition costs; (11) Kahler Inn & Suites add back $6,000 related to management transition costs; (12) Marriott Del Mar add back $35,000 related to amortization of lease intangibles; (13) Marriott Houston add back $14,000 related to management transition costs; (14) Marriott Park City add back $12,000 related to management transition costs; (15) Marriott Portland add back $11,000 related to management transition costs; (16) Marriott Rochester add back $7,000 related to management transition costs; (17) Residence Inn by Marriott Rochester add back $3,000 related to management transition costs; and (18) Sheraton Cerritos add back $13,000 related to management transition costs.

APPENDIX	Page 69

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q4 2010

		For the Three Months Ended December 31, 2010
					Adjusted			Plus:		Plus:		Equals:		Hotel
	(In thousands)		Total		Net Income /							Hotel		EBITDA
			Revenues		(Loss) (3)			Depreciation		Interest Expense		EBITDA		Margins
1	Courtyard by Marriott Los Angeles		$	1,990	$	243		$	175	$	-	$	418	21.0	%
2	Doubletree Guest Suites Minneapolis		1,878		1			201		245		447		23.8	%
3	Doubletree Guest Suites Times Square (2)		19,769		5,783			1,869		970		8,622		43.6	%
4	Embassy Suites Chicago		4,982		1,413			701		1,076		3,190		64.0	%
5	Embassy Suites La Jolla		3,610		(950		)	956		1,158		1,164		32.2	%
6	Fairmont Newport Beach		5,321		(856		)	1,376		-		520		9.8	%
7	Hilton Del Mar		2,377		(495		)	365		353		223		9.4	%
8	Hilton North Houston		4,412		(440		)	839		491		890		20.2	%
9	Hilton San Diego Bayfront (2)		26,134		1,544			4,867		2,335		8,746		33.5	%
10	Hilton Times Square		13,729		1,148			2,317		1,405		4,870		35.5	%
11	Hyatt Regency Newport Beach		5,673		(344		)	679		-		335		5.9	%
12	JW Marriott New Orleans		8,489		1,187			525		581		2,293		27.0	%
13	Kahler Grand		5,851		302			690		391		1,383		23.6	%
14	Kahler Inn & Suites		1,706		320			231		-		551		32.3	%
15	Marriott Boston Long Wharf		12,747		(634		)	1,952		2,513		3,831		30.1	%
16	Marriott Del Mar		4,774		(315		)	394		701		780		16.3	%
17	Marriott Houston		2,531		(594		)	411		325		142		5.6	%
18	Marriott Park City		1,376		(566		)	285		212		(69)		-5.0	%
19	Marriott Philadelphia		5,462		433			450		384		1,267		23.2	%
20	Marriott Portland		2,631		534			276		-		810		30.8	%
21	Marriott Quincy		8,396		1,060			1,064		-		2,124		25.3	%
22	Marriott Rochester		3,067		411			457		-		868		28.3	%
23	Marriott Troy		4,862		(2		)	563		496		1,057		21.7	%
24	Marriott Tysons Corner		6,506		680			699		632		2,011		30.9	%
25	Renaissance Harborplace		13,598		1,064			1,994		1,401		4,459		32.8	%
26	Renaissance Los Angeles Airport		6,190		(52		)	711		-		659		10.6	%
27	Renaissance Long Beach		5,697		412			601		428		1,441		25.3	%
28	Renaissance Orlando at SeaWorld ®		13,872		350			1,808		1,191		3,349		24.1	%
29	Renaissance Washington DC		21,034		2,686			1,828		1,994		6,508		30.9	%
30	Renaissance Westchester		5,774		493			294		-		787		13.6	%
31	Residence Inn by Marriott Rochester		882		230			140		-		370		42.0	%
32	Sheraton Cerritos		2,774		329			355		-		684		24.7	%
	Total Comparable Portfolio (1)		228,094		15,375			30,073		19,282		64,730		28.4	%
	Prior Ownership Results (1)
	Doubletree Guest Suites Times Square (2)		19,769		5,783			1,869		970		8,622		43.6	%
	JW Marriott New Orleans		8,489		1,187			525		581		2,293		27.0	%
	Hilton San Diego Bayfront (2)		26,134		1,544			4,867		2,335		8,746		33.5	%
	Total Actual Portfolio		$	173,702	$	6,861		$	22,812	$	15,396	$	45,069	25.9	%
	*Footnotes on page 71.

APPENDIX	Page 70

Supplemental Financial Information – Unaudited November 7, 2011

Property-Level EBITDA Reconciliation

Q4 2010

(1)	Total Comparable Portfolio for the three months ended December 31, 2010 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, and the Hilton San Diego Bayfront acquired by the Company on April 15, 2011.
(2)	Includes 100% of the operating results for both the Doubletree Guest Suites Times Square and the Hilton San Diego Bayfront.
(3)	Adjusted Net Income / (Loss) for the three months ended December 31, 2010 includes the following adjustments: (1) Doubletree Guest Suites Times Square add back $1.0 million and $38,000 to prior ownership results related to amortization of lease intangibles and non-cash straightline lease expense, respectively; (2) Hilton San Diego Bayfront add back $0.4 million to prior ownership results related to non-cash straightline lease expense; (3) Hilton Times Square add back $0.1 million related to amortization of lease intangibles and $0.2 million related to non-cash straightline lease expense; (4) JW Marriott New Orleans add back $2,000 to prior ownership results related to non-cash straightline lease expense; and (5) Marriott Del Mar add back $<8,000> related to amortization of lease intangibles.

APPENDIX	Page 71