Revenue:

Room

$

62,418

$

62,483

Food and beverage

1,659

1,846

Other

4,281

3,836

Total hotel property level revenue (1)

68,358

68,165

Expenses:

Room

14,828

15,133

Food and beverage

1,437

1,483

Telephone

311

319

Other hotel operating

1,025

819

General and administrative

6,911

7,166

Franchise and marketing fees

5,431

5,489

Advertising and promotions

1,607

1,343

Utilities

3,153

3,009

Repairs and maintenance

3,959

3,954

Management fees paid to related parties

2,290

2,309

Insurance

827

820

Property taxes, ground rent and insurance

5,744

5,293

Total hotel property level expenses

47,523

47,137

Adjusted Hotel EBITDA

$

20,835

$

21,028

Reconciliation of Adjusted Hotel EBITDA to net income (loss)

Interest expense, including amortization of deferred fees

(6,852

)

(7,307

)

Depreciation and amortization

(15,032

)

(15,255

)

Corporate general and administrative

(4,606

)

(4,594

)

Other charges

(7

)

(50

)

Interest and other income

63

846

Gain on sale of hotel properties

7,118

(152

)

Net income (loss)

$

1,519

$

(5,484

)