Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2014

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2014

(in thousands)

			Initial Cost		Cost Capitalized		Total Cost					Total Cost Net of
Location	Franchise	Year Acquired/ Constructed	Land	Building & Improvements	Subsequent to Acquisition		Land	Building & Improvements	Total	Accumulated Depreciation		Accumulated Depreciation	Mortgage Debt
Arlington, TX	Hyatt Place	2012	650	8,405	1,370		650	9,775	10,425	(1,590	)	8,835	28,489	(4)
Arlington, TX	Courtyard by Marriott	2012	1,497	13,503	50		1,497	13,553	15,050	(1,202	)	13,848	—
Arlington, TX	Residence Inn by Marriott	2012	1,646	13,854	107		1,646	13,961	15,607	(1,338	)	14,269	—
Atlanta, GA	Hyatt Place	2006	1,154	9,605	2,504		1,154	12,109	13,263	(2,700	)	10,563	7,104
Atlanta, GA	Courtyard by Marriott	2012	2,050	26,850	506		2,050	27,356	29,406	(2,905	)	26,501	—
Austin, TX	Hampton Inn and Suites	2014	—	53,760	272		—	54,032	54,032	(403	)	53,629	—
Baltimore, MD	Hyatt Place	2012	2,100	8,135	1,555		2,100	9,690	11,790	(1,238	)	10,552	22,061	(2)
Baton Rouge, LA	DoubleTree	2008	1,100	14,063	(1,833	)	1,100	12,230	13,330	(2,144	)	11,186	9,775
Baton Rouge, LA	Fairfield Inn and Suites by Marriott	2004	345	3,057	2,170		345	5,227	5,572	(1,695	)	3,877	—
Baton Rouge, LA	SpringHill Suites by Marriott	2004	448	3,729	2,037		448	5,766	6,214	(1,818	)	4,396	—
Baton Rouge, LA	TownePlace Suites	2004	259	3,743	1,843		259	5,586	5,845	(1,723	)	4,122	—
Bellevue, WA	Fairfield Inn and Suites by Marriott	2004	2,705	12,944	3,141		2,705	16,085	18,790	(5,546	)	13,244	—
Birmingham, AL	Hilton Garden Inn	2012	1,400	7,225	1,760		1,400	8,985	10,385	(1,543	)	8,842	5,266
Birmingham, AL	Hilton Garden Inn	2012	1,400	10,100	1,020		1,400	11,120	12,520	(1,434	)	11,086	6,167
Bloomington, MN	SpringHill Suites by Marriott	2007	1,658	14,071	782		1,658	14,853	16,511	(2,771	)	13,740	13,787	(1)
Bloomington, MN	Hampton Inn and Suites	2007	1,658	14,596	699		1,658	15,295	16,953	(2,887	)	14,066	—	(1)
Charleston, WV	Country Inn & Suites	2004	1,042	3,489	1,581		1,042	5,070	6,112	(1,473	)	4,639	95,322	(5)
Charleston, WV	Holiday Inn Express	2004	907	2,903	2,109		907	5,012	5,919	(1,705	)	4,214	—	(5)
Denver, CO	Hyatt Place	2012	1,300	9,230	2,409		1,300	11,639	12,939	(1,672	)	11,267	—	(4)
Denver, CO	Fairfield Inn and Suites by Marriott	2004	1,566	6,783	3,379		1,566	10,162	11,728	(3,597	)	8,131	—
Denver, CO	SpringHill Suites by Marriott	2007	1,076	11,079	(1,564	)	1,076	9,515	10,591	(1,837	)	8,754	7,213
Denver, CO	Hyatt Place	2012	2,000	9,515	2,374		2,000	11,889	13,889	(1,652	)	12,237	—	(4)
Denver, CO	Hyatt House	2012	2,700	10,780	3,656		2,700	14,436	17,136	(1,293	)	15,843	—	(2)
Duluth, GA	Holiday Inn	2011	—	7,000	330		—	7,330	7,330	(1,224	)	6,106	—
Duluth, GA	Hilton Garden Inn	2011	2,200	11,150	1,075		2,200	12,225	14,425	(1,738	)	12,687	—
Eden Prairie, MN	Hilton Garden Inn	2013	1,800	8,400	2,453		1,800	10,853	12,653	(724	)	11,929	6,038
El Paso, TX	Hampton Inn and Suites	2005	2,055	10,745	2,684		2,055	13,429	15,484	(4,116	)	11,368	—	(5)
El Paso, TX	Courtyard by Marriott	2011	1,640	10,710	878		1,640	11,588	13,228	(1,688	)	11,540	—
Flagstaff, AZ	Courtyard by Marriott	2009	2,361	20,785	(2,864	)	2,361	17,921	20,282	(2,568	)	17,714	12,505

			Initial Cost		Cost Capitalized		Total Cost					Total Cost Net of
Location	Franchise	Year Acquired/ Constructed	Land	Building & Improvements	Subsequent to Acquisition		Land	Building & Improvements	Total	Accumulated Depreciation		Accumulated Depreciation	Mortgage Debt
Flagstaff, AZ	SpringHill Suites by Marriott	2008	1,398	9,352	4,897		1,398	14,249	15,647	(4,921	)	10,726	—	(5)
Ft. Collins, CO	Hampton Inn	2004	738	4,363	1,610		738	5,973	6,711	(1,859	)	4,852	—
Ft. Collins, CO	Hilton Garden Inn	2007	1,300	11,804	(840	)	1,300	10,964	12,264	(1,722	)	10,542	—	(5)
Ft. Myers, FL	Hyatt Place	2009	1,878	16,583	(3,870	)	1,878	12,713	14,591	(1,813	)	12,778	—
Ft. Wayne, IN	Hampton Inn and Suites	2006	786	6,564	1,732		786	8,296	9,082	(2,623	)	6,459	—	(5)
Ft. Wayne, IN	Residence Inn by Marriott	2006	914	6,736	2,518		914	9,254	10,168	(1,794	)	8,374	—
Ft. Worth, TX	Hampton Inn	2007	1,500	8,184	1,263		1,500	9,447	10,947	(2,670	)	8,277	24,637	(3)
Ft. Worth, TX	SpringHill Suites by Marriott	2004	553	2,698	2,827		553	5,525	6,078	(1,700	)	4,378	—
Ft. Worth, TX	Hilton Garden Inn	2012	903	6,226	3,134		903	9,360	10,263	(1,043	)	9,220	—
Garden City, NY	Hyatt Place	2012	4,200	26,800	69		4,200	26,869	31,069	(1,789	)	29,280	—
Germantown, TN	Courtyard by Marriott	2005	1,860	5,448	2,409		1,860	7,857	9,717	(2,627	)	7,090	—
Germantown, TN	Fairfield Inn and Suites by Marriott	2005	767	2,700	2,124		767	4,824	5,591	(1,077	)	4,514	—
Germantown, TN	Residence Inn by Marriott	2005	1,083	5,200	2,273		1,083	7,473	8,556	(1,892	)	6,664	—	(5)
Glendale, CO	Staybridge Suites	2011	2,100	7,900	1,682		2,100	9,582	11,682	(1,557	)	10,125	—
Goleta, CA	Hampton Inn	2014	4,100	23,800	521		4,100	24,321	28,421	(1,132	)	27,289	11,819
Greenville, SC	Hilton Garden Inn	2013	1,200	14,050	187		1,200	14,237	15,437	(917	)	14,520	—
Hoffman Estates, IL	Hyatt Place	2013	1,900	7,330	1,088		1,900	8,418	10,318	(1,034	)	9,284	21,403	(6)
Houston, TX	Hilton Garden Inn	2014	—	38,492	1,682		—	40,174	40,174	(1,299	)	38,875	17,536
Houston, TX	Hilton Garden Inn	2014	2,800	33,200	52		2,800	33,252	36,052	(330	)	35,722	—
Indianapolis, IN	SpringHill Suites by Marriott	2013	4,012	26,193	32		4,012	26,225	30,237	(1,534	)	28,703	—
Indianapolis, IN	Courtyard by Marriott	2013	7,788	50,846	63		7,788	50,909	58,697	(2,977	)	55,720	—
Jackson, MS	Courtyard by Marriott	2005	1,301	7,322	2,424		1,301	9,746	11,047	(3,498	)	7,549	—	(5)
Jackson, MS	Staybridge Suites	2007	698	8,454	2,288		698	10,742	11,440	(2,829	)	8,611	—
Jacksonville, FL	Aloft	2009	1,700	15,775	268		1,700	16,043	17,743	(5,148	)	12,595	—
Las Colinas, TX	Hyatt Place	2007	781	5,729	2,696		781	8,425	9,206	(2,772	)	6,434	—
Las Colinas, TX	Holiday Inn Express and Suites	2007	898	6,689	1,385		898	8,074	8,972	(3,127	)	5,845	—
Lombard, IL	Hyatt Place	2012	1,550	15,475	1,679		1,550	17,154	18,704	(2,143	)	16,561	—	(4)
Louisville, KY	Fairfield Inn and Suites by Marriott	2013	3,120	21,903	1,924		3,120	23,827	26,947	(1,392	)	25,555	37,939	(7)
Louisville, KY	SpringHill Suites by Marriott	2013	4,880	34,258	2,656		4,880	36,914	41,794	(2,176	)	39,618	—	(7)
Medford, OR	Hampton Inn	2004	1,230	4,788	1,625		1,230	6,413	7,643	(1,651	)	5,992	—
Minneapolis, MN	Hyatt Place	2013	—	32,506	3		—	32,509	32,509	(1,303	)	31,206	—
Minnetonka, MN	Holiday Inn Express and Suites	2013	1,000	5,900	1,674		1,000	7,574	8,574	(650	)	7,924	3,523
Nashville, TN	SpringHill Suites by Marriott	2004	777	3,576	1,713		777	5,289	6,066	(1,776	)	4,290	—
New Orleans, LA	Courtyard by Marriott	2013	1,944	23,739	207		1,944	23,946	25,890	(2,197	)	23,693	—
New Orleans, LA	Courtyard by Marriott	2013	1,860	21,679	3,108		1,860	24,787	26,647	(2,002	)	24,645	—	(5)
New Orleans, LA	Courtyard by Marriott	2013	2,490	28,337	2,626		2,490	30,963	33,453	(2,592	)	30,861	—

			Initial Cost		Cost Capitalized		Total Cost					Total Cost Net of
Location	Franchise	Year Acquired/ Constructed	Land	Building & Improvements	Subsequent to Acquisition		Land	Building & Improvements	Total	Accumulated Depreciation		Accumulated Depreciation	Mortgage Debt
New Orleans, LA	Residence Inn by Marriott	2013	1,790	18,099	362		1,790	18,462	20,252	(1,481	)	18,771	—	(5)
New Orleans, LA	SpringHill Suites by Marriott	2013	2,046	31,049	207		2,046	31,256	33,302	(2,261	)	31,041	—
Orlando, FL	Hyatt Place	2013	3,100	9,152	2,024		3,100	11,176	14,276	(2,003	)	12,273	—	(6)
Orlando, FL	Hyatt Place	2013	5,516	9,043	2,045		5,516	11,088	16,604	(1,990	)	14,614	—	(6)
Phoenix, AZ	Hyatt Place	2012	582	4,438	147		582	4,585	5,167	(674	)	4,493	—
Portland, OR	Hyatt Place	2009	—	16,713	(3,594	)	—	13,119	13,119	(1,862	)	11,257	—
Portland, OR	Residence Inn by Marriott	2009	—	16,409	697		—	17,106	17,106	(4,864	)	12,242	19,600
Provo, UT	Hampton Inn	2004	909	2,862	2,106		909	4,968	5,877	(1,740	)	4,137	—
Ridgeland, MS	Residence Inn by Marriott	2007	1,050	10,040	(343	)	1,050	9,697	10,747	(1,734	)	9,013	—	(5)
Ridgeland, MS	Homewood Suites	2011	1,314	6,036	1,580		1,314	7,616	8,930	(1,414	)	7,516	—
Salt Lake City, UT	Residence Inn by Marriott	2012	2,392	17,567	6,915		2,392	24,482	26,874	(2,250	)	24,624	12,938
San Diego, CA	Hampton Inn and Suites	2013	2,300	12,850	163		2,300	13,013	15,313	(779	)	14,534	—	(3)
San Francisco, CA	Holiday Inn Express and Suites	2013	15,545	44,955	4,323		15,545	49,278	64,823	(3,924	)	60,899	22,711
San Francisco, CA	DoubleTree	2014	3,300	35,760	1,618		3,300	37,378	40,678	(1,881	)	38,797	13,085
San Francisco, CA	Four Points by Sheraton	2014	1,200	20,050	768		1,200	20,818	22,018	(1,065	)	20,953	—
Sandy, UT	Holiday Inn Express and Suites	2004	720	1,768	1,280		720	3,048	3,768	(960	)	2,808	—	(5)
Scottsdale, AZ	Hyatt Place	2012	1,500	9,030	1,012		1,500	10,042	11,542	(1,552	)	9,990	—	(2)
Scottsdale, AZ	Courtyard by Marriott	2004	3,225	10,152	2,254		3,225	12,406	15,631	(4,043	)	11,588	9,300
Scottsdale, AZ	SpringHill Suites by Marriott	2004	2,195	7,120	2,314		2,195	9,434	11,629	(3,216	)	8,413	5,007
Smyrna, TN	Hampton Inn and Suites	2012	1,145	6,855	787		1,145	7,642	8,787	(731	)	8,056	5,151
Smyrna, TN	Hilton Garden Inn	2012	1,188	10,312	872		1,188	11,184	12,372	(1,085	)	11,287	8,157
Spokane, WA	Fairfield Inn and Suites by Marriott	2004	1,637	3,669	2,263		1,637	5,932	7,569	(2,340	)	5,229	—
Ventura, CA	Hampton Inn and Suites	2013	2,200	13,550	1,535		2,200	15,085	17,285	(663	)	16,622	—	(3)
Vernon Hills, IL	Holiday Inn Express	2005	1,198	6,099	203		1,198	6,302	7,500	(1,825	)	5,675	—	(5)
Yrbor City, FL	Hampton Inn and Suites	2012	3,600	17,244	1,911		3,600	19,155	22,755	(1,358	)	21,397	—	(5)
Austin, TX	Corporate Office	2012	—	210	1,014		—	1,224	1,224	(186	)	1,038	—
Land Parcels			6,675	—	—		6,675	—	6,675	—		6,675	—
			173,053	1,231,841	122,674		173,053	1,354,516	1,527,569	(179,671	)	1,347,898	426,533

(1) Properties cross-collateralize the related loan.

(2) Properties cross-collateralize the related loan.

(3) Properties cross-collateralize the related loan.

(4) Properties cross-collateralize the related loan.

(5) Properties cross-collateralize the related loan.

(6) Properties cross-collateralize the related loan.

(7) Properties cross-collateralize the related loan.

Notes to Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2014

(in thousands)

	ASSET BASIS
(a)	Balance at December 31, 2011	$	645,339
	Additions to land, buildings and improvements	294,310
	Disposition of land, buildings and improvements	(35,477		)
	Impairment loss	(2,965		)
	Balance at December 31, 2012	$	901,207
	Additions to land, buildings and improvements	531,207
	Disposition of land, buildings and improvements	(74,282		)
	Impairment loss	(9,044		)
	Balance at December 31, 2013	$	1,349,088
	Additions to land, buildings and improvements	263,182
	Disposition of land, buildings and improvements	(75,454		)
	Impairment loss	(9,247		)
	Balance at December 31, 2014	$	1,527,569
	ACCUMULATED DEPRECIATION
(b)	Balance at December 31, 2011	$	126,168
	Depreciation for the period ended December 31, 2012	31,732
	Depreciation on assets sold or disposed	(11,693		)
	Balance at December 31, 2012	$	146,207
	Depreciation for the period ended December 31, 2013	50,445
	Depreciation on assets sold or disposed	(23,503		)
	Balance at December 31, 2013	$	173,149
	Depreciation for the period ended December 31, 2014	63,291
	Depreciation on assets sold or disposed	(56,769		)
	Balance at December 31, 2014	$	179,671
(c)	The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $1,168 million.
(d)	Depreciation is computed based upon the following useful lives:
	Buildings and improvements 25-40 years
	Furniture and equipment 2-15 years
(e)	We have mortgages payable on the properties as noted. Additional mortgage information can be found in Note 11 - Debt to the consolidated financial statements.
(f)	The negative balance for costs capitalized subsequent to acquisition could include out-parcels sold, disposal of assets, and impairment loss that was recorded.