

			Initial Costs				Costs Capitalized Subsequent to Acquisition		Gross Amount at December 31, 2014
Description	Debt		Land & Improvements		Building & Improvements		Land, Building & Improvements		Land & Improvements		Buildings & Improvements		Total (1)		Accumulated Depreciation		Date Acquired	Depreciation Life
Marriott Austin South	$	—	$	2,253	$	16,522	$	1,429	$	2,253	$	17,951	$	20,204	$	3,760	2006	15 - 40 years
Marriott Denver South @ Park Meadows	—		5,385		39,488		1,938		5,385		41,426		46,811		8,756		2006	15 - 40 years
Marriott Louisville Downtown	73,000		—		89,541		3,547		—		93,088		93,088		19,417		2006	15 - 40 years
Marriott Chicago Midway	—		4,464		32,736		1,900		4,474		34,626		39,100		7,320		2006	15 - 40 years
Renaissance Boulder Flatiron Hotel	—		4,440		32,557		1,569		4,460		34,106		38,566		7,132		2006	15 - 40 years
Renaissance Fort Lauderdale Plantation Hotel	—		4,842		35,517		1,863		4,842		37,380		42,222		7,785		2006	15 - 40 years
Courtyard Austin Northwest Arboretum	—		1,443		10,585		1,489		1,446		12,071		13,517		2,483		2006	15 - 40 years
Courtyard Austin South	4,780		1,530		11,222		1,324		1,533		12,543		14,076		2,602		2006	15 - 40 years
Courtyard Chicago Downtown Magnificent Mile	31,695		8,140		59,696		2,360		8,140		62,056		70,196		12,979		2006	15 - 40 years
Courtyard Denver West Golden	6,023		1,325		9,716		1,218		1,325		10,934		12,259		2,215		2006	15 - 40 years
Courtyard Chicago Southeast Hammond	—		1,038		7,616		1,271		1,042		8,883		9,925		1,818		2006	15 - 40 years
Courtyard Indianapolis @ The Capitol	—		2,482		18,207		1,240		2,482		19,447		21,929		4,020		2006	15 - 40 years
Courtyard Boulder Longmont	5,364		1,192		8,745		864		1,192		9,609		10,801		1,998		2006	15 - 40 years
Courtyard Boulder Louisville	8,142		1,640		12,025		1,443		1,642		13,466		15,108		2,759		2006	15 - 40 years
Courtyard Louisville Northeast	—		1,374		10,079		767		1,376		10,844		12,220		2,288		2006	15 - 40 years
Courtyard Midway Airport	8,406		2,172		15,927		2,126		2,176		18,049		20,225		4,300		2006	15 - 40 years
Courtyard South Bend Mishawaka	—		640		4,699		1,232		642		5,929		6,571		1,344		2006	15 - 40 years
Courtyard Salt Lake City Airport	—		2,333		17,110		1,328		2,333		18,438		20,771		3,751		2006	15 - 40 years
Courtyard Houston Sugarland	—		1,217		8,931		1,084		1,217		10,015		11,232		2,012		2006	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2014
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Courtyard Fort Lauderdale SW Miramar	—	1,619	11,872	1,143	1,619	13,015	14,634	2,285	2007	15 - 40 years
Courtyard Austin Downtown Convention Center	49,200	6,049	44,361	1,477	6,049	45,838	51,887	8,146	2007	15 - 40 years
Courtyard Austin Airport	—	1,691	12,404	1,782	1,749	14,128	15,877	2,356	2007	15 - 40 years
Residence Inn Austin Northwest Arboretum	—	1,403	10,290	1,855	1,403	12,145	13,548	2,279	2006	15 - 40 years
Residence Inn Austin South	—	802	5,883	807	802	6,690	7,492	1,324	2006	15 - 40 years
Residence Inn Austin North Parmer Lane	7,037	1,483	10,872	572	1,483	11,444	12,927	2,352	2006	15 - 40 years
Residence Inn Indianapolis Fishers	—	998	7,322	955	998	8,277	9,275	1,646	2006	15 - 40 years
Residence Inn Denver West Golden	6,162	1,222	8,963	660	1,222	9,623	10,845	1,918	2006	15 - 40 years
Residence Inn Chicago Southeast Hammond	—	980	7,190	918	980	8,108	9,088	1,615	2006	15 - 40 years
Residence Inn Houston By The Galleria	—	2,665	19,549	2,609	2,665	22,158	24,823	4,351	2006	15 - 40 years
Residence Inn Indianapolis Downtown On The Canal	—	2,670	19,588	1,867	2,670	21,455	24,125	4,400	2006	15 - 40 years
Residence Inn Longmont Boulder	6,164	1,407	10,321	779	1,407	11,100	12,507	2,251	2006	15 - 40 years
Residence Inn Boulder Louisville	—	1,298	9,519	923	1,298	10,442	11,740	2,104	2006	15 - 40 years
Residence Inn Louisville Northeast	6,782	1,319	9,675	730	1,319	10,405	11,724	2,072	2006	15 - 40 years
Residence Inn Merrillville	—	595	4,372	1,243	595	5,615	6,210	1,321	2006	15 - 40 years
Residence Inn Detroit Novi	6,214	1,427	10,445	91	1,427	10,536	11,963	2,225	2006	15 - 40 years
Residence Inn Chicago Oak Brook	10,140	—	20,436	829	—	21,265	21,265	4,407	2006	15 - 40 years
Residence Inn Fort Lauderdale Plantation	—	2,183	16,021	1,041	2,295	16,950	19,245	3,925	2006	15 - 40 years
Residence Inn Salt Lake City Airport	—	875	6,416	1,170	875	7,586	8,461	1,457	2006	15 - 40 years
Residence Inn San Antonio Downtown Market Sq	—	1,822	13,360	2,241	1,822	15,601	17,423	2,999	2006	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2014
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Residence Inn South Bend	—	603	4,425	459	603	4,884	5,487	997	2006	15 - 40 years
Residence Inn Houston Sugarland	—	1,100	8,073	1,315	1,100	9,388	10,488	1,941	2006	15 - 40 years
Residence Inn Chicago Naperville	8,830	1,923	14,101	838	1,923	14,939	16,862	3,138	2006	15 - 40 years
Residence Inn Louisville Downtown	—	1,815	13,308	744	1,815	14,052	15,867	2,712	2007	15 - 40 years
Residence Inn Fort Lauderdale SW Miramar	—	1,692	12,409	1,467	1,692	13,876	15,568	2,366	2007	15 - 40 years
Residence Inn Austin Downtown Convention Center	32,800	3,767	27,626	620	3,767	28,246	32,013	5,054	2007	15 - 40 years
SpringHill Suites Austin North Parmer Lane	6,164	1,957	14,351	577	1,957	14,928	16,885	3,096	2006	15 - 40 years
SpringHill Suites Austin South	—	1,605	11,768	719	1,605	12,487	14,092	2,551	2006	15 - 40 years
SpringHill Suites Louisville Hurstbourne North	7,302	1,890	13,869	929	1,890	14,798	16,688	3,070	2006	15 - 40 years
SpringHill Suites South Bend Mishawaka	5,049	983	7,217	263	983	7,480	8,463	1,693	2006	15 - 40 years
SpringHill Suites Denver North Westminster	9,122	2,409	17,670	1,120	2,409	18,790	21,199	3,943	2006	15 - 40 years
SpringHill Suites Boulder Longmont	—	1,144	8,388	694	1,144	9,082	10,226	1,745	2007	15 - 40 years
Fairfield Inn & Suites Austin South Airport	—	505	3,702	474	505	4,176	4,681	819	2006	15 - 40 years
Fairfield Inn & Suites Denver Cherry Creek	—	1,203	8,823	1,255	1,203	10,078	11,281	2,042	2006	15 - 40 years
Fairfield Inn & Suites Chicago SE Hammond	—	722	5,301	1,098	722	6,399	7,121	1,229	2006	15 - 40 years
Fairfield Inn & Suites Key West	—	1,803	19,325	3,054	1,853	22,329	24,182	4,030	2006	15 - 40 years
Fairfield Inn & Suites Chicago Midway Airport	4,561	1,425	10,449	210	1,425	10,659	12,084	2,257	2006	15 - 40 years
Fairfield Inn & Suites San Antonio Dwntn Mkt	—	1,378	10,105	926	1,378	11,031	12,409	2,218	2006	15 - 40 years
Fairfield Inn & Suites Valparaiso	—	157	1,157	136	157	1,293	1,450	332	2006	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2014
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Holiday Inn Express Merrillville	—	545	4,005	87	545	4,092	4,637	873	2006	15 - 40 years
Hampton Inn Chicago Midway Airport	—	2,747	20,143	2,288	2,747	22,431	25,178	4,534	2006	15 - 40 years
Hilton Garden Inn Chicago Midway Airport	—	2,978	21,842	953	2,978	22,795	25,773	4,746	2006	15 - 40 years
Sleep Inn Midway Airport	—	1,189	8,718	1,576	1,189	10,294	11,483	2,223	2006	15 - 40 years
Holiday Inn Express & Suites Midway Airport	—	1,874	13,742	231	1,874	13,973	15,847	2,987	2006	15 - 40 years
Hilton Garden Inn Bloomington	17,500	—	18,945	896	—	19,841	19,841	2,904	2009	15 - 40 years
TGI Friday's Chicago Midway	2,107	829	6,139	180	829	6,319	7,148	1,325	2006	15 - 40 years
SpringHill Suites Bakersfield	—	1,560	8,838	227	1,575	9,050	10,625	1,885	2007	15 - 40 years
Hampton Inn Suites Clearwater St Petersburg Ulmerton Road	—	1,106	12,721	1,069	1,114	13,782	14,896	2,445	2007	15 - 40 years
Hampton Inn Garden City	—	5,691	22,764	634	5,717	23,372	29,089	4,344	2007	15 - 40 years
Courtyard Houston By The Galleria	26,000	3,069	22,508	33	3,069	22,541	25,610	4,175	2007	15 - 40 years
Hampton Inn Fort Walton Beach	—	8,774	6,109	1,026	8,841	7,068	15,909	1,234	2007	15 - 40 years
Embassy Suites Los Angeles Downey	21,707	4,857	29,943	3,835	4,946	33,689	38,635	5,506	2008	15 - 40 years
Hyatt House Austin Arboretum	10,163	2,813	15,940	909	2,813	16,849	19,662	2,610	2008	15 - 40 years
Hyatt House Dallas Lincoln Park	17,168	3,169	17,958	480	3,250	18,357	21,607	2,981	2008	15 - 40 years
Hyatt House Dallas Uptown	12,136	2,241	12,698	601	2,290	13,250	15,540	2,082	2008	15 - 40 years
Hyatt House Houston Galleria	12,826	2,976	16,866	1,908	2,976	18,774	21,750	2,833	2008	15 - 40 years
Hilton Garden Inn New York West 35th Street	—	24,244	96,978	978	24,257	97,943	122,200	14,461	2009	15 - 40 years
Embassy Suites Tampa Downtown Convention Ctr	—	2,161	71,017	1,464	2,310	72,332	74,642	8,665	2010	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2014
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Fairfield Inn & Suites Washington DC Downtown	—	16,214	22,265	4,786	16,307	26,958	43,265	3,529	2010	15 - 40 years
Embassy Suites Fort Myers Estero	—	2,816	7,862	242	2,859	8,061	10,920	1,120	2010	15 - 40 years
Homewood Suites Washington DC Downtown	33,000	23,139	34,188	901	23,140	35,088	58,228	3,925	2010	15 - 40 years
Hilton New York Fashion District	—	35,592	82,392	635	35,606	83,013	118,619	8,987	2010	15 - 40 years
Hampton Inn Suites Denver Tech Center	—	2,373	9,180	1,582	2,424	10,711	13,135	1,423	2010	15 - 40 years
Hotel Indigo New Orleans Garden District	—	1,901	3,865	11,746	2,080	15,432	17,512	1,827	2010	15 - 40 years
Residence Inn Columbia	—	1,993	11,487	1,563	2,030	13,013	15,043	1,593	2010	15 - 40 years
Residence Inn National Harbor Washington DC	—	7,457	37,046	92	7,462	37,133	44,595	3,927	2010	15 - 40 years
Residence Inn Silver Spring	—	3,945	18,896	996	3,973	19,864	23,837	2,367	2010	15 - 40 years
Hilton Garden Inn New Orleans Convention Center	—	3,405	20,750	3,660	3,428	24,387	27,815	2,867	2010	15 - 40 years
Hampton Inn West Palm Beach Arprt Central	—	2,280	9,769	439	2,280	10,208	12,488	1,198	2010	15 - 40 years
Hilton Garden Inn West Palm Beach Airport	—	1,206	10,811	310	1,215	11,112	12,327	1,228	2010	15 - 40 years
Hilton Garden Inn Los Angeles Hollywood	—	5,303	19,136	5,328	5,464	24,303	29,767	3,010	2010	15 - 40 years
DoubleTree Metropolitan Hotel New York City	—	140,332	188,014	15,736	140,435	203,647	344,082	21,744	2010	15 - 40 years
Embassy Suites Columbus	—	1,274	6,805	1,620	1,449	8,250	9,699	986	2011	15 - 40 years
Renaissance Pittsburgh Hotel	—	3,274	39,934	2,277	3,317	42,168	45,485	4,292	2011	15 - 40 years
Courtyard Atlanta Buckhead	—	2,860	21,668	1,363	2,875	23,016	25,891	2,412	2011	15 - 40 years
DoubleTree Hotel Columbia	—	1,933	6,486	3,553	2,020	9,952	11,972	1,278	2011	15 - 40 years
Marriott Denver Airport @ Gateway Park	26,500	3,083	38,356	2,321	3,153	40,607	43,760	4,243	2011	15 - 40 years
Embassy Suites West Palm Beach Central	—	3,656	9,614	5,110	3,770	14,610	18,380	2,002	2011	15 - 40 years



		Initial Costs		Costs Capitalized Subsequent to Acquisition	Gross Amount at December 31, 2014
Description	Debt	Land & Improvements	Building & Improvements	Land, Building & Improvements	Land & Improvements	Buildings & Improvements	Total (1)	Accumulated Depreciation	Date Acquired	Depreciation Life
Hilton Garden Inn Durham Raleigh Research Triangle Park	—	1,751	4,763	5,238	1,813	9,939	11,752	1,597	2011	15 - 40 years
Hilton Garden Inn Pittsburgh University Place	—	1,975	18,490	6,679	2,034	25,110	27,144	3,111	2011	15 - 40 years
Hampton Inn Houston Near The Galleria	—	9,326	9,220	783	9,395	9,934	19,329	1,147	2011	15 - 40 years
Courtyard Charleston Historic District	—	2,714	35,828	460	2,736	36,266	39,002	2,980	2011	15 - 40 years
Residence Inn Bethesda Downtown	35,000	8,154	52,750	1,025	8,272	53,657	61,929	3,602	2012	15 - 40 years
Courtyard New York Manhattan Upper East Side	—	20,654	60,223	3,262	20,673	63,466	84,139	4,253	2012	15 - 40 years
Hilton Garden Inn San Francisco Oakland Bay Brg	—	11,902	22,758	1,734	11,947	24,447	36,394	1,660	2012	15 - 40 years
Embassy Suites Boston Waltham	—	6,268	56,025	2,682	6,298	58,677	64,975	3,346	2012	15 - 40 years
Courtyard Houston Downtown Convention Center	—	5,799	28,954	1,166	5,799	30,120	35,919	1,424	2013	15 - 40 years
Residence Inn Houston Downtown Convention Center	—	4,674	24,913	1,025	4,674	25,938	30,612	1,214	2013	15 - 40 years
SpringHill Suites Houston Downtown Convention Center	—	2,382	12,756	9,339	2,437	22,040	24,477	296	2013	15 - 40 years
Courtyard Waikiki Beach	—	557	79,033	704	660	79,634	80,294	3,214	2013	15 - 40 years
Courtyard San Francisco	—	11,277	18,198	10,844	11,289	29,030	40,319	—	2013	15 - 40 years
Residence Inn Atlanta Midtown Historic	—	2,812	6,044	5,852	2,908	11,800	14,708	95	2013	15 - 40 years
SpringHill Suites Portland Hillsboro	—	3,488	18,283	44	3,489	18,326	21,815	619	2013	15 - 40 years
Hilton Cabana Miami Beach	—	25,083	40,707	905	25,106	41,589	66,695	631	2014	15 - 40 years
Hyatt House Charlotte Center City	—	3,029	26,193	—	3,029	26,193	29,222	550	2014	15 - 40 years
Hyatt House Cypress Anaheim	—	3,995	9,164	1,790	4,149	10,800	14,949	224	2014	15 - 40 years
Hyatt House Emeryville San Francisco Bay Area	—	7,425	29,137	2,535	7,452	31,645	39,097	662	2014	15 - 40 years



			Initial Costs				Costs Capitalized Subsequent to Acquisition		Gross Amount at December 31, 2014
Description	Debt		Land & Improvements		Building & Improvements		Land, Building & Improvements		Land & Improvements		Buildings & Improvements		Total (1)		Accumulated Depreciation		Date Acquired	Depreciation Life
Hyatt House San Diego Sorrento Mesa	—		10,419		21,289		959		10,511		22,156		32,667		482		2014	15 - 40 years
Hyatt House San Jose Silicon Valley	—		6,819		31,682		—		6,819		31,682		38,501		669		2014	15 - 40 years
Hyatt House San Ramon	—		5,713		11,852		251		5,717		12,099		17,816		277		2014	15 - 40 years
Hyatt House Santa Clara	—		8,044		27,703		348		8,044		28,051		36,095		587		2014	15 - 40 years
Hyatt Market Street The Woodlands	—		5,950		16,882		—		5,950		16,882		22,832		361		2014	15 - 40 years
Hyatt Place Fremont Silicon Valley	—		6,208		13,730		550		6,209		14,279		20,488		318		2014	15 - 40 years
Hyatt Place Madison Downtown	—		6,701		25,478		—		6,701		25,478		32,179		532		2014	15 - 40 years
Embassy Suites Irvine Orange County	—		15,062		33,048		114		15,062		33,162		48,224		574		2014	15 - 40 years
Courtyard Portland City Center	—		8,019		53,024		8		8,019		53,032		61,051		884		2014	15 - 40 years
Hyatt Atlanta Midtown	—		3,737		41,731		9		3,737		41,740		45,477		529		2014	15 - 40 years
DoubleTree Grand Key Resort	—		48,192		27,770		6		48,192		27,776		75,968		252		2014	15 - 40 years
	$	517,044	$	703,487	$	2,795,871	$	212,529	$	706,497	$	3,005,390	$	3,711,887	$	382,266

_______________________________________________________________________________

(1) The aggregate cost of real estate for federal income tax purposes is approximately $3.6 billion at December 31, 2014.