Exhibit (c)(5)

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REFINANCING ANALYSIS

THE WESTIN
MICHIGAN AVENUE
Chicago

May 7, 2003

JONES LANG
LASALLE HOTELS_TM

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TABLE OF CONTENTS

Table of Contents	i
Introduction	1
Executive Summary	2
Scenario I: YE 2003 Sale Base Case	5
Scenario II: YE 2005 Sale	7
Scenario III: Q2 2003 $75 Million Refinancing and YE 2005 Sale	9
Appendix	11

Refinancing Closing Costs

TRST Second Amendment Note Schedule

TRST Revised Note Schedule with a $5 million Prepayment

Starwood Subordinate Loan Schedule

Scenario II Deferred Incentive Fee Rollforward

Cash Account Balance as of 12/31/02

Scenario I Statement of Projected Cash Flows

Scenario I Sale Proceeds (Valuation Matrix)

Scenario II Statement of Projected Cash Flows

Scenario III Statement of Projected Cash Flows

Scenarios I and II Sale Proceeds (Valuation Matrix)

The Westin Michigan Avenue 2003 Reforecast as of 4/1/03

The Westin Michigan Avenue 2004-2005 Projections as of 4/1/03

The Westin Michigan Avenue Capital Plan as of 5/1/02

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INTRODUCTION

Jones Lang LaSalle Hotels (“JLLH”) has been engaged by Starwood Hotels & Resorts, Worldwide, Inc. on behalf of Westin Realty Corp., the General Partner of the Westin Hotel Limited Partnership (“WHLP”), to provide a refinancing analysis of The Westin Michigan Avenue (the “Property”). We understand that the information contained within this report will be used by Westin Realty Corp. to determine the appropriate course of action regarding the sale or refinancing of the Property. The general terms of our appointment are set out in our letter dated October 31, 2001.

This report is based on the real estate and investment markets prevailing as of May 7, 2003.

The relevant Assumptions and Limiting Conditions upon which our report is prepared should be read in conjunction with this report.

In accordance with our standard practice, this report is confidential to the party to whom it is addressed. No responsibility is accepted to any third parties and neither the whole nor any part nor any reference thereto may be published in any document, statement or circular nor in communication with third parties without our prior written approval of the form and context in which it will appear.

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EXECUTIVE SUMMARY

Jones Lang LaSaIle Hotels has analyzed The Westin Michigan Avenue under the three scenarios described below.

SCENARIO DESCRIPTION

Scenario I: YE 2003 Sale Base Case:

“As Is” value is calculated assuming no capital expenditures made above the FF&E Reserve in future years. This scenario assumes one $5 million prepayment has been made on the existing TRST loan on 3/1/03. Under this scenario, the sales price range is $93.8 million to $99.6 million, with a midpoint of $96.7 million. In order to account for the risk inherent in projecting cash flows(1) to derive a sales price for the 2003 sale year, a 13.0% discount rate(2) has been utilized. Under this scenario, given the uncertainty in the current market due to geopolitical and economic conditions as well as the Hotel’s declining operational projections, the lower end of the given price range is a more realistic assumption.

Scenario II: YE 2005 Sale:

“As Is” value is calculated assuming no capital expenditures made above the FF&E Reserve in future years. This scenario assumes one $5 million prepayment has been made on the existing TRST loan on 3/1/03. Under this scenario, the sales price range is $104.7 million to $111.3 million, with a midpoint of $108.0 million. In order to account for the risk inherent in projecting cash flows(1) to derive a sales price for the 2005 sale year, a 13.0% discount rate(2) has been utilized.

Scenario III: Q4 2003 $75 Million Refinancing and YE 2005 Sale:

This scenario assumes a $75 million refinancing occurs by 8/31/03, and a sale occurs by 12/31/05. This scenario assumes one $5 million prepayment has been made on the existing TRST loan on 3/1/03. The refinancing assumes an interest only LIBOR loan, with a LIBOR base rate of 150 bps, 215 bps spread, and 50 bps annual increases in LIBOR(2). A sensitivity analysis, which is intended to reflect the maximum LIBOR spread at which the refinancing and sale scenarios result in equal distribution to the Limited Partners, has been conducted with the spread of 257 bps over LIBOR (150 bps base, 215 bps spread with 50 bps annual increases and 42 bps for LIBOR fluctuation). These refinancing assumptions, with no adjustments for LIBOR fluctuation, were also applied in a $70 million refinancing scenario to analyze sensitivity relative to the loan amount.

In order to project cash flows for the purpose of calculating a future value of the Property at sale, assumptions were made as to the most likely terms a buyer would achieve for an acquisition financing. For acquisition financing, $70 million in proceeds, all-in fixed interest rate of 6.5% and 25-year amortization are assumed(2). In order to account for the risk inherent in projecting cash flows(1) to derive a sales price for the 2005 sale year, a 13.0% discount rate(2) has been utilized.

1	JLLH underwriting cash flow assumptions are based on The Westin Michigan Avenue’s historical operating performance, the 2003 Reforecast, 2004-2005 Projections as of 4/l/03 and current hotel industry standards. (See Appendix)
2	JLLH assumptions based on the current hotel real estate and capital market conditions.

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Utilizing the assumptions discussed above and later in this report, the following is a summary of proceeds achievable for each scenario. A detailed description of each scenario is provided in the following pages.

REFINANCING SUMMARY

	Total Proceeds(1)					Midpoint		Per LP Unit (2)						Midpoint
Scenario I:
YE 2003 Sale (3)	$	67,979,800	to	$	73,424,000	$	70,701,900		$	501.33	to	$	541.47		$	521.40
Scenario II:
YE 2005 Sale (4)	$	70,538,500	to	$	75,322,000	$	72,930,300		$	520.20	to	$	555.47		$	537.83
Scenario III:
$75 M Refinancing and YE 2005 Sale (4)	$	71,054,300	to	$	75,837,800	$	73,446,100		$	524.00	to	$	559.28		$	541.64
(LIBOR Spread: 2.15% + 0.%)
$75 M Refinancing and YE 2005 Sale (4)	$	70,510,800	to	$	75,294,300	$	72,902,600		$	519.99	to	$	555.27		$	537.63
(LIBOR Spread: 2.15% + 0.42%)
$70 M Refinancing and YE 2005 Sale (4)	$	70,362,900	to	$	75,146,400	$	72,754,700		$	518.90	to	$	554.18		$	536.54
(LIBOR Spread: 2.15% + 0.%)

1.	Discounted to 8/31/03 present value terms.
2.	Assumes 135,600 Limited Partnership units, based on the WHLP 10K 12/31/02 SEC Filing.
3.	Based on a 2003 year-end sale price of $96.7 million
4.	Based on a 2005 midpoint sale price of $108.0 million

Amounts received by the WHLP in future years, i.e. sales proceeds at 12/31/05, quarterly distributions and the distribution of the Cash Account Balance, have been discounted at 13.0%, which represents the JLLH estimated WHLP weighted average cost of capital.

ASSUMPTIONS

Each scenario assumes the following sources of distributions to the Limited Partners:

1.	Proceeds from a sale and/or a refinancing;
2.	Quarterly Distribution payments ($6.72 per quarter per share or $26.88 per year) based on the cash distributions made in 2002 as reported in the WHLP 10K 12/31/02 SEC Filing; and
3.	Cash Account ending balance. This account equals the beginning Cash Account balance (based on the WHLP 10K 12/31/02 SEC Filing and reconciliation by Westin Realty Corp.) plus net cash flow from operations less debt service, less Quarterly Distribution payments, less total capital expenditures, less $10 million (withheld in the year of a sale transaction for WHLP liquidation expenses, subsequently distributed to the Limited Partners 12 months following the sale less $2.4 million in liquidation, legal and general and administrative expenses estimated by Westin Realty Corp.). Note: The $10 million amount is withheld for legal and liquidation costs while the $400,000 annual A&G expense accounts for the regular operation of the partnership, unrelated to the sale or refinancing of the Property.

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This report has been made with the following general assumptions and limiting conditions:

1.	This report presents conclusions, projections and forecasts such as are typically used in the underwriting and valuation of income-producing properties, and are based on information provided by third parties. Actual results may vary from those presented in this report. There is no guaranty or warranty that conclusions, projections and forecasts presented within this report can be attained.
2.	The consultant is not obligated to predict future political, economic or social trends. The consultant assumes no responsibility for economic factors that may affect or alter the opinions in this report if said economic factors were not present as of the date of this report.
3.	Responsible ownership and competent property management are assumed.
4.	The information furnished by third parties is believed to be reliable, but no warranty is given for its accuracy and the consultant is not responsible for the accuracy of such information.
5.	The property is assumed to be free and clear of any or all liens or encumbrances unless otherwise stated.
6.	It is assumed that there are no hidden or unapparent conditions of the property, subsoil or structures that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the engineering studies that may be required to discover them.
7.	It is assumed that the property conforms to all applicable zoning and use regulations and restrictions unless a non-conformity has been identified, described and considered in the report.
8.	Possession of this report, or a copy thereof, does not carry with it the right of publication.
9.	Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the consultant, or the firm with which the consultant is connected) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the consultant.

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SCENARIO I: 2003 YEAR-END SALE BASE CASE

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SCENARIO I: 2003 YEAR-END SALE BASE CASE DISTRIBUTION FOOTNOTES

(1)	The sales price range derived represents a minimum and maximum value estimated by JLLH (See Appendix).
(2)	JLLH estimate based on current hotel real estate and capital market conditions.
(3)	12/31/03 year-end balance revised based on the TRST Second Amendment Note Schedule taken from the WHLP 10Q 6/30/97 SEC Filing with one $5 million prepayment made on 3/1/03. (See Appendix)
(4)	Balance derived based on 12/31/02 actual balance of $10,404,000 as reported in the WHLP 10K 12/31/02 SEC Filing, compounded at prime +1, estimated by JLLH to be 5.25%.
(5)	12/31/03 balance estimated by JLLH based on JLLH, Westin Realty Corp. and The Westin Michigan Avenue actual payments and projected accruals and payments (12/31/02 Balance of $10,280,727 less 3/1/03 payment of $3,451,643, plus 2003 Reforecast of $2,442,633)
(6)	Preliminary WHLP proxy process costs estimate provided by Westin Realty Corp.
(7)	Discounted to 8/31/03 present value terms, utilizing a 13.0% discount rate, the JLLH estimated WHLP cost of capital.
(8)	Assumes 135,600 Limited Partnership units as reported on the WHLP 10K 12/31/02 SEC Filing.
(9)	Assumes per unit distribution of $6.72 per quarter or $26.88, 135,600 WHLP units (based on the WHLP 10K 12/31/02 SEC Filing reported cash distributions), discounted quarterly to 8/31/03 present value terms (discounted for one quarter) by 13.0%, the JLLH estimated WHLP cost of capital.
(10)	Assumes a current Cash Account balance of $27.1 million as of 12/31/03. Of this amount, $17.1 million is distributed in 2003 and $10 million is withheld for Partnership A&G and Liquidation Expenses the sale. Assumes $2 million in legal administrative and other miscellaneous expenses related to liquidating the Partnership in addition to $400,000 incurred in A&G for one year following the sale (estimated by Westin Realty Corp.). The resulting $7.6 million is discounted to 8/31/03 present value terms assuming a 13.0% rate, the JLLH estimated WHLP cost of capital.

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SCENARIO II: 2005 YEAR-END SALE

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SCENARIO II: 2005 YEAR-END SALE DISTRIBUTION FOOTNOTES

(1)	The sales price range derived represents a minimum and maximum value estimated by JLLH (See Appendix).
(2)	JLLH estimate based on current hotel real estate and capital market conditions.
(3)	12/31/05 year-end balance revised based on the TRST Second Amendment Note Schedule taken from the WHLP 10Q 6/30/97 SEC Filing with one $5 million prepayment made on 3/1/03. (See Appendix)
(4)	Balance derived based on 12/31/02 actual balance of $10,404,000 as reported in the WHLP 10K 12/31/02 SEC Filing, compounded at prime + 1, estimated by JLLH to be 5.25%.
(5)	12/31/05 balance estimated by JLLH based on JLLH, Westin Realty Corp. and The Westin Michigan Avenue actual payments and projected accruals and payments (See Appendix).
(6)	Preliminary WHLP proxy process costs estimate provided by Westin Realty Corp.
(7)	Discounted to 8/31/03 present value terms, utilizing a 13.0% discount rate, the JLLH estimated WHLP cost of capital.
(8)	Assumes 135,600 Limited Partnership units as reported on the WHLP 10K 12/31/02 SEC Filing.
(9)	Assumes per unit distribution of $6.72 per quarter or $26.88, 135,600 WHLP units (based on the WHLP 10K 12/31/02 SEC Filing reported cash distributions), discounted quarterly to 8/31/03 present value terms (discounted each quarter for nine quarters) by 13.0%, the JLLH estimated WHLP cost of capital.
(10)	Assumes a current Cash Account balance of $31.7 million as of 12/31/05. Of this amount, $21.7 million is distributed in 2005 and $10 million is withheld for Partnership A&G and Liquidation Expenses the sale. Assumes $2 million in legal administrative and other miscellaneous expenses related to liquidating the Partnership in addition to $400,000 incurred in A&G for one year following the sale (estimated by Westin Realty Corp.). The resulting $7.2 million is discounted to 8/31/03 present value terms assuming a 13.0% rate, the JLLH estimated WHLP cost of capital.

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SCENARIO III: Q4 2003 $75 MILLION REFINANCING AND YE 2005 SALE

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SCENARIO III: Q4 2003 $75 MILLION REFINANCING AND YE 2005 SALE DISTRIBUTION FOOTNOTES

(1)	JLLH estimate of closing costs including due diligence, legal fees, title insurance, brokerage fees and interest rate cap. (See Appendix)
(2)	Revised 8/31/03 balance derived by LaSalle Investment Management based on a $5 million principal prepayment made on 3/1/03. (See Appendix)
(3)	Prepayment penalty provided by LaSalle Investment Management as of 3/25/03 after one $5 million principal prepayment made on 3/1/03.
(4)	8/31/03 balance derived based on 12/31/02 actual balance of $10,404,000, as reported in the WHLP 10K 12/31/02 SEC Filing, compounded at prime +1, estimated by JLLH to be 5.25%. (See Appendix)
(5)	8/31/03 balance based on actuals and estimates provided by JLLH, Westin Realty Corp. and The Westin Michigan Avenue.
(6)	Preliminary WHLP proxy process costs estimate provided by Westin Realty Corp.
(7)	Assumes 135,600 Limited Partnership Units as indicated on the WHLP 10K 12/31/02 SEC Filing.
(8)	Sales proceeds represent minimum and maximum proceeds projected by JLLH (See Appendix).
(9)	12/31/05 balance based on the $75 million interest only refinancing proceeds.
(10)	12/31/05 balance estimated by JLLH based on its projections and actual payments and accruals provided by Westin Realty Corp. and The Westin Michigan Avenue.
(11)	Discounted to 8/31/03 present value terms, utilizing a 13.0% discount rate, the JLLH estimated WHLP cost of capital.
(12)	Net refinancing and sales proceeds represent minimum and maximum proceeds based on the refinancing proceeds and sales price ranges projected by JLLH.
(13)	Assumes per unit distribution of $6.72 per quarter or $26.88, 135,600 WHLP units (based on the WHLP 10K 12/31/02 SEC Filing reported cash distributions), discounted quarterly to 8/31/03 present value terms (discounted each quarter for nine quarters) by 13.0%, the JLLH estimated WHLP cost of capital.
(14)	Assumes a current Cash Account balance of $31.6 million as of year-end 2005. Of this amount, $12.0 million is distributed by 12/31/05 and $10 million is withheld for Partnership A&G and Liquidation Expenses related to the sale. Assumes a deduction of $2 million in legal administrative and other miscellaneous expenses related to liquidating the Partnership in addition to $800,000 ($400,000 per year) incurred in Partnership A&G for one year following the sale (estimated by Westin Realty Corp.). The resulting $7.2 million is discounted to 8/31/03 present value terms by 13.0%, the JLLH estimated WHLP cost of capital.

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SCENARIO III: Q4 2003 $75 MILLION REFINANCING AND YE 2005 SALE

$75 MILLION REFINANCING SCENARIO ASSUMPTIONS

Occupancy1	Year 1: 2006 (Stabilized Year): 73.0%
ADR1	Year 1: 2006 (Stabilized Year): $169.62
	Annual Growth Rate: 4.0%
DCF Analysis Discount Rate1	13.0%
DCF Analysis Terminal
Capitalization Rate1	12.0%
WHLP Discount Rate2	13.0%
Annual Revenue Growth Rate1	3.5%
Annual Expense Growth Rate1	3.0%
Annual Capital Expenditures3	FF&E Reserve Amounts:
	2003: $2.1 million
	2004: $2.2 million
	2005: $2.3 million
	2006: $2.0 million
	2007: $2.1 million
	2008: $2.1 million
	2009: $2.2 million
	2010: $2.3 million

1	JLLH estimate based on the current hotel real estate and capital markets.
2	Represents the WHLP weighted cost of capital, as estimated by JLLH.
3	Assumes no capital expenditures made above the JLLH projected FF&E Reserve, based on the Westin Michigan Avenue 2002 Capital Plan as of 5/1/02 provided by Westin Realty Corp. From 1/1/03 through 8/31/03, FF&E Reserves are 5% of Total Revenues as dictated by the existing FF&E Escrow Agreement. As of 9/1/03, FF&E Reserves are projected by JLLH to be 4.0% of Total Revenues, reflecting new lender terms and industry standards.

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SCENARIO III: Q4 2003 $75 MILLION REFINANCING AND YE 2005 SALE

$75 MILLION REFINANCING SCENARIO ASSUMPTIONS (CONT.)

Debt Assumptions
1/1/03 through 8/31/031	Existing TRST Debt: Annual Debt Service: $3.1 million
Refinancing (9/1/03 through 12/31/05)2:	Proceeds: $75 million
	Type: Interest Only LIBOR Debt
	LIBOR: 150 bps
	Spread: 215 bps
	Annual Increases: 50 bps (starting l/1/04)
	Debt Service: 2003 — $7,971,300
	(includes TRST debt service for 1/1/03-8/31/03 and a $5 million prepayment made on 3/1/03) 2004 - $3,112,500; 2005 -$3,487,500
Acquisition (2006 through 20102):	New Owner Financing: $70 million
	Type: Fixed Rate Amortizing Debt
	All-In Interest Rate: 6.5%
	Amortization: 25 years
	Debt Service: $5,671,700
12/31/03 Cash Account Balance
Beginning Balance3	$26.4 million
+ Net Operating Income4	$  9.8 million
+Accrued Incentive Fees5	$  2.4 million
- Debt Service1	$  7.3 million
- CAPEX Above FF&E Reserve6	$     0 million
-Less WHLP A&G Expense	$    .4 million
- WHLP Quarterly Distribution7	$  3.6 million  ($6.72 per quarter with a total of 135,600 LP units.)
Ending Balance8	$27.2 million
8/31/03 TRST Debt Balance9	$25.0 million
8/31/03 TRST Prepayment Penalty10	$  2.6 minion
8/31/03 Starwood Subordinate Loan Balance11	$10.8 million
8/31/03 Deferred Incentive Fee Balance12	$  8.5 million

1	Existing TRST annual debt service payment as indicated in the WHLP 10K 12/31/02 SEC filing.
2	Based on the proposed term sheet submitted by Column Financial as of 4/11/03.
3	12/31/02 balance based on the WHLP 10K 12/31/02 SEC Filing and a reconciliation by Westin Realty Corp. (See Appendix)
4	2003 estimated results based on the 2003 Reforecast as of 3/1/03 provided by The Westin Michigan Avenue. (See Appendix)
5	2003 Incentive Fees are projected to be accrued and represent a non-cash expense for WHLP.
6	Based on The Westin Michigan Avenue Capital Plan as of 5/1/02 provided by Westin Realty Corp. (See Appendix)
7	Estimated based on the cash distribution to WHLP unit holders in 2002 as reported in the WHLP 10K 12/31/02 SEC Filing.
8	Totals may not foot due to rounding.
9	Revised balance derived by LaSalle Investment Management after the $5 million principal prepayment made on 3/1/03 with accrued interest. (See Appendix).
10	Provided by LaSalle Investment Management as of 3/25/03.
11	Balance derived based on 12/31/01 actual balance of $10,404,000, as reported in the WHLP 10K 12/31/02 SEC Filing, compounded at prime + 1, estimated by JLLH to be 5.25%. (See Appendix)
12	Based on JLLH projections, Westin Realty Corp and Westin Michigan Avenue provided payments and accruals (See Appendix).

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APPENDIX

Refinancing Closing Costs

TRST Second Amendment Note Schedule

TRST Revised Note Schedule with a $5 million Prepayment

Starwood Subordinate Loan Schedule

Scenario II Deferred Incentive Fee Rollforward

Cash Account Balance as of 12/31/02

Scenario I Statement of Projected Cash Flows

Scenario I Sale Proceeds (Valuation Matrix)

Scenario II Statement of Projected Cash Flows

Scenario III Statement of Projected Cash Flows

Scenarios I and II Sale Proceeds (Valuation Matrix)

The Westin Michigan Avenue 2003 Reforecast as of 4/1/03

The Westin Michigan Avenue 2004-2005 Projections as of 4/1/03

The Westin Michigan Avenue Capital Plan as of 5/1/02

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REFINANCING CLOSING COSTS

Refinancing Proceeds		$	75,000,000
Increased Property Insurance Costs		$	0
Interest Rate Cap		$	424,500
Lender Loan Fee		$	1,125,000
Mortgage Brokerage Fee		$	562,500
Lender Legal Costs		$	100,000
Borrower Legal Costs for Loan Closing		$	125,000
Appraisal Fees		$	10,500
Environmental and Engineering		$	20,000
Title Insurance		$	50,000
Preliminary WHLP Proxy Costs Estimate		$	1,500,000
(Generation, Binder, Solicitor, Printing, Mailing, Aggregating, Legal, Audit Review)
	Total:	$	3,917,500
Breakdown:
Loan Closing		$	2,417,500
WHLP Proxy Costs		$	1,500,000
Total		$	3,917,500

Source: Westin Realty Corp. and JLLH

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TRST REVISED NOTE SCHEDULE

BASED ON 2nd AMENDMENT – ADJUSTED FOR $5M PREPAY ON 3/1/03

Payment Date	Beg. Balance		Rate			Interest		Payment		Principal Paid		Balance
9/1/2002		30,069,227		2.2125	%		665,282		773,152		107,870		29,961,356
12/1/2002		29,961,356		2.2125	%		662,895		773,152		110,257		29,851,099
3/1/2003		29,851,099		2.2125	%		660,456		5,773,152		5,112,696		24,738,403
6/1/2003		24,738,403		2.2125	%		547,337		773,152		225,815		24,512,588
9/1/2003		24,512,588		2.2125	%		542,341		773,152		230,811		24,281,777
12/1/2003		24,281,777		2.2125	%		537,234		773,152		235,918		24,045,859
3/1/2004		24,045,859		2.2125	%		532,015		773,152		241,137		23,804,722
6/1/2004		23,804,722		2.2125	%		526,679		773,152		246,473		23,558,249
9/1/2004		23,558,249		2.2125	%		521,226		773,152		251,926		23,306,324
12/1/2004		23,306,324		2.2125	%		515,652		773,152		257,500		23,048,824
3/1/2005		23,048,824		2.2125	%		509,955		773,152		263,197		22,785,627
6/1/2005		22,785,627		2.2125	%		504,132		773,152		269,020		22,516,607
9/1/2005		22,516,607		2.2125	%		498,180		773,152		274,972		22,241,635
12/1/2005		22,241,635		2.2125	%		492,096		773,152		281,056		21,960,580
3/1/2006		21,960,580		2.2125	%		485,878		773,152		287,274		21,673,305
6/1/2006		21,673,305		2.2125	%		479,522		773,152		293,630		21,379,675
9/1/2006		21,379,675		2.2125	%		473,025		773,152		300,127		21,079,537
11/30/2006		21,079,537		2.2125	%		466,385		21,545,922		21,079,537		(1	)

Source: Westin Realty Corp.

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STARWOOD SUBORDINATE LOAN SCHEDULE

		Interest		Principal		Ending Balance		Prime +1
12/31/2002			46,023.12		0.00		10,404,000.00		5.25	%
	1/31/2003		46,390.44		0.00		10,450,390.44		5.25	%
	2/28/2003		46,597.29		0.00		10,496,987.73		5.25	%
	3/31/2003		46,805.06		0.00		10,543,792.79		5.25	%
	4/30/2003		47,013.76		0.00		10,590,806.55		5.25	%
	5/31/2003		47,223.39		0.00		10,638,029.94		5.25	%
	6/30/2003		47,433.96		0.00		10,685,463.90		5.25	%
	7/31/2003		47,645.46		0.00		10,733,109.36		5.25	%
	8/31/2003		47,857.91		0.00		10,780,967.26		5.25	%
	9/30/2003		48,071.30		0.00		10,829,038.56		5.25	%
10/31/2003			48,285.64		0.00		10,877,324.20		5.25	%
11/30/2003			48,500.95		0.00		10,925,825.15		5.25	%
12/31/2003			48,717.21		0.00		10,974,542.36		5.25	%
	1/31/2004		48,934.43		0.00		11,023,476.79		5.25	%
	2/28/2004		49,152.63		0.00		11,072,629.41		5.25	%
	3/31/2004		49,371.79		0.00		11,122,001.21		5.25	%
	4/30/2004		49,591.94		0.00		11,171,593.14		5.25	%
	5/31/2004		49,813.06		0.00		11,221,406.21		5.25	%
	6/30/2004		50,035.17		0.00		11,271,441.38		5.25	%
	7/31/2004		50,258.28		0.00		11,321,699.66		5.25	%
	8/31/2004		50,482.37		0.00		11,372,182.03		5.25	%
	9/30/2004		50,707.47		0.00		11,422,889.50		5.25	%
10/31/2004			50,933.57		0.00		11,473,823.07		5.25	%
11/30/2004			51,160.68		0.00		11,524,983.75		5.25	%
12/31/2004			51,388.80		0.00		11,576,372.54		5.25	%
	1/31/2005		51,617.94		0.00		11,627,990.48		5.25	%
	2/28/2005		51,848.09		0.00		11,679,838.57		5.25	%
	3/31/2005		52,079.28		0.00		11,731,917.85		5.25	%
	4/30/2005		52,311.50		0.00		11,784,229.35		5.25	%
	5/31/2005		52,544.75		0.00		11,836,774.10		5.25	%
	6/30/2005		52,779.04		0.00		11,889,553.14		5.25	%
	7/31/2005		53,014.38		0.00		11,942,567.52		5.25	%
	8/31/2005		53,250.76		0.00		11,995,818.28		5.25	%
	9/30/2005		53,488.20		0.00		12,049,306.48		5.25	%
10/31/2005			53,726.70		0.00		12,103,033.19		5.25	%
11/30/2005			53,966.26		0.00		12,156,999.45		5.25	%
12/31/2005			54,206.89		0.00		12,211,206.34		5.25	%

Source: 12/31/2002 actual balance taken from the WHLP 12/31/02 10K SEC filing; 2003-2005 projected by JLLH.

JONES LANG
LASALLE HOTELS_TM

16

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIO II DEFERRED INCENTIVE FEE ROLLFORWARD

Incentive Management Fee Rollforward 2001-2005

		Scenario I			Scenario II			Scenario III
Balance at 12-31-2001		$	9,912,352		$	9,912,352		$	9,912,352
	4/30/02 payment to Starwood		(2,722,893	)		(2,722,893	)		(2,722,893	)
	2002 IMF		2,699,575			2,699,575			2,699,575
Balance at 12-31-2002		$	10,280,727		$	10,280,727		$	10,280,727
	Scheduled Payment 3/1/03		($3,451,643	)		($3,451,643	)		($3,451,643	)
	1/1/03-8/31/03 Estimated IMF	$	1,629,945		$	1,629,945		$	1,629,945
Balance at 8-31-2003		$	8,459,029		$	8,459,029		$	8,459,029
	8/31/03 Estimated Payment	$	—		$	—		$	(8,459,029	)
	9/1/03-12/31/03 Estimated IMF	$	812,688		$	812,688		$	812,688
	12/31/03 Estimated Payment		—		$	0			($812,688	)
Balance at 12-31-2003		$	9,271,717		$	9,271,717		$	-
	2004 Estimated IMF		—		$	2,419,524		$	2,419,524
	2004 Estimated IMF Payment		—			($2,730,100	)		($2,419,524	)
Balance at 12-31-2004		$	—		$	8,961,141		$	-
	2005 Estimated IMF		—		$	2,279,150		$	2,279,150
	2005 Estimated IMF Payment		—			($2,295,524	)		($2,098,078	)
Balance at 12-31-2005		$	—		$	8,944,767		$	181,072

Source: Payments 2001 — 04/30/02 and 3/31/03 Scheduled Payment- Westin Realty Corp.; 2002 and 1/1/03-12/31/03 Estimated IMF -
The Westin Michigan Avenue; 6/30/03 Estimated Payment, 12/31/03 Estimated 1MF and Payments through 2005 — JLLH

JONES LANG
LASALLE HOTELS_TM

17

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIO I STATEMENT OF PROJECTED CASH FLOWS

THE WESTIN MICHIGAN AVENUE
STATEMENT OF PROJECTED CASH FLOWS: 2003 YEAR-END SALE (1)

		2003					2004					2005					2006					2007					2008
Available Hotel Rooms		751					751					751					751					751					751
Available Room Nights		274,115					274,115					274,115					274,115					274,115					274,866
Occupied Room Nights		201,061					199,983					200,104					200,104					200,104					200,652
Occupancy		73.3%					73.0%					73.0%					73.0%					73.0%					73.0%
Average Daily Rate		$150.79					$152.50					$157.84					$169.62					$176.40					$183.46
Revenues Per Available Room		$110.60					$111.26					$115.22					$123.82					$128.77					$133.93
		Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
REVENUES
Room		$	30,318		69.4	%	$	30,497		69.4	%	$	31,584		67.8	%	$	33,941		68.6	%	$	35,299		68.7	%	$	36,811		68.8	%
Food & Beverage			9,488		21.7	%		9,517		21.7	%		10,994		23.6	%		11,378		23.0	%		11,777		22.9	%		12,222		22.8	%
Telephone			1,222		2.6	%		1,154		2.6	%		1,001		2.1	%		1,036		2.1	%		1,072		2.1	%		1,112		2.1	%
Minor Operating Depts			53		0.1	%		66		0.2	%		80		0.2	%		83		0.2	%		86		0.2	%		89		0.2	%
Rent & Other Income			2,675		6.1	%		2,682		6.1	%		2,948		6.3	%		3,051		6.2	%		3,157		6.1	%		3,277		6.1	%
Total Revenues			43,656		100.0	%		43,916		100.0	%		46,606		100.0	%		49,489		100.0	%		51,391		100.0	%		53,512		100.0	%
DEPARTMENTAL EXPENSES
Room			7,214		23.8	%		7,243		23.8	%		7,584		24.0	%		7,811		23.0	%		8,046		22.8	%		8,310		22.6	%
Food & Beverage			7,053		74.3	%		7,185		75.5	%		8,245		75.0	%		8,534		75.0	%		8,833		75.0	%		9,167		75.0	%
Telephone			407		36.3	%		414		35.9	%		370		37.0	%		383		37.0	%		397		37.0	%		412		37.0	%
Minor Operating Depts			61		114.9	%		41		62.0	%		46		58.0	%		48		58.0	%		50		58.0	%		52		58.0	%
Rent & Other Departmental Exp			287		10.7	%		119		4.4	%		300		10.2	%		309		10.1	%		318		10.1	%		318		9.7	%
Total Departmental Expenses			15,022		34.4	%		15,003		34.2	%		16,545		35.5	%		17,085		34.5	%		17,643		34.3	%		18,258		34.1	%
Gross Operating Income			28,634		65.6	%		28,914		65.8	%		30,060		64.5	%		32,404		65.5	%		33,748		65.7	%		35,254		65.9	%
UNDISTRIBUTED EXPENSES
Administrative & General			2,751		6.3	%		1,166		2.7	%		3,271		7.0	%		3,369		6.8	%		3,470		6.8	%		3,574		6.7	%
Advertising & Marketing			2,308		5.3	%		2,415		5.5	%		2,936		6.3	%		2,474		5.0	%		2,570		5.0	%		2,676		5.0	%
Repairs & Maintenance			1,615		3.7	%		664		1.5	%		1,830		3.9	%		1,885		3.8	%		1,942		3.8	%		2,000		3.7	%
Utilities			1,137		2.6	%		1,108		2.5	%		1,213		2.6	%		1,249		2.5	%		1,286		2.5	%		1,335		2.5	%
Total Undistributed Expenses			7,810		17.9	%		5,353		12.2	%		9,250		19.8	%		8,977		18.1	%		9,267		18.0	%		9,585		17.9	%
Gross Operating Profit			20,824		47.7	%		23,560		53.6	%		20,811		44.7	%		23,426		47.3	%		24,481		47.6	%		25,670		48.0	%
FIXED EXPENSES
Base Management Fee			1,528		3.5	%		1,537		3.5	%		1,631		3.5	%		1,732		3.5	%		1,799		3.5	%		1,873		3.5	%
Incentive Management Fee (2)			2,443		5.6	%		2,420		5.5	%		2,279		4.9	%		2,783		5.6	%		2,930		5.7	%		3,100		5.8	%
Real Estate Taxes			4,264		9.8	%		4,334		9.9	%		5,012		10.8	%		5,163		10.4	%		5,318		10.3	%		5,477		10.2	%
Insurance			387		0.9	%		392		0.9	%		453		1.0	%		467		0.9	%		481		0.9	%		495		0.9	%
Leases & Other			243		0.6	%		144		0.3	%		167		0.4	%		172		0.3	%		177		0.3	%		182		0.3	%
FF&E Reserve (3)			2,183		5.0	%		2,196		5.0	%		2,330		5.0	%		1,980		4.0	%		2,056		4.0	%		2,140		4.0	%
Total Fixed Expenses			11,047		25.3	%		11,023		25.1	%		11,873		25.5	%		12,296		24.8	%		12,760		24.8	%		13,268		24.8	%
Net Operating Income		$	9,777		22.4	%	$	12,537		28.5	%	$	8,938		19.2	%	$	11,131		22.5	%	$	11,721		22.8	%	$	12,401		23.2	%
Cash Flow Before Incentive Mgt Fees		$	12,219		28.0	%	$	14,957		34.1	%	$	11,217		24.1	%	$	13,913		28.1	%	$	14,651		28.5	%	$	15,502		29.0	%
Debt Service (4)			8,093		18.5	%		5,672		12.9	%		5,672		12.2	%		5,672		11.5	%		5,672		11.0	%		5,672		10.6	%
Cash Available for Incentive Fees and WHLP			4,127		9.5	%		0		0.0	%		0		0.0	%		0		0.0	%		0		0.0	%		0		0.0	%
Cash Account:
	Beginning Balance (6)		26,401		60.5	%
	Plus: Net Operating Income		9,777		22.4	%
	Plus: Accrued Incentive Fee		2,443		5.6	%
	Less: Debt Service (4)		7,450		17.1	%
	Less: CAPEX above FF&E Reserve (7)		0		0.0	%
	Less: WHLP A&G Expenses (8)		400		0.9	%
	Less: Quarterly Distributions (5)		3,645		8.3	%
	Ending Balance		27,126		62.1	%

JONES LANG
LASALLE HOTELS_TM

18

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIO I STATEMENT OF PROJECTED CASH FLOWS FOOTNOTES

(1)	2003-2005 is based on the Reforecast and Projections as of 4/1/03 provided by The Westin Michigan Avenue.
(2)	Incentive Fees are based on Net Cash Flow after debt service and owner required returns as specified in the Management Agreement. 2003 Incentive Fees are based on the Property’s 2003 Reforecast as of 4/1/03 provided by The Westin Michigan Avenue.
(3)	FF&E Reserves are estimated to be 5% of Total Revenues from 1/1/03 through 8/31/03, as dictated by the existing Chicago FF&E & Escrow Agreement. Beginning in 9/1/03, FF&E Reserves are projected by JLLH to be 4% of Total Revenues, which reflects new lender terms.
(4)	Debt Service from 1/1/03 through 12/31/2003 assumes the existing TRST Debt Service of approximately $3.1 million ($773,152 per quarter), as indicated in the WHLP 10K 12/31/02 SEC Filing, including one $5 million principal prepayment of the TRST made on 3/1/03. In order to project Incentive Fees, refinancing Debt Service approximately $5.7 million, $70 million in new debt financing proceeds, all-in interest rate of 6.5% and 25 year amortization.
(5)	Existing TRST annual debt service payment as indicated in the TRST Second Amendment Note Schedule in the WHLP 10Q 6/30/97 SEC Filing. (See Appendix)
(6)	Based on The Westin Michigan Avenue Capital Plan as of 5/1/02 provided by Westin Realty Corp. (See Appendix)
(7)	Quarterly Distributions are based on a per unit $6.72 payout per quarter or $26.88 per year and a total of 135,600 Limited Partnership Units, based on the 2002 cash distributions reported in the WHLP 10K 12/31/02 SEC Filing.

JONES LANG
LASALLE HOTELS_TM

19

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIO I YE 2003 SALE PROCEEDS (VALUATION MATRIX)

THE WESTIN MICHIGAN AVENUE
ASSET VALUE ANALYSIS (000s): YE 2003 SALE

	2004			2005			2006			2007			2008		2009
Net Cash Flow from Operations	$	12,537		$	8,938		$	11,131		$	11,721		$	12,401	$	12,836
										2009 Net Cash Flow					$	12,836
										Terminal Cap Rate:						12.0	%
										2008 Residual Value:					$	106,963
										Less Closing Costs (2.0%)						($2,139	)
										Net Reversion Proceeds:					$	104,823
Cash Flow to Investor	$	12,537		$	8,938		$	11,131		$	11,721		$	117,225
Cash on Cash Return		13.0	%		9.3	%		11.5	%		12.1	%

Discount Rate	13.0	%	Midpoint Valuation Summary	Gross $	%
Number of Rooms	751		PV Residual	$56,894	58.9%
			PV Income Stream	$39,728	41.1%
			Present Value	$96,622	100.0%

Valuation Matrix ($000’S / $ Per Room/ Going in Yield on Year 1)
	Terminal Cap Rate
Discount Rate	11.50%			11.75%			12.00%			12.25%			12.50%
	$	102,793		$	101,472		$	100,207		$	98,993		$	97,828
12.0%	$	136,875		$	135,116		$	133,431		$	131,815		$	130,263
		12.2	%		12.4	%		12.5	%		12.7	%		12.8	%
	$	100,921		$	99,630		$	98,392		$	97,205		$	96,065
12.5%	$	134,383		$	132,663		$	131,015		$	129,434		$	127,917
		12.4	%		12.6	%		12.7	%		12.9	%		13.1	%
	$	99,096		$	97,833		$	96,622		$	95,461		$	94,346
13.0%	$	131,952		$	130,270		$	128,658		$	127,112		$	125,628
		12.7	%		12.8	%		13.0	%		13.1	%		13.3	%
	$	97,315		$	96,079		$	94,895		$	93,759		$	92,669
13.5%	$	129,580		$	127,935		$	126,358		$	124,846		$	123,394
		12.9	%		13.0	%		13.2	%		13.4	%		13.5	%
	$	95,577		$	94,369		$	93,210		$	92,099		$	91,033
14.0%	$	127.267		$	125,657		$	124,115		$	122,636		$	121,215
		13.1	%		13.3	%		13.5	%		13.6	%		13.8	%

JONES LANG
LASALLE HOTELS_TM

20

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIO II STATEMENT OF PROJECTED CASH FLOWS

THE WESTIN MICHIGAN AVENUE
STATEMENT OF PROJECTED CASH FLOWS: 2005 YEAR-END SALE (1)

		2003					2004					2005					2006					2007					2008					2009					2010
Available Hotel Rooms		751					751					751					751					751					751					751					751
Available Room Nights		274,115					274,115					274,115					274,115					274,115					274,866					274,115					274,115
Occupied Room Nights		201,061					199,983					201,439					200,104					200,104					200,652					200,104					200,104
Occupancy		73.3%					73.0%					73.5%					73.0%					73.0%					73.0%					73.00%					73.00%
Average Daily Rate		$150.79					$152.50					$157.92					$169.62					$176.40					$183.46					$190.80					$198.43
Revenues Per Available
Room		$110.60					$111.25					$116.05					$123.82					$128.77					$133.93					$139.28					$144.85
		Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
REVENUES
Room		$	30,318		69.4	%	$	30,496		69.4	%	$	31,810		67.8	%	$	33,941		68.6	%	$	35,299		68.7	%	$	36,811		68.8	%	$	38,179		68.9	%	$	39,706		69.0	%
Food & Beverage			9,488		21.7	%		9,518		21.7	%		11,066		23.6	%		11,378		23.0	%		11,777		22.9	%		12,222		22.8	%		12,616		22.8	%		13,057		22.7	%
Telephone			1,222		2.6	%		1,155		2.6	%		1,007		2.1	%		1,036		2.1	%		1,072		2.1	%		1,112		2.1	%		1,148		2.1	%		1,188		2.1	%
Minor Operating Depts			53		0.1	%		66		0.1	%		81		0.2	%		83		0.2	%		86		0.2	%		89		0.2	%		92		0.2	%		95		0.2	%
Rent & Other Income			2,675		6.1	%		2,683		6.1	%		2,968		6.3	%		3,051		6.2	%		3,157		6.1	%		3,277		6.1	%		3,382		6.1	%		3,501		6.1	%
Total Revenues			43,656		100.0	%		43,918		100.0	%		46,933		100.0	%		49,489		100.0	%		51,391		100.0	%		53,512		100.0	%		55,417		100.0	%		57,548		100.0	%
DEPARTMENTAL EXPENSES
Room			7,214		23.8	%		7,244		23.8	%		7,635		24.0	%		7,811		23.0	%		8,046		22.8	%		8,310		22.6	%		8,536		22.4	%		8,792		22.1	%
Food & Beverage			7,053		74.3	%		7,188		75.5	%		8,300		75.0	%		8,306		73.0	%		8,597		73.0	%		8,922		73.0	%		9,209		73.0	%		9,532		73.0	%
Telephone			407		36.3	%		414		35.9	%		373		37.0	%		362		35.0	%		375		35.0	%		389		35.0	%		402		35.0	%		416		35.0	%
Minor Operating Depts			61		114.9	%		41		62.0	%		47		58.0	%		46		55.0	%		47		55.0	%		49		55.0	%		51		55.0	%		52		55.0	%
Rent & Other Departmental Exp			287		10.7	%		286		10.7	%		300		10.1	%		309		10.1	%		318		10.1	%		318		9.7	%		318		9.4	%		318		9.1	%
Total Departmental Expenses			15,022		34.4	%		15,173		34.5	%		16,653		35.5	%		16,834		34.0	%		17,383		33.8	%		17,988		33.6	%		18,515		33.4	%		19,110		33.2	%
Gross Operating Income			28,634		65.6	%		28,745		65.5	%		30,279		64.5	%		32,654		66.0	%		34,008		66.2	%		35,524		64.4	%		36,902		66.6	%		38,438		66.8	%
UNDISTRIBUTED EXPENSES
Administrative & General			2,751		6.3	%		2,819		6.4	%		3,270		7.0	%		3,369		6.8	%		3,470		6.8	%		3,574		6.7	%		3,681		6.8	%		3,792		6.6	%
Advertising & Marketing			2,308		5.3	%		2,416		5.5	%		2,941		6.3	%		2,474		5.0	%		2,570		5.0	%		2,676		5.0	%		2,771		5.0	%		2,877		5.0	%
Repairs & Maintenance			1,615		3.7	%		1,605		3.7	%		1,830		3.9	%		1,885		3.8	%		1,942		3.8	%		2,000		3.7	%		2,060		3.7	%		2,122		3.7	%
Utilities			1,137		2.6	%		1,107		2.5	%		1,220		2.6	%		1,249		2.5	%		1,286		2.5	%		1,335		2.5	%		1,378		2.5	%		1,426		2.5	%
Total Undistributed Expenses			7,810		17.9	%		7,947		18.1	%		9,262		19.7	%		8,977		18.1	%		9,267		18.0	%		9,585		17.9	%		9,890		17.8	%		10,217		17.8	%
Gross Operating Profit			20,824		47.7	%		20,798		47.4	%		21,017		44.8	%		23,677		47.8	%		24,740		48.1	%		25,939		48.5	%		27,012		48.5	%		28,221		49.0	%
FIXED EXPENSES
Base Management Fee			1,528		3.5	%		1,537		3.5	%		1,643		3.5	%		1,732		3.5	%		1,799		3.5	%		1,873		3.5	%		1,940		3.5	%		2,014		3.5	%
Incentive Management Fee(2)			2,443		5.6	%		2,420		5.5	%		2,279		4.9	%		2,348		4.7	%		2,982		5.8	%		3,154		5.9	%		3,303		6.0	%		3,475		6.0	%
Real Estate Taxes			4,264		9.8	%		4,334		9.9	%		5,012		10.7	%		5,163		10.4	%		5,318		10.3	%		5,477		10.2	%		5,641		10.2	%		5,811		10.1	%
Insurance			387		0.9	%		392		0.9	%		453		1.0	%		467		0.9	%		481		0.9	%		495		0.9	%		510		0.9	%		525		0.9	%
Leases & Other			243		0.6	%		144		0.3	%		167		0.4	%		172		0.3	%		177		0.3	%		182		0.3	%		188		0.3	%		193		0.3	%
FF&E Reserve (3)			2,183		5.0	%		2,196		5.0	%		2,347		5.0	%		1,980		4.0	%		2,056		4.0	%		2,140		4.0	%		2,217		4.0	%		2,302		4.0	%
Total Fixed Expenses			11,047		25.3	%		11,023		25.1	%		11,901		25.4	%		11,860		24.0	%		12,812		24.9	%		13,322		24.9	%		13,799		24.9	%		14,321		24.9	%
Net Operating Income		$	9,777		22.4	%	$	9,775		22.3	%	$	9,117		19.4	%	$	11,817		23.9	%	$	11,928		23.2	%	$	12,617		23.6	%	$	13,213		23.8	%	$	13,901		24.2	%
Cash Flow Before Incentive Mgt. Fees		$	12,219		28.0	%	$	12,195		27.8	%	$	11,396		24.3	%	$	14,164		28.6	%	$	14,911		29.0	%	$	15,771		29.5	%	$	16,516		29.8	%	$	17,376		30.2	%
Debt Service (4)			8,093		18.5	%		3,093		7.0	%		3,093		6.6	%		5,672		11.5	%		5,672		11.0	%		5,672		10.6	%		5,672		10.2	%		5,672		9.9	%
Cash Available for Incentive Fees and WHLP			4,127		9.5	%		9,102		20.7	%		8,303		17.7	%		8,492		17.2	%		9,239		18.0	%		10,099		18.9	%		10,845		19.6	%		11,704		20.3	%
Cash Account:
	Beginning Balance (6)		26,401		60.5	%		27,126		61.8	%		29,763		63.4	%
	Plus: Net Operating Income		9,777		22.4	%		9,775		22.3	%		9,117		19.4	%
	Plus: Accrued Incentive Fee (7)		2,443		5.6	%		0		0.0	%		0		0.0	%
	Less: Debt Service (4)		7,450		17.1	%		3,093		7.0	%		3,093		6.6	%
	Less: CAPEX above FF&E Reserve (8)		0		0.0	%		0		0.0	%		0		0.0	%
	Less: WHLP A&G Expenses (8)		400		0.9	%		400		0.9	%		400		0.9	%
	Less: Quarterly Distributions (5)		3,645		8.3	%		3,645		8.3	%		3,645		7.8	%
	Ending Balance		27,126		62.1	%		29,763		67.8	%		31,742		67.6	%

JONES LANG
LASALLE HOTELS_TM

21

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIO II STATEMENT OF PROJECTED CASH FLOWS FOOTNOTES

(1)	2003-2005 is based on the Reforecast as of 4/1/03 provided by The Westin Michigan Avenue.
(2)	Incentive Fees are based on Net Cash Flow after debt service and owner required returns as specified in the Management Agreement. 2003-2005 Incentive Fees are based on the Property’s Reforecast and Projections as of 4/1/03 provided by The Westin Michigan Avenue.
(3)	FF&E Reserves are estimated to be 5% of Total Revenues from 1/1/03 through 8/31/03, as dictated by the existing Chicago FF&E & Escrow Agreement. Beginning in 9/1/03, FF&E Reserves are projected by JLLH to be 4% of Total Revenues, which reflects new lender terms.
(4)	Debt Service from 1/1/03 through 8/31/03 assumes the existing TRST Debt Service of approximately $1.5 million ($773,152 per quarter), as indicated in the WHLP 10K 12/31/02 SEC Filing added to the new first mortgage debt service of 912,000 million for 9/1/03 through 12/31/03. Debt service from 1/1/03 through 8/31/03 includes one $5 million principal prepayment of the TRST made on 3/1/03. Debt Service as of 9/1/03 through 12/31/05 is based on $75 million in financing proceeds, interest only, 150 bps LIBOR base, 215 bps spread with 50 bps annual increases. In order to project Incentive Fees, refinancing Debt Service approximately $5.7 million, $70 million in new debt financing proceeds, all-in interest rate of 6.5% and 25 year amortization.
(5)	Existing TRST annual debt service payment as indicated in the TRST Second Amendment Note Schedule in the WHLP 10Q 6/30/97 SEC Filing. (See Appendix)
(6)	Based on The Westin Michigan Avenue Capital Plan as of 5/1/02 provided by Westin Realty Corp. (See Appendix) .
(7)	Quarterly Distributions are based on a per unit $6.72 payout per quarter or $26.88 per year and a total of 135,600 Limited Partnership Units, based on the 2002 cash distributions reported in the WHLP 10K 12/31/02 SEC Filing.

JONES LANG
LASALLE HOTELS_TM

22

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIO III STATEMENT OF PROJECTED CASH FLOWS

THE WESTIN MICHIGAN AVENUE
STATEMENT OF PROJECTED CASH FLOWS: Q4 2003 $75M REFINANCE and YE 2005 SALE (1)

		2003					2004					2005					2006					2007					2008					2009					2010
Available Hotel Rooms		751					751					751					751					751					751					751					751
Available Room Nights		274,115					274,115					274,115					274,115					274,115					274,866					274,115					274,115
Occupied Room Nights		201,061					199,983					201,439					200,104					200,104					200,652					200,104					200,104
Occupancy		73.3%					73.0%					73.5%					73.0%					73.0%					73.0%					73.0%					73.0%
Average Daily Rate		$150.79					$152.50					$157.92					$169.62					$176.40					$183.46					$190.80					$198.43
Revenues Per Available
Room		$110.60					$111.25					$116.05					$123.82					$128.77					$133.93					$139.28					$144.85
		Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio			Amount		Ratio
REVENUES
Room		$	30,318		69.4	%	$	30,496		69.4	%	$	31,810		67.8	%	$	33,941		68.6	%	$	35,299		68.7	%	$	36,811		68.8	%	$	38,179		68.9	%	$	39,706		69.0	%
Food & Beverage			9,488		21.7	%		9,518		21.7	%		11,066		23.6	%		11,378		23.0	%		11,777		22.9	%		12,222		22.8	%		12,616		22.8	%		13,057		22.7	%
Telephone			1,222		2.6	%		1,155		2.6	%		1,007		2.1	%		1,036		2.1	%		1,072		2.1	%		1,112		2.1	%		1,148		2.1	%		1,188		2.1	%
Minor Operating Depts			53		0.1	%		66		0.1	%		81		0.2	%		83		0.2	%		86		0.2	%		89		0.2	%		92		0.2	%		95		0.2	%
Rent & Other Income			2,675		6.1	%		2,683		6.1	%		2,968		6.3	%		3,051		6.2	%		3,157		6.1	%		3,277		6.1	%		3,382		6.1	%		3,501		6.1	%
Total Revenues			43,656		100.0	%		43,918		100.0	%		46,933		100.0	%		49,489		100.0	%		51,391		100.0	%		53,512		100.0	%		55,417		100.0	%		57,548		100.0	%
DEPARTMENTAL EXPENSES
Room			7,214		23.8	%		7,244		23.8	%		7,635		24.0	%		7,811		23.0	%		8,046		22.8	%		8,310		22.6	%		8,536		22.4	%		8,792		22.1	%
Food & Beverage			7,053		74.3	%		7,188		75.5	%		8,300		75.0	%		8,306		73.0	%		8,597		73.0	%		8,922		73.0	%		9,209		73.0	%		9,532		73.0	%
Telephone			407		36.3	%		414		35.9	%		373		37.0	%		362		35.0	%		375		35.0	%		389		35.0	%		402		35.0	%		416		35.0	%
Minor Operating Depts			61		114.9	%		41		62.0	%		47		58.0	%		46		55.0	%		47		55.0	%		49		56.0	%		51		55.0	%		52		55.0	%
Rent & Other Departmental Exp			287		10.7	%		286		10.7	%		300		10.1	%		309		10.1	%		318		10.1	%		318		9.7	%		318		9.4	%		318		9.1	%
Total Departmental Expenses			15,022		34.4	%		15,173		34.5	%		16,653		35.5	%		16,834		34.0	%		17,383		33.8	%		17,988		33.6	%		18,515		33.4	%		19,110		33.2	%
Gross Operating Income			28,634		65.6	%		28,745		65.5	%		30,279		64.5	%		32,654		66.0	%		34,008		66.2	%		35,524		66.4	%		38,902		66.6	%		38,438		66.8	%
UNDISTRIBUTED EXPENSES
Administrative & General			2,751		6.3	%		2,819		6.4	%		3,270		7.0	%		3,369		6.8	%		3,470		6.8	%		3,574		6.7	%		3,681		6.6	%		3,792		6.6	%
Advertising & Marketing			2,308		5.3	%		2,416		5.5	%		2,941		6.3	%		2,474		5.0	%		2,570		5.0	%		2,676		5.0	%		2,771		5.0	%		2,877		5.0	%
Repairs & Maintenance			1,615		3.7	%		1,605		3.7	%		1,830		3.9	%		1,885		3.8	%		1,942		3.8	%		2,000		3.7	%		2,060		3.7	%		2,122		3.7	%
Utilities			1,137		2.6	%		1,107		2.5	%		1,220		2.6	%		1,249		2.5	%		1,286		2.5	%		1,335		2.5	%		1,378		2.5	%		1,426		2.5	%
Total Undistributed Expenses			7,810		17.9	%		7,947		18.1	%		9,262		19.7	%		8,977		18.1	%		9,267		18.0	%		9,585		17.9	%		9,890		17.8	%		10,217		17.8	%
Gross Operating Profit			20,824		47.7	%		20,798		47.4	%		21,017		44.8	%		23,677		47.8	%		24,740		48.1	%		25,939		48.5	%		27,012		48.7	%		28,221		49.0	%
FIXED EXPENSES
Base Management Fee			1,528		3.5	%		1,537		3.5	%		1,643		3.5	%		1,732		3.5	%		1,799		3.5	%		1,873		3.5	%		1,940		3.5	%		2,014		3.5	%
Incentive Management Fee (2)			2,443		5.6	%		2,420		5.5	%		2,279		4.9	%		2,348		4.7	%		2,982		5.8	%		3,154		5.9	%		3,303		6.0	%		3,475		6.0	%
Real Estate Taxes			4,264		9.8	%		4,334		9.9	%		5,012		10.7	%		5,163		10.4	%		5,318		10.3	%		5,477		10.2	%		5,641		10.2	%		5,811		10.1	%
Insurance			387		0.9	%		392		0.9	%		453		1.0	%		467		0.9	%		481		0.9	%		495		0.9	%		510		0.9	%		525		0.9	%
Leases & Other			243		0.6	%		144		0.3	%		167		0.4	%		172		0.3	%		177		0.3	%		182		0.3	%		188		0.3	%		193		0.3	%
FF&E Reserve (3)			2,183		5.0	%		2,196		5.0	%		2,347		5.0	%		1,980		4.0	%		2,056		4.0	%		2,140		4.0	%		2,217		4.0	%		2,302		4.0	%
Total Fixed Expenses			11,047		25.3	%		11,023		25.1	%		11,901		25.4	%		11,860		24.0	%		12,812		24.9	%		13,322		24.9	%		13,799		24.9	%		14,321		24.9	%
Net Operating Income		$	9,777		22.4	%	$	9,775		22.3	%	$	9,117		19.4	%	$	11,817		23.9	%	$	11,928		23.2	%	$	12,617		23.6	%	$	13,213		23.8	%	$	13,901		24.2	%
Cash Flow Before Incentive Mgt. Fees		$	12,219		28.0	%	$	12,195		27.8	%	$	11,396		24.3	%	$	14,164		28.6	%	$	14,911		29.0	%	$	15,771		29.5	%	$	16,516		29.8	%	$	17,376		30.2	%
Debt Service (4)			7,971		18.3	%		3,113		7.1	%		3,488		7.4	%		5,672		11.5	%		5,672		11.0	%		5,672		10.6	%		5,672		10.2	%		5,672		9.9	%
Cash Available for Incentive Fees and WHLP			4,248		9.7	%		9,082		20.7	%		7,908		16.9	%		8,492		17.2	%		9,239		18.0	%		10,099		18.9	%		10,845		19.6	%		11,704		20.3	%
Cash Account:
	Beginning Balance (6)		26,401		60.5	%		27,247		62.0	%		29,865		63.6	%
	Plus: Net Operating Income		9,777		22.4	%		9,775		22.3	%		9,117		19.4	%
	Plus: Accrued Incentive Fee (7)		2,443		5.6	%		0		0.0	%		181		0.4	%
	Less: Debt Service (4)		7,328		16.8	%		3,113		7.1	%		3,488		7.4	%
	Less: CAPEX above FF&E Reserve (8)		0		0.0	%		0		0.0	%		0		0.0	%
	Less: WHLP A&G Expenses (8)		400		0.9	%		400		0.9	%		400		0.9	%
	Less: Quarterly Distributions (5)		3,645		8.3	%		3,645		8.3	%		3,645		7.8	%
	Ending Balance		27,247		62.4	%		29,865		68.0	%		31,630		67.4	%

JONES LANG
LASALLE HOTELS_TM

23

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIO III STATEMENT OF PROJECTED CASH FLOWS FOOTNOTES

(1)	2003-2005 is based on the budget as of 41/03 provided by The Westin Michigan Avenue. (See Appendix)
(2)	Incentive Fees are based on Net Cash Flow after debt service and owner required returns as specified in the Management Agreement. 2003-2005 Incentive Fees are based on the Property’s Reforecast and Projections as of 4/1/03 provided by The Westin Michigan Avenue.
(3)	FF&E Reserves are estimated to be 5% of Total Revenues for Q1 and Q4 2003, as dictated by the FF&E Escrow Agreement. Beginning in Q4 2003, FF&E Reserves are projected by JLLH to be 4% of Total Revenues, which reflects new lender terms and concurrent with industry standards.
(4)	Debt Service Q1 through Q3 2003 Debt Service assumes existing TRST Debt Service of approximately $2.1 million ($773,152 per quarter), as indicated in the WHLP 10K 12/31/01 SEC Filing added to Debt Service of 0.9 million for Q4 2003. Debt service in Q1 through Q3 2003 includes one $5 million principal prepayment of the TRST debt made on 3/1/03. Debt Service beginning in Q4 2003 through year-end 2005 is based on $75 million in financing proceeds, interest only, financing proceeds, all-in interest rate of 6.5% and 25 year amortization.
(5)	Based on the WHLP 10K 12/31/02 SEC Filing and a reconciliation by Westin Realty Corp.
(6)	Existing TRST annual debt service payment as indicated in the TRST Second Amendment Note Schedule in the WHLP 10Q 6/30/97 SEC Filing. (See Appendix)
(7)	Based on The Westin Michigan Avenue 2002 Capital Plan as of 12/31/02, provided by The Westin Michigan Avenue and the Capital Plan as of 4/1/02 provided by Westin Realty Corp. (See Appendix)
(8)	Annual WHLP administrative costs provided by Westin Realty Corp.
(9)	Quarterly Distributions are based on a per unit $6.72 payout per quarter or $26.88 per year and a total of 135,600 Limited Partnership Units, based on the 2001 cash distributions reported in the WHLP 10K 12/31/01 SEC Filing.

JONES LANG
LASALLE HOTELS_TM

24

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

SCENARIOS II and III YE 2005 SALE PROCEEDS (VALUATION MATRIX)

THE WESTIN MICHIGAN AVENUE
ASSET VALUE ANALYSIS (000s): Q2 2003 $75M REFINANCE and YE 2005 SALE

	2006			2007			2008			2009			2010		2011
Net Cash Flow from Operations	$	11,817		$	11,928		$	12,617		$	13,213		$	13,901	$	14,387
													2011 Net Cash Flow		$	14,387
													Terminal Cap Rate:			12.0	%
													2010 Residual Value:		$	119,892
													Less Closing Costs (2.0%)			($2,398	)
													Net Reversion Proceeds:		$	117,494
Cash Flow to Investor	$	11,817		$	11,928		$	12,617		$	13,213		$	131,395
Cash on Cash Return		10.9	%		11.0	%		11.7	%		12.2	%

	13.0%		Midpoint Valuation Summary	Gross $		%
Number of Rooms		751	PV Residual	$	63,771		59.1	%
			PV Income Stream	$	44,192		40.9	%
			Present Value	$	107,963		100.0	%

Valuation Matrix ($000’S / $ Per Room/ Going in Yield on Year 1)

	Terminal Cap Rate
Discount
Rate	11.50%			11.75%			12.00%			12.25%			12.50%
	$	114,893		$	113,413		$	111,994		$	110,634		$	109,328
12.0%	$	152,987		$	151,016		$	149,127		$	147,315		$	145,576
		10.3	%		10.4	%		10.6	%		10.7	%		10.8	%
	$	112,788		$	111,341		$	109,953		$	108,623		$	107,345
12.5%	$	150,184		$	148,257		$	156,409		$	144,638		$	142,937
		10.5	%		10.6	%		10.7	%		10.9	%		11.0	%
	$	110,735		$	109,320		$	107,963		$	106,661		$	105,412
13.0%	$	147,451		$	145,565		$	143,759		$	142,026		$	140,362
		10.7	%		10.8	%		10.9	%		11.1	%	$	11.2	%
	$	108,733		$	107,348		$	106,021		$	104,748		$	103,525
13.5%	$	144,784		$	142,940		$	141,172		$	139,477		$	137,850
		10.9	%		11.0	%		11.1	%		11.3	%		11.4	%
	$	106,779		$	105,424		$	104,126		$	102,880		$	101,685
14.0%	$	142,182		$	140,378		$	138,649		$	136,991		$	135,399
		11.1	%		11.2	%		11.3	%		11.5	%		11.6	%

Source: JLLH

JONES LANG
LASALLE HOTELS_TM

25

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

CASH ACCOUNT BALANCE AS OF 12/31/02

Cash Account Balance as of 12.31.02

	Balance:			Source:
Total Cash Available	$	39,236,000		WHLP 10-K
Less: Current liabilities @12/31/02		($11,214,000	)	WHLP 10-K
Less: Restricted Cash included in cash balance		($3,143,000	)	WHLP 10-K
Add: Refund of restricted FF&E reserve	$	1,522,000		WHLP 10-K
Add: Restricted cash used to pay current liabilities (taxes)		–
Net Cash available	$	26,401,000

Source: WHLP 10K 12/31/02 SEC Filing and Westin Realty Corp.

JONES LANG
LASALLE HOTELS_TM

26

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

THE WESTIN MICHIGAN AVENUE 2003 REFORECAST AS OF 4/1/03

USER ID: 5071CON0
CURRENCY: USD SLC OPERATING LIMITED PARTNERSHIP
#5071, CHICAGO-WESTIN MICHIGAN A
SUMMARY INCOME STATEMENT DATE: 04/16/2003 TIME: 08:46:41

               2003

	Actuals/Current Forecast
	January		February		March		April		May		June		July
AVAILABLE ROOMS		23,281		21,028		23,281		22,530		23,281		22,530		23,281
OCCUPIED ROOMS		13,935		12,504		16,784		17,144		18,848		20,000		18,622
% OF OCCUPANCY		59.9		59.5		72.1		76.1		81		88.8		80
AVERAGE RATE		122.83		117.74		143.18		149.91		161.81		170.07		149.42
REVPAR		73.52		70.01		103.22		114.07		131		150.97		119.52
REVENUE
ROOMS		1,711,590		1,472,208		2,403,119		2,570,085		3,049,774		3,401,437		2,782,576
FOOD & BEVERAGE		474,830		483,595		821,811		659,533		1,074,065		976,213		674,802
TELECOMMUNICATION		67,260		55,635		87,708		88,678		105,422		111,099		110,194
MINOR OPERATING DEPT		2,309		1,331		3,262		3,471		3,811		4,038		6,017
RENT & OTHER		228,073		184,183		195,123		227,075		240,096		250,001		237,547
TOTAL REVENUE		2,484,062		2,196,952		3,511,022		3,548,842		4,473,167		4,742,789		3,811,136
DEPT PROFIT
ROOMS		1,144,023		1,009,765		1,835,663		1,949,566		2,340,242		2,667,730		2,167,427
FOOD & BEVERAGE		39,723		75,013		248,294		133,386		338,622		290,447		105,612
TELECOMMUNICATION		34,005		15,637		61,161		56,545		67,783		68,967		76,782
MINOR OPERATING DEPT		-414		-3,327		-1,741		-1,890		-2,345		-2,273		-16
RENT & OTHER		207,082		165,602		172,938		201,574		213,593		222,077		211,358
TOTAL DEPT PROFIT		1,424,418		1,262,690		2,316,316		2,339,182		2,957,896		3,246,948		2,561,163
UNDISTRIBUTED DEPTS
ADMINISTRATIVE & GEN		189,385		144,474		122,244		158,633		171,554		211,059		168,264
CR CARD COMMISSION		50,332		36,619		51,595		61,395		77,386		82,050		65,933
MARKETING		176,457		78,706		182,345		213,236		224,476		241,588		210,961
REPAIRS & MAINTENANCE		151,142		133,100		123,443		141,200		131,683		133,457		138,546
ENERGY		85,503		111,458		120,990		85,368		81,023		98,390		105,453
TOTAL UNDISTRIBUTED DEPTS		652,818		504,357		600,618		659,833		686,122		766,544		689,156
GROSS OPER PROFIT		771,599		758,333		1,715,698		1,679,349		2,271,774		2,480,403		1,872,008
MGMT FEE BASE		86,942		76,893		122,886		124,209		156,561		165,998		133,390
MGMT FEE INCENTIVE		203,523		204,688		205,874		203,172		203,172		203,172		203,172
INCOME BEF FIXED CHG		481,134		476,752		1,386,938		1,351,968		1,912,041		2,111,234		1,535,446
RENT TAXES & INSURANCE		402,348		400,384		345,507		451,789		410,886		459,736		408,161
INTEREST		206,432		206,462		205,384		205,384		205,384		204,314		204,314
OWNERS EXPENSE				-1,515		2,059
INCOME BEF DEPR		-127,646		-128,549		833,989		694,796		1,295,771		1,447,183		922,970
DEPR, AMORT & OTHER		799,979		799,979		799,979		799,979		799,979		799,979		799,979
INCOME BEF TAXES		-927,624		-928,528		34,010		-105,183		495,792		647,204		122,991
INCOME AFT TAXES		-927,624		-928,528		34,010		-105,183		495,792		647,204		122,991
ADD: INTEREST		206,432		206,432		205,384		205,384		205,384		204,314		204,314
ADD: DEPR, AMORT & OTHER		799,979		799,979		799,979		799,979		799,979		799,979		799,979
EBITDA		78,787		77,883		1,039,372		900,179		1,501,155		1,651,498		1,127,285

[Additional columns below]

[Continued from above table, first column(s) repeated]

	Actuals/Current Forecast
	August		September		October		November		December		Total		%
AVAILABLE ROOMS		23,281		22,530		23,281		22,530		23,281		274,115
OCCUPIED ROOMS		16,993		17,919		19,609		15,772		12,931		201,061
% OF OCCUPANCY		73		79.5		84.2		70		55.5		73.3
AVERAGE RATE		139.39		160.7		179.97		152.31		135.19		150.79
REVPAR		101.74		127.81		151.58		106.63		75.09		110.6
REVENUE
ROOMS		2,368,575		2,879,614		3,529,024		2,402,276		1,748,177		30,318,455		69.4
FOOD & BEVERAGE		647,826		932,265		1,120,307		767,470		854,956		9,487,672		21.9
TELECOMMUNICATION		100,736		106,385		116,786		94,196		78,036		1,122,135		2.6
MINOR OPERATING DEPT		5,503		6,516		7,129		5,588		4,200		53,176		0.1
RENT & OTHER		228,699		237,752		237,300		208,200		200,696		2,674,744		6
TOTAL REVENUE		3,351,339		4,162,532		5,010,545		3,477,730		2,886,065		43,656,182		100
DEPT PROFIT
ROOMS		1,813,333		2,273,387		2,804,558		1,818,594		1,279,763		23,104,052		76.2
FOOD & BEVERAGE		107,957		290,092		358,892		184,570		261,959		2,434,567		25.5
TELECOMMUNICATION		69,887		74,003		81,533		63,380		45,276		714,959		63
MINOR OPERATING DEPT		-915		452		1,036		1,329		2,204		-7,898		-1
RENT & OTHER		204,516		212,440		209,861		185,557		181,607		2,388,204		89.2
TOTAL DEPT PROFIT		2,194,778		2,850,373		3,455,881		2,253,430		1,770,809		28,633,884		65.4
UNDISTRIBUTED DEPTS
ADMINISTRATIVE & GEN		161,870		174,118		169,647		157,959		169,378		1,998,585		4.6
CR CARD COMMISSION		57,978		72,012		86,682		60,165		49,929		752,076		1.7
MARKETING		181,483		206,183		242,271		182,986		167,517		2,308,208		5.3
REPAIRS & MAINTENANCE		137,722		128,502		131,583		129,364		134,821		1,614,563		3.7
ENERGY		104,554		92,420		77,818		84,245		89,355		1,136,576		2.6
TOTAL UNDISTRIBUTED DEPTS		643,607		673,235		708,002		614,718		611,000		7,810,010		17.9
GROSS OPER PROFIT		1,551,172		2,177,139		2,747,879		1,638,712		1,159,809		20,823,875		47.6
MGMT FEE BASE		117,297		145,689		175,369		121,721		101,012		1,527,966		3.5
MGMT FEE INCENTIVE		203,172		203,172		203,172		203,172		203,172		2,442,633		5.6
INCOME BEF FIXED CHG		1,230,703		1,828,278		2,369,338		1,313,819		855,624		16,853,275		38.5
RENT TAXES & INSURANCE		406,269		384,608		413,098		406,789		404,353		4,893,928		11
INTEREST		204,314		203,223		203,223		203,223		202,110		2,453,738		5.6
OWNERS EXPENSE												544		0
INCOME BEF DEPR		620,120		1,240,447		1,753,017		703,807		249,161		9,505,066		21.9
DEPR, AMORT & OTHER		799,979		799,979		799,979		799,979		799,979		9,599,747		21.8
INCOME BEF TAXES		-179,859		440,468		953,038		-96,172		-550,818		-94,681		0.1
INCOME AFT TAXES		-179,859		440,468		953,038		-96,172		-550,818		-94,681		0.1
ADD: INTEREST		204,314		203,223		203,223		203,223		202,110		2,453,738		5.6
ADD: DEPR, AMORT & OTHER		799,979		799,979		799,979		799,979		799,979		9,599,747		21.8
EBITDA		824,434		1,443,670		1,956,240		907,030		451,271		11,958,804		27.4

Source: The Westin Michigan Avenue

JONES LANG
LASALLE HOTELS_TM

27

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

THE WESTIN MICHIGAN AVENUE 2004–2005 PROJECTIONS AS OF 4/1/03

STARWOOD HOTELS & RESORTS WORLDWIDE
2003 Forecast Year-End — CHICAGO-WESTIN MICHIGAN A (5071)

			2004		2005
			Total		Total
STATISTICS
	Available Rooms			274,115		274,115
	Occupied Rooms			199,983		201,439
	Percentage of Occupancy			73		73.5
	Average Rate			152.5		157.92
	RevPar			111.25		116.05
REVENUE
	Rooms			30,496,499		31,810,424
	Food & Beverage			9,518,058		11,066,202
	Telecommunication			1,154,827		1,007,195
	Minor Operating Dept			65,861		80,576
	Rent & Other			2,682,733		2,968,200
		TOTAL REVENUE		43,917,978		46,932,597
DEPT PROFIT
	Rooms			23,252,382		24,175,922
	Food & Beverage			2,330,419		2,766,550
	Telecommunication			740,780		634,533
	Minor Operating Dept			25,036		33,842
	Rent & Other			2,396,241		2,668,412
		TOTAL DEPT PROFIT		28,744,858		30,279,259
UNDISTRIBUTED DEPTS
	Administrative & Gen			2,058,893		2,449,021
	Cr Card Commission			759,781		821,320
	Marketing			2,416,196		2,940,950
	Repairs & Maintenance			1,604,562		1,830,371
	Energy			1,107,231		1,220,248
		TOTAL UNDISTRIBUT		7,946,663		9,261,910
GROSS OPER PROFIT				20,798,194		21,017,349
	Mgmt Fee Base			1,537,129		1,642,641
	Mgmt Fee Incentive			2,419,524		2,279,150
INCOME BEF FIXED CHG				16,841,541		17,095,558
	Rent Taxes & Insurance			4,870,449		5,632,326
	Interest			2,453,738		2,549,304
	Owners Expense			0		0
INCOME BEF DEPR/AMO				9,517,354		8,913,928
	Depr & Amort			8,580,000		0
INCOME BEF TAXES				937,354		8,913,928
INCOME AFT TAXES				937,354		8,913,928
	ADD: Interest			2,453,738		2,549,304
	ADD: Depr & Amort			8,580,000		0
EBITDA				11,971,092		11,463,232
Occupied Rooms
	Transient			97,678		96,697
	Group			84,735		87,448
	Contracted			17,570		17,294
Average Rate
	Transient			144.16		151.52
	Group			172.33		175.42
	Contracted			75.73		82.98
Inclusions: 5071

Source: The Westin Michigan Avenue

JONES LANG
LASALLE HOTELS_TM

28

DRAFT

THE WESTIN
MICHIGAN AVENUE
Chicago

THE WESTIN MICHIGAN AVENUE CAPITAL PLAN AS OF 5/1/02

Name	Westing Michigan Avenue	0	%
Property No	5071

					USD (Thousands)
																			TOTAL
1.1.0		EXPENDITURE SUMMARY			2002		2003		2004		2005		2006		2007		2008		02-08
	1.1.1	RENOVATION — ROOMS AND CORRIDORS				—		—		—		—		—		—		—		—
	1.1.2	RENOVATION — PUBLIC AREAS/MTG SPACE				2,152		750		—		—		—		—		—		2,902
	1.1.3	RENOVATION — F&B OUTLETS				245		—		—		—		—		—		—		245
			Subtotal Renovations			2,397		750		—		—		—		—		—		3,147
	1.1.4
	1.1.5
	1.1.6	OPERATING EQUIPMENT				50		50		50		50		50		50		50		350
	1.1.7	BRAND STANDARDS				102		—		—		—		—		—		—		102
	1.1.8	REGULATORY / LIFESAFETY				656		444		—		—		—		—		—		1,100
	1.1.9	BUILDING CUSTODIAL				357		322		665		350		350		—		—		2,044
	1.1.10	PROPERTY IT				147		35		195		125		25		195		25		747
			Subtotal Custodial Maintenance & IT			1,312		851		910		525		425		245		75		4,343
	1.1.11			TOTAL EXPENDITURES		3,709		1,601		910		525		425		245		75		7,490

Source: Westin Realty Corp.

JONES LANG
LASALLE HOTELS_TM

29