

							Additions, (Dispositions),
							(Impairments)
			Initial Cost				Subsequent to Acquisition				Gross Amount at December 31, 2015
					Buildings &				Buildings &				Buildings &		Accumulated		Net
	Hotel and Location	Encumbrance	Land		Improvements		Land		Improvements		Land		Improvements		Depreciation		Book Value
Comfort Inn
	Chambersburg, Pennsylvania	MS	$	89	$	2,346	$	-	$	492	$	89	$	2,838	$	(1,506)	$	1,421
	Farmville, Virginia	MS		254		2,162		-		645		254		2,807		(1,682)		1,379
	Harlan, Kentucky	GE		-		2,949		-		844		-		3,793		(1,899)		1,894
	New Castle, Pennsylvania	MS		57		4,101		-		805		57		4,906		(2,555)		2,408
	Rocky Mount, Virginia	MS		194		2,162		-		688		194		2,850		(1,328)		1,716
	Shelby, North Carolina	MS		254		2,782		-		1,722		254		4,504		(2,521)		2,237
	Alexandria, Virginia	SOLD		2,500		9,373		(2,500)		(9,373)		-		-		-		-
	Glasgow, Kentucky	GE		500		2,456		(20)		544		480		3,000		(968)		2,512

Super 8
	Creston, Iowa	MS		56		841		90		2,438		146		3,279		(2,112)		1,313
	O'Neill, Nebraska	MS		75		667		46		1,184		121		1,851		(1,196)		776
	Lincoln, Nebraska (Cornhusker)	GWB		226		1,069		272		1,853		498		2,922		(1,990)		1,430
	Keokuk, Iowa	MS		55		643		71		609		126		1,252		(977)		401
	Iowa City, Iowa	MS		227		1,280		-		589		227		1,869		(1,478)		618
	Kirksville, Missouri	GWB		151		830		-		403		151		1,233		(935)		449
	Burlington, Iowa	MS		145		867		-		389		145		1,256		(897)		504
	Hays, Kansas	SOLD		318		1,134		(318)		(1,133)		-		-		-		-
	Pittsburg, Kansas	MS		130		852		-		523		130		1,375		(806)		699
	Manhattan, Kansas	SOLD		262		1,254		(262)		(1,254)		-		-		-		-
	Mt. Pleasant, Iowa	MS		86		536		22		544		108		1,080		(784)		404
	Storm Lake, Iowa	MS		90		819		41		623		131		1,442		(950)		623
	West Plains, Missouri	SOLD		112		861		(112)		(861)		-		-		-		-



							Additions, (Dispositions),
							(Impairments)
			Initial Cost				Subsequent to Acquisition				Gross Amount at December 31, 2015
					Buildings &				Buildings &				Buildings &		Accumulated		Net
	Hotel and Location	Encumbrance	Land		Improvements		Land		Improvements		Land		Improvements		Depreciation		Book Value
Super 8 (continued)
	Batesville, Arkansas	SOLD		81		811		(81)		(811)		-		-		-		-
	Portage, Wisconsin	MS		203		1,839		-		392		203		2,231		(1,289)		1,145
	Tomah, Wisconsin	SOLD		212		2,080		(212)		(2,080)		-		-		-		-
	Menomonie, Wisconsin	MS		452		2,398		-		483		452		2,881		(1,544)		1,789
	Billings, Montana	GE		518		4,807		-		329		518		5,137		(1,372)		4,283
	Columbus, Georgia	SOLD		441		4,173		(441)		(4,173)		-		-		-		-
	Green Bay, Wisconsin	SOLD		570		2,784		(570)		(2,784)		-		-		-		-

Supertel Inn
	Creston, Iowa	GWB		235		2,708		-		45	-	235		2,753		(945)		2,043

Quality Inn
	Danville, Kentucky	MS		156		2,971		-		786	-	156		3,757		(2,152)		1,761
	Sheboygan, Wisconsin	SOLD		287		1,717		(287)		(1,717)	-	-		-		-		-
	Culpeper, Virginia	MS		182		2,143		-		680	-	182		2,823		(1,432)		1,573
	Morgantown, West Virginia	MS		398		3,854		-		1,204	-	398		5,058		(2,515)		2,941
	Princeton, West Virginia	MS		388		1,775		-		870	-	388		2,645		(1,396)		1,637
	Solomons, Maryland	GE		2,304		2,988		-		2,201	-	2,304		5,189		(3,524)		3,969

Clarion
	Cleveland, Tennessee	MS		213		2,370		-		1,119		213		3,489		(2,078)		1,624

Sleep Inn
	Omaha, Nebraska	SOLD		400		3,276		(400)		(3,276)		-		-		-		-



							Additions, (Dispositions),
							(Impairments)
			Initial Cost				Subsequent to Acquisition				Gross Amount at December 31, 2015
					Buildings &				Buildings &				Buildings &		Accumulated		Net
	Hotel and Location	Encumbrance	Land		Improvements		Land		Improvements		Land		Improvements		Depreciation		Book Value
Rodeway Inn
	Fayetteville, North Carolina	SOLD		725		3,911		(725)		(3,911)		-		-		-		-
	Fayetteville Car Wash, North Carolina	SOLD		-		164		-		(164)		-		-		-		-

Comfort Suites
	Ft. Wayne, Indiana	HUNT		1,200		4,804		-		1,405	-	1,200		6,209		(2,326)		5,083
	Lafayette, Indiana	HUNT		850		3,474		-		601	-	850		4,075		(1,458)		3,467
	Marion, Indiana	HUNT		430		1,945		-		887	-	430		2,832		(1,106)		2,156
	South Bend, Indiana	GE		500		11,512		(250)		(2,989)	-	250		8,523		(1,345)		7,428
	Warsaw, Indiana	HUNT		650		2,501		-		637	-	650		3,138		(1,152)		2,636

Days Inn
	Farmville, Virginia	MS		385		1,968		-		451	-	385		2,419		(1,393)		1,411
	Alexandria, Virginia	SOLD		2,500		6,544		(2,500)		(6,544)	-	-		-		-		-
	Bossier City, Louisiania	GWB		1,025		5,118		(614)		(2,399)	-	411		2,719		(827)		2,303
	Ashland, Kentucky	SOLD		320		1,303		(320)		(1,303)	-	-		-		-		-
	Glasgow, Kentucky	SOLD		425		2,207		(425)		(2,207)	-	-		-		-		-
	Sioux Falls, Airport	GE		-		2,398		-		(157)	-	-		2,241		(399)		1,842

Hotel Indigo
	Atlanta, Georgia	GE		800		10,239		-		9	-	800		10,248		(142)		10,906

Courtyard by Marriott
	Jacksonville, Florida	GE		2,100		12,008		-		37	-	2,100		12,045		(141)		14,004

SpringHill Suites
	San Antonio, Texas	LAT		1,597		16,003		-		1	-	1,597		16,004		(157)		17,444


							Additions, (Dispositions),
							(Impairments)
			Initial Cost				Subsequent to Acquisition				Gross Amount at December 31, 2015
					Buildings &				Buildings &				Buildings &		Accumulated		Net
	Hotel and Location	Encumbrance	Land		Improvements		Land		Improvements		Land		Improvements		Depreciation		Book Value
Extended Stay-Savannah Suites
	Atlanta, Georgia	GE		1,865		3,998		(982)		(1,820)		883		2,178		(472)	$	2,589
	Augusta, Georgia	SOLD		750		3,816		(750)		(3,816)		-		-		-		-
	Chamblee, Georgia	SOLD		1,650		3,564		(1,650)		(3,564)		-		-		-		-
	Greenville, South Carolina	GE		550		3,408		(255)		(1,405)		295		2,003		(381)		1,917
	Savannah, Georgia	SOLD		1,250		4,053		(1,250)		(4,053)		-		-		-		-

Key West Inns
	Key Largo, Florida	MS		339		3,239		-		1,396		339		4,635		(2,405)		2,569

Hilton Garden Inn
	Dowell, Maryland	CAN		1,400		9,815		-		910		1,400		10,725		(1,262)		10,863

	Subtotal Hotel Properties			34,132		200,670		(14,382)		(32,456)		19,750		168,214		(57,797)		130,167
	Construction in progress			-		-		-		455		-		455		-		455
	Office building			69		1,517		(69)		(1,037)		-		480		(403)		77
	Total		$	34,201	$	202,187	$	(14,451)	$	(33,038)	$	19,750	$	169,149	$	(58,200)	$	130,699

Encumbrance codes refer to the following lenders:


MS	Morgan Stanley	GE	GE Franchise Finance
GWB	Great Western Bank	HUNT	Huntington
LAT	Latitude	CAN	Cantor

See Accompanying Report of Independent Registered Public Accounting Firm



	ASSET BASIS		Total
(a)	Balance at January 1, 2013	$	279,490
	Additions to buildings and improvements		6,585
	Disposition of buildings and improvements		(29,463)
	Impairment loss		(8,144)
	Balance at December 31, 2013		248,468
	Additions to buildings and improvements		3,058
	Disposition of buildings and improvements		(32,646)
	Impairment loss		(4,295)
	Balance at December 31, 2014		214,585
	Additions to buildings and improvements		46,489
	Disposition of buildings and improvements		(65,802)
	Impairment loss		(6,373)
	Balance at December 31, 2015	$	188,899
	ACCUMULATED DEPRECIATION		Total
(b)	Balance at January 1, 2013	$	88,399
	Depreciation for the period ended December 31, 2013		7,294
	Depreciation on assets sold or disposed		(10,523)
	Impairment loss		(1,058)
	Balance at December 31, 2013		84,112
	Depreciation for the period ended December 31, 2014		6,549
	Depreciation on assets sold or disposed		(13,884)
	Impairment loss		(1,374)
	Balance at December 31, 2014		75,403
	Depreciation for the period ended December 31, 2015		5,400
	Depreciation on assets sold or disposed		(19,938)
	Impairment loss		(2,665)
	Balance at December 31, 2015	$	58,200

(c)

The aggregate cost of land, buildings, furniture and equipment for Federal income tax purposes is approximately $198 million (unaudited).

(d)

Depreciation is computed based upon the following useful lives:

Buildings and improvements 15 - 40 years

Furniture and equipment 3 - 12 years

(e)

The Company has mortgages payable on the properties as noted. Additional mortgage information can be found in Note 5 to the consolidated financial statements.