In October 2005, the Company completed the acquisition of the 728-room Hyatt Regency Century Plaza located in Century City, California for $293.0 million. The Company has commenced the renovation of the hotel's guestrooms and the planning for improvements to the public areas.

In December 2005, the Company closed the sale of the 78-room Holiday Inn located in Provo, Utah for gross sale proceeds of $3.7 million.

In January 2006, the Company completed the acquisition of the 284-room Marriott Del Mar located in San Diego, California for approximately $69.0 million.

In January 2006, the Company entered into an agreement to acquire the 444-room Hilton Times Square Hotel located in New York, New York for approximately $242.5 million. The Company expects the closing to occur on March 1, 2006. The Hilton Times Square hotel is part of a mixed-use complex developed by Forest City Ratner. The hotel, which opened in 2000, is surrounded by Broadway theatres, fashion houses, nightclubs, shopping, fine New York restaurants and a number of corporate headquarters. The Hilton Times Square occupies the 21st thru 44th floors of the mixed-use entertainment/retail complex and offers oversized guest rooms (330 sq. ft standard room) with panoramic views. The Company will finance the acquisition primarily through the assumption of $81.0 million of debt due in 2010 with a rate of 5.9% per annum and proceeds from its recently completed equity offering.

In January 2006, the Company entered into a purchase and sale agreement with an unrelated third party to sell the Hollywood Holiday Inn located in Los Angeles, California for approximately $26.0 million. The sale is expected to close in the first quarter of 2006.
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