We have substantially and successfully concluded our asset disposition plan and intend to promptly apply these proceeds to repay our senior unsecured notes. These actions will significantly improve our financial flexibility and interest coverage, providing...

Our management team remained focused and active in early 2006. We have taken several actions since year end that will greatly accelerate our capital structure improvement and provide a stronger platform for future growth.

Following the completion of the Blackstone transaction, we will have sold 25 assets for $586 million since the beginning of 2005. This group of 25 properties contributed over $30 million in adjusted EBITDA2 for the...

With our focus on upscale, full-service brands in major urban markets, we benefited fully from the continuing growth in transient business demand and the increased competitive strength of our portfolio. We are encouraged that the...

The benefits of our renovation program are accelerating. By the end of 2005, nearly every property in our portfolio had significant renovation work completed within the past two years. We believe that our portfolio of...

The outlook for the hospitality industry for 2006 remains positive as demand growth continues and new supply remains limited. Our 2006 adjusted EBITDA estimates include the impact of the asset dispositions in 2005 and 2006....

Results from all three of our recent investments have exceeded our initial expectations and contributed significantly to our excellent 2005 results.

As Blackstone started to look at some of our assets they made an offer for the whole company which we felt was very attractive.