<SEC-DOCUMENT>0000950123-11-052129.txt : 20110519
<SEC-HEADER>0000950123-11-052129.hdr.sgml : 20110519
<ACCEPTANCE-DATETIME>20110519172352
ACCESSION NUMBER:		0000950123-11-052129
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20110519
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110519
DATE AS OF CHANGE:		20110519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DiamondRock Hospitality Co
		CENTRAL INDEX KEY:			0001298946
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32514
		FILM NUMBER:		11858941

	BUSINESS ADDRESS:	
		STREET 1:		6903 ROCKLEDGE DRIVE
		STREET 2:		SUITE 800
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20817
		BUSINESS PHONE:		240-744-1150

	MAIL ADDRESS:	
		STREET 1:		6903 ROCKLEDGE DRIVE
		STREET 2:		SUITE 800
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20817
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c17660e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="margin-left: 0.25in; width: 7.5in;font-family: 'Times New Roman',Times,serif">
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 OR 15(d) of The Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): May 19, 2011</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>DiamondRock Hospitality Company</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="32%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD nowrap align="center" valign="top"><B>Maryland
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>001-32514
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>20-1180098</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(State or other jurisdiction<BR>
of incorporation)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Commission File Number)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(IRS Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
<TD width="48%">&nbsp;</TD>
<TD width="2%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TD align="center" valign="top"><B>3 Bethesda Metro Center,<BR>
Suite 1500 Bethesda, MD
</B></TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top"><B>&nbsp;<BR>20814</B></TD>
</TR>
<TR style="font-size: 1px">
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
<TD valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">(Address of principal executive offices)
</TD>
<TD>&nbsp;</TD>
<TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: <B>(240) 744-1150</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B></B></DIV>

<DIV align="center" style="font-size: 10pt"><FONT style="border-top: 1px solid #000000">(Former name or former address, if changed since last report.)</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>

<TR>
<TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT face="wingdings" size="2">&#111;</FONT></TD>
<TD width="1%">&nbsp;</TD>
<TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio --> </DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>ITEM 7.01. Regulation&nbsp;FD Disclosure</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On May&nbsp;19, 2011, an affiliate of
DiamondRock Hospitality Company (the &#147;Company&#148;) completed its acquisition of the JW Marriott
Denver Cherry Creek (the &#147;Hotel&#148;) for a contractual purchase price of $72.6 million. The
Company financed the acquisition with corporate cash and the assumption of debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company issued a press release announcing
the completion of the acquisition of the Hotel. A copy of that press release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K and is incorporated by reference herein.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The information in this Item&nbsp;7.01, including Exhibit&nbsp;99.1 attached hereto, shall not be deemed
&#147;filed&#148; for any purpose, including for purposes of Section&nbsp;18 of the Securities Exchange Act of
1934 (the &#147;Exchange Act&#148;), or otherwise subject to the liabilities of that Section, nor shall it be
deemed incorporated by reference into any filing under the Securities Act of 1933 or the Exchange
Act, regardless of any general incorporation language in such filing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>ITEM 9.01. Financial Statements and Exhibits.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>(d)&nbsp;Exhibits.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">See Index to Exhibits attached hereto.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">DIAMONDROCK HOSPITALITY COMPANY<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date:  May 19, 2011&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ William J. Tennis
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">William J. Tennis&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap>Executive Vice President, General Counsel and<BR>
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Press release dated May&nbsp;19, 2011</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c17660exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c17660c1766001.gif" alt="(DIAMONDROCK  LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>COMPANY CONTACT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Chris King<BR>
(240)&nbsp;744-1150

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>FOR IMMEDIATE RELEASE</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>THURSDAY, MAY 19, 2011</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DIAMONDROCK ACQUIRES THE JW MARRIOTT DENVER FOR $72.6 MILLION</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>BETHESDA, Maryland, Thursday May&nbsp;19, 2011 &#151; DiamondRock Hospitality Company </B>(the &#147;Company&#148;) (<B>NYSE:
DRH</B>) today announced that it has acquired the 196-room JW Marriott Denver Cherry Creek (the
&#147;Hotel&#148;) for a contractual purchase price of $72.6&nbsp;million. The purchase price represents an 11.5
times multiple of 2012 forecasted EBITDA of $6.3&nbsp;million and a 7.5% capitalization rate on
forecasted 2012 net operating income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;We are excited to acquire this high quality, newly renovated hotel in Denver. The Hotel, which
opened new in 2004, is consistently the market leader among its competitive set and is
well-positioned to continue capturing high-end demand. Denver has long been one of our target
markets, in part because of its superior RevPAR growth rates over the past 25&nbsp;years and excellent
growth prospects. With luxury finishes and a 2011 RevPAR of $165, this acquisition enhances the
overall quality of the DiamondRock portfolio,&#148; stated Mark W. Brugger, Chief Executive Officer of
DiamondRock Hospitality Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Denver market has been one of the top five lodging markets measured by RevPAR growth since 1987
(the first year Smith Travel began keeping records), substantially outpacing markets such as San
Francisco, San Diego, and Seattle. The Hotel is located in the heart of Cherry Creek, Denver&#146;s most
upscale and affluent in-town neighborhood, adjacent to the 160,000 square foot headquarters of
Janus Capital, and walking distance to the high-end Cherry Creek Mall. The Hotel benefits from
Denver&#146;s 2.2&nbsp;million square foot convention center, 25&nbsp;million square feet of downtown office
space, and is close to the University of Denver and other local demand generators. Earlier this
year the Hotel completed a $5&nbsp;million renovation of its 196 guestrooms, which all feature
four-fixture marble bathrooms, as well as the Hotel&#146;s 8,400 square feet of meeting space and a new
state-of-the-art Fitness Center. The Hotel is the only Denver property to be featured on <I>Conde
Nast Traveler&#146;s </I><B>2011 Gold List </B>and is home to the acclaimed Second Home Kitchen &#043; Bar, named
&#147;Denver&#146;s Best American Restaurant&#148; by <I>Westword </I>in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company entered into both a new franchise agreement with Marriott International and a new
management agreement with the current manager, Sage Hospitality. &#147;We believe this deal represents a
winning formula: a powerful brand combined with the operating prowess of Sage Hospitality. Sage
Hospitality is a top tier independent manager with a proven track record of delivering market
leading results at the Hotel. They are well-respected within the industry and excel at maximizing
profitability &#151; particularly of food and beverage operations,&#148; stated John L. Williams, President
and Chief Operating Officer of DiamondRock Hospitality Company.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company funded the acquisition of the Hotel with existing corporate cash and the assumption of
a $42&nbsp;million mortgage secured by the Hotel. The loan bears an annual fixed interest rate equal to
6.47% and matures on July&nbsp;1, 2015.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company expects to incur approximately $750,000 of acquisition costs that will be expensed as
incurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>About the Companies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DiamondRock Hospitality Company</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">DiamondRock Hospitality Company is a self-advised real estate investment trust (REIT)&nbsp;that is an
owner of premium hotel properties. Upon completion of the acquisition of the JW Marriott Denver
Cherry Creek and the previously announced Radisson Lexington Hotel New York, the Company will own
25 premium hotels with approximately 11,700 rooms and holds the senior mortgage loan on another
premium hotel. The Company&#146;s hotels are generally operated under globally recognized brands such
as Hilton, Marriott, Westin and Renaissance. For further information, please visit DiamondRock
Hospitality Company&#146;s website at <u>www.drhc.com</u>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Sage Hospitality</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Founded in 1984, Sage Hospitality has strategically grown into one of the largest privately held
hotel management and ownership companies in the nation operating a variety of large, full-service
hotels as well as extended stay and select-service properties. Sage Hospitality&#146;s comprehensive
portfolio includes major international brands such as Marriott, Sheraton, Renaissance, and Westin,
and as well as independent boutique hotels. Sage Hospitality has further differentiated with the
creation of the Sage Restaurant Group, which has created and is managing 10 unique restaurant
concepts including the acclaimed Mercat a la Planxa in Chicago. For more information, please visit
<u>www.sagehospitality.com</u>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>This press release contains forward-looking statements within the meaning of federal securities
laws and regulations. These forward-looking statements are identified by their use of terms and
phrases such as &#147;believe,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;project,&#148; and other similar terms and phrases,
including references to assumptions and forecasts of future results. Forward-looking statements
are not guarantees of future performance and involve known and unknown risks, uncertainties and
other factors which may cause the actual results to differ materially from those anticipated at the
time the forward-looking statements are made. These risks include, but are not limited to:
national and local economic and business conditions including an economic downturn in Denver,
including the potential for additional terrorist attacks, that will affect occupancy rates at our
hotels and the demand for hotel products and services; operating risks associated with the hotel
business; risks associated with the level of the Company&#146;s indebtedness; relationships with
property managers; the ability to compete effectively in areas such as access, location, quality of
accommodations and room rate structures; changes in travel patterns, taxes and government
regulations which influence or determine wages, prices, construction procedures and costs; and the
ability to achieve the returns that the Company expects from the JW Marriott Denver Cherry Creek.
Although the Company believes the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that the
expectations will be attained or that any deviation will not be material. All information in this
release is as of the date of this release, and the Company undertakes no obligation to update any
forward-looking statement to conform the statement to actual results or changes in the Company&#146;s
expectations.</I>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 2 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Reconciliation of Estimated Net Income to Estimated EBITDA<BR>
and Estimated Net Operating Income ($000s)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2011 Period</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2012</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">of Ownership</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Full Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Full Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Full Year</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated Net Income (Loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(456</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income Tax Expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation Expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest Expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,740</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated EBITDA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Escrow Contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(460</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(760</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(850</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Estimated Net Operating
Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">It should be noted that the 2011 results were impacted by the renovation of the Hotel during the
2011 first quarter. Partially as a result of renovation disruption, the Hotel&#146;s RevPAR declined
2.1% in the first calendar quarter of 2011 compared to a 10.8% increase for the Denver market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">EBITDA is defined as net income (loss)&nbsp;before interest, income taxes, depreciation and
amortization. We believe it is a useful financial performance measure for us and for our
stockholders and is a complement to net income and other financial performance measures provided in
accordance with GAAP. We use EBITDA to measure the financial performance of our operating hotels
because it excludes expenses such as depreciation and amortization, income taxes and interest
expense, which are not indicative of operating performance. By excluding interest expense, EBITDA
measures our financial performance irrespective of our capital structure or how we finance our
properties and operations. By excluding depreciation and amortization expense, which can vary from
hotel to hotel based on a variety of factors unrelated to the hotels&#146; financial performance, we can
more accurately assess the financial performance of our hotels. Under GAAP, hotels are recorded at
historical cost at the time of acquisition and are depreciated on a straight-line basis. By
excluding depreciation and amortization, we believe EBITDA provides a basis for measuring the
financial performance of hotels unrelated to historical cost. However, because EBITDA excludes
depreciation and amortization, it does not measure the capital we require to maintain or preserve
our fixed assets. In addition, because EBITDA does not reflect interest expense, it does not take
into account the total amount of interest we pay on outstanding debt nor does it show trends in
interest costs due to changes in our borrowings or changes in interest rates. EBITDA, as calculated
by us, may not be comparable to EBITDA reported by other companies that do not define EBITDA
exactly as we define the term. Because we use EBITDA to evaluate our financial performance, we
reconcile it to net income (loss)&nbsp;which is the most comparable financial measure calculated and
presented in accordance with GAAP. EBITDA does not represent cash generated from operating
activities determined in accordance with GAAP, and should not be considered as an alternative to
operating income or net income determined in accordance with GAAP as an indicator of performance or
as an alternative to cash flows from operating activities as an indicator of liquidity.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
