DiamondRock Hospitality Company

Schedule III - Real Estate and Accumulated Depreciation

As of December 31, 2014 (in thousands)



								Costs
				Initial Cost				Capitalized			Gross Amount at End of Year
						Building and		Subsequent to					Building and				Accumulated			Net Book		Year of	Depreciation
Description	Encumbrances			Land		Improvements		Acquisition			Land		Improvements		Total		Depreciation			Value		Acquisition	Life
Atlanta Alpharetta Marriott	$	—		$	3,623	$	33,503	$	879		$	3,623	$	34,382	$	38,005	$	(8,160	)	$	29,845	2005	40 Years
Bethesda Marriott Suites	—			—		45,656		1,764			—		47,420		47,420		(11,851		)	35,569		2004	40 Years
Boston Westin Waterfront	—			—		273,696		22,029			—		295,725		295,725		(57,698		)	238,027		2007	40 Years
Chicago Marriott Downtown	(205,166		)	36,900		347,921		19,405			36,900		367,326		404,226		(79,692		)	324,534		2006	40 Years
Conrad Chicago	—			31,650		76,961		3,633			31,650		80,594		112,244		(16,029		)	96,215		2006	40 Years
Courtyard Denver	—			9,400		36,180		1,223			9,400		37,403		46,803		(3,167		)	43,636		2011	40 Years
Courtyard Manhattan/Fifth Avenue	(48,970		)	—		34,685		2,695			—		37,380		37,380		(9,324		)	28,056		2004	40 Years
Courtyard Manhattan/Midtown East	(86,000		)	16,500		54,812		2,600			16,500		57,412		73,912		(14,253		)	59,659		2004	40 Years
Frenchman's Reef & Morning Star Marriott Beach Resort	(56,595		)	17,713		50,697		46,859			17,713		97,556		115,269		(15,949		)	99,320		2005	40 Years
Hilton Boston Downtown	—			23,262		128,628		2,086			23,262		130,714		153,976		(8,005		)	145,971		2012	40 Years
Hilton Burlington	—			9,197		40,644		1,482			9,197		42,126		51,323		(2,586		)	48,737		2012	40 Years
Hilton Garden Inn Chelsea/New York City	—			14,800		51,458		386			14,800		51,844		66,644		(5,580		)	61,064		2010	40 Years
Hilton Garden Inn/New York Times Square Central	—			60,300		88,896		—			60,300		88,896		149,196		(741		)	148,455		2014	40 Years
Hilton Minneapolis	(92,732		)	—		129,640		646			—		130,286		130,286		(14,782		)	115,504		2010	40 Years
Hotel Rex	—			7,856		21,085		(100		)	7,856		20,985		28,841		(1,120		)	27,721		2012	40 Years
Inn at Key West	—			32,888		13,371		—			32,888		13,371		46,259		(163		)	46,096		2014	40 Years
JW Marriott Denver	(38,552		)	9,200		63,183		1,145			9,200		64,328		73,528		(5,756		)	67,772		2011	40 Years
Lexington Hotel New York	(170,368		)	92,000		229,368		6,239			92,000		235,607		327,607		(20,712		)	306,895		2011	40 Years
Orlando Airport Marriott	(55,925		)	9,769		57,803		3,747			9,769		61,550		71,319		(13,783		)	57,536		2005	40 Years
Renaissance Charleston	—			5,900		32,511		508			5,900		33,019		38,919		(3,589		)	35,330		2010	40 Years
Renaissance Worthington	(52,859		)	15,500		63,428		3,197			15,500		66,625		82,125		(15,467		)	66,658		2005	40 Years
Salt Lake City Marriott Downtown	(61,352		)	—		45,815		3,917			855		48,877		49,732		(11,975		)	37,757		2004	40 Years
The Lodge at Sonoma, a Renaissance Resort and Spa	(30,058		)	3,951		22,720		853			3,951		23,573		27,524		(8,299		)	19,225		2004	40 Years
Westin Fort Lauderdale Beach Resort	—			54,293		83,227		—			54,293		83,227		137,520		(177		)	137,343		2014	40 Years
Westin San Diego	(68,937		)	22,902		95,617		6,179			22,902		101,796		124,698		(6,049		)	118,649		2012	40 Years
Westin Washington, D.C City Center	(70,635		)	24,579		122,229		6,254			24,579		128,483		153,062		(7,678		)	145,384		2012	40 Years
Vail Marriott Mountain Resort & Spa	—			5,800		52,463		2,300			5,800		54,763		60,563		(12,877		)	47,686		2005	40 Years
Total	$	(1,038,149	)	$	507,983	$	2,296,197	$	139,926		$	508,838	$	2,435,268	$	2,944,106	$	(355,462	)	$	2,588,644

Notes:

A) The change in total cost of properties for the fiscal years ended December 31, 2014, 2013 and 2012 is as follows:



Balance at December 31, 2011	$	2,623,341
Additions:
Acquisitions	495,999
Capital expenditures	12,756
Deductions:
Dispositions and other	(333,545		)
Impairment	(27,711		)

Balance at December 31, 2012	$	2,770,840
Additions:
Capital expenditures	15,089
Deductions:
Dispositions and other	(61,312		)

Balance at December 31, 2013	$	2,724,617
Additions:
Acquisitions	332,975
Capital expenditures	26,834
Deductions:
Dispositions and other	(140,320		)

Balance at December 31, 2014	$	2,944,106

B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2014, 2013 and 2012 is as follows:



Balance at December 31, 2011	$	262,259
Depreciation and amortization	90,893
Dispositions and other	(76,320		)
Balance at December 31, 2012	276,832
Depreciation and amortization	59,393
Dispositions and other	(11,312		)
Balance at December 31, 2013	324,913
Depreciation and amortization	59,965
Dispositions and other	(29,416		)
Balance at December 31, 2014	$	355,462

C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $2,825,486 as of December 31, 2014.