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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001104659-02-006987.txt : 20021209
<SEC-HEADER>0001104659-02-006987.hdr.sgml : 20021209
<ACCEPTANCE-DATETIME>20021209165640
ACCESSION NUMBER:		0001104659-02-006987
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20021031
FILED AS OF DATE:		20021209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INNSUITES HOSPITALITY TRUST
		CENTRAL INDEX KEY:			0000082473
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				346647590
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07062
		FILM NUMBER:		02852594

	BUSINESS ADDRESS:	
		STREET 1:		INNSUITES HOTELS CENTRE
		STREET 2:		1625 E NORTHERN AVE STE 201
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85020
		BUSINESS PHONE:		2166220046

	MAIL ADDRESS:	
		STREET 1:		925 EUCLID AVENUE
		STREET 2:		SUITE 1750
		CITY:			CLEVELAND
		STATE:			OH
		ZIP:			44115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REALTY REFUND TRUST
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>j6296_10q.htm
<DESCRIPTION>10-Q
<TEXT>
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<p style="border:none;color:black;margin:0in 0in .0001pt;padding:0in;text-autospace:none;"><b><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



</div>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" color="black" face="Times" style="color:windowtext;font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" color="black" face="Times" style="color:windowtext;font-size:18.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></b></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>





<div align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="1" width="25%" noshade color="black" align="center">



</font></div>





<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" color="black" face="Times" style="color:windowtext;font-size:18.0pt;font-weight:bold;">FORM 10-Q</font></b></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>





<div align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="1" width="25%" noshade color="black" align="center">



</font></div>





<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" color="black" face="Times" style="color:windowtext;font-size:12.0pt;font-weight:bold;">QUARTERLY REPORT</font></b></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" color="black" face="Times New Roman" style="color:windowtext;font-size:12.0pt;font-weight:bold;">PURSUANT TO SECTION 13 OR 15(d)</font></b></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" color="black" face="Times" style="color:windowtext;font-size:12.0pt;font-weight:bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" color="black" face="Times" style="color:windowtext;font-size:12.0pt;font-weight:bold;">FOR THE QUARTERLY PERIOD ENDED OCTOBER 31,

2002</font></b></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Commission File Number

1-7062</font></b></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" color="black" face="Times" style="color:windowtext;font-size:18.0pt;font-weight:bold;">INNSUITES HOSPITALITY TRUST</font></b></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(Exact name of registrant as specified in its

charter)</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

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  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.64%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Ohio</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.72%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.66%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;font-weight:bold;">34-6647590</font></b></p>

  </td>

 </tr>

 <tr style="font-family:'Courier New';">

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.64%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(State or other jurisdiction of</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.72%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.66%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(I.R.S. Employer Identification Number)</font></p>

  </td>

 </tr>

 <tr>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.64%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">incorporation or organization)</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.72%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.66%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

</table>



</div>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;font-weight:bold;">InnSuites Hotels

Centre</font></b></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;font-weight:bold;">1615 E. Northern Ave.,

Suite 102</font></b></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Phoenix, AZ 85020</font></b></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(Address of principal executive offices)</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Registrant's telephone number, including area

code:<b><font style="font-weight:bold;"> (602) 944-1500</font></b></font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indicate by check mark whether the registrant:

(l) has filed all reports required to be filed by Section 13 or l5(d) of the Securities

Exchange Act of 1934 during the preceding 12 months (or for such shorter period

that the registrant was required to file such reports), and (2) has been

subject to such filing requirements for the past 90 days. Yes</font>&nbsp;<font color="black" face="Wingdings" style="color:windowtext;font-family:Wingdings;">&#253;</font><font color="black" style="color:windowtext;">&nbsp;&nbsp;No&nbsp;</font><font color="black" face="Wingdings" style="color:windowtext;font-family:Wingdings;">o</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Indicate by check mark whether the registrant

is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).&#160; Yes&nbsp;</font><font color="black" face="Wingdings" style="color:windowtext;font-family:Wingdings;">o</font><font color="black" style="color:windowtext;">&nbsp;&nbsp;No&nbsp;</font><font color="black" face="Wingdings" style="color:windowtext;font-family:Wingdings;">&#253;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Number of outstanding Shares of Beneficial

Interest, without par value, as of November 30, 2002: 1,984,391.</font></p>



<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">



<p style="border:none;color:black;margin:0in 0in .0001pt;padding:0in;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="border:none;color:black;margin:0in 0in .0001pt;padding:0in;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



</div>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='',FILE='C:\C2\jkeene\6296_3\t_987726\j6296_10q.htm',USER='jkeene',CD='Dec  9 14:02 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="node2"></a><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">PART I</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">FINANCIAL INFORMATION</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><a name="node3"></a><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">ITEM

1.&#160; FINANCIAL STATEMENTS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">CONSOLIDATED BALANCE SHEETS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><a name="node4"></a><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="61%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">OCTOBER

  31,&#160; 2002</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">JANUARY 31,

  2002</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">(UNAUDITED)</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">(AUDITED)</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times" style="font-size:10.0pt;font-weight:bold;">ASSETS</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Hotel Properties, net</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.94%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">54,590,859</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">55,626,720</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Hotel Properties Held for Sale, net</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">6,404,544</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">6,229,233</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Cash and Cash Equivalents</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">503,028</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">426,264</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Accounts Receivable, net of Allowance for

  Doubtful Accounts of $10,370 and $19,285, respectively</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">713,006</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">965,875</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Prepaid Expenses and Other Assets</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">978,493</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">898,085</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">TOTAL ASSETS</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.94%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">63,189,930</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">64,146,177</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="100%" colspan="7" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:100.0%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" color="black" face="Times" style="font-size:10.0pt;font-weight:bold;">LIABILITIES AND SHAREHOLDERS' EQUITY</font></b></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">LIABILITIES</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Mortgage Notes Payable</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.94%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">36,405,984</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">35,202,069</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Notes Payable to Banks</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">2,708,750</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">3,325,000</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Notes and Advances Payable to Related

  Parties</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">10,114,361</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">8,666,360</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Other Notes Payable</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">181,532</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">71,037</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Accounts Payable and Accrued Expenses</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">3,259,761</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">3,626,103</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">TOTAL LIABILITIES</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">52,670,388</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">50,890,569</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">MINORITY INTEREST IN PARTNERSHIP</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">10,464,492</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">11,728,792</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">SHAREHOLDERS' EQUITY</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Shares of Beneficial Interest, without par

  value; unlimited authorization; 1,984,391 and 2,136,334 shares issued and

  outstanding at October 31 and January 31, 2002, respectively</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">1,924,554</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">3,101,878</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Treasury Stock, 852,336 and 700,393 shares,

  respectively</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">(1,869,504</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">(1,575,062</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">TOTAL SHAREHOLDERS' EQUITY</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.56%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">55,050</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">1,526,816</font></p>

  </td>

  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.08%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:13.94%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">63,189,930</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.6%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:15.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">64,146,177</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">See accompanying notes to unaudited

consolidated financial statements</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">1</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times" style="font-family:Times;font-size:10.0pt;">
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<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">UNAUDITED CONSOLIDATED STATEMENTS OF

OPERATIONS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><a name="node5"></a><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.84%;">

 <tr>

  <td width="66%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="29%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:29.96%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">FOR THE NINE MONTHS ENDED OCTOBER 31,</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">2002</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">2001</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">REVENUE</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Room</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">19,042,781</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">19,484,566</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Food and Beverage</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,192,683</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,270,469</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Telecommunications</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">154,311</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">203,730</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest and Other</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">652,136</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">816,571</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">TOTAL REVENUE</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">21,041,911</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">21,775,336</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">OPERATING EXPENSES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Room</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,053,123</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,323,683</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Food and Beverage</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,189,248</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,109,731</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Telecommunications</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">232,268</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">320,295</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">General and Administrative</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">4,101,632</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">4,185,436</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Sales and Marketing</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,707,571</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,659,041</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Repairs and Maintenance</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,431,159</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,380,251</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Hospitality</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">923,187</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,097,112</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Utilities</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,506,089</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,469,972</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Other</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">350,875</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">377,786</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Expenses Incurred in Acquiring Lessee</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,608,482</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">TOTAL OPERATING EXPENSES</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">16,495,152</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">18,531,789</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">INCOME BEFORE FIXED CHARGES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">4,546,759</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">3,243,547</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">FIXED CHARGES</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Hotel Property Depreciation</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,291,629</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,336,531</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Real Estate and Personal Property Taxes,

  Insurance and Ground Rent</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,412,142</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,300,412</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest on Mortgage Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,165,034</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,112,410</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest on Notes Payable to Banks</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">121,724</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">334,857</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest on Notes Payable and Advances to

  Related Parties</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">473,828</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">386,516</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest on Other Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,237</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">6,410</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">TOTAL FIXED CHARGES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">6,469,594</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">6,477,136</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">LOSS BEFORE EXTRAORDINARY ITEM AND MINORITY

  INTEREST</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,922,835</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(3,233,589</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">EXTRAORDINARY ITEM</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Loss on Early Extinguishment of Debt</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(576,842</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">LOSS BEFORE MINORITY INTEREST</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,922,835</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(3,810,431</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">LESS MINORITY INTEREST</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(838,895</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,131,872</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NET LOSS ATTRIBUTABLE TO SHARES OF

  BENEFICIAL INTEREST</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,083,940</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(2,678,559</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">LOSS PER SHARE &#150; BASIC AND DILUTED</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Loss before Extraordinary Item</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(0.52</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1.12</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Extraordinary Item</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(0.13</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" style="padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NET LOSS PER SHARE &#150; BASIC AND DILUTED</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(0.52</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1.25</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="66%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:66.7%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

  &#150; Basic and Diluted</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="14%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:14.98%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,095,527</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:13.32%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,140,017</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.66%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">See accompanying notes to unaudited

consolidated financial statements</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">2</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times" style="font-family:Times;font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='2',FILE='C:\C2\jkeene\6296_3\t_987726\j6296_10q.htm',USER='jkeene',CD='Dec  9 14:02 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">UNAUDITED CONSOLIDATED STATEMENTS OF

OPERATIONS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="64%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.04%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">FOR THE THREE MONTHS ENDED OCTOBER 31,</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">2002</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">2001</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">REVENUE</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Room</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:13.54%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,534,951</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,404,582</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Food and Beverage</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">368,484</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">362,685</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Telecommunications</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">44,007</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">59,032</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest and Other</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">175,321</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">239,065</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">TOTAL REVENUE</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">6,122,763</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">6,065,364</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">OPERATING EXPENSES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Room</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,615,538</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,662,838</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Food and Beverage</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">409,409</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">333,818</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Telecommunications</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">72,382</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">93,637</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">General and Administrative</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,250,889</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,216,359</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Sales and Marketing</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">549,056</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">521,477</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Repairs and Maintenance</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">486,933</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">438,956</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Hospitality</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">287,891</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">323,143</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Utilities</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">524,612</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">496,506</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Other</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">113,351</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">117,535</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">TOTAL OPERATING EXPENSES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,310,061</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,204,269</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">INCOME BEFORE FIXED CHARGES</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">812,702</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">861,095</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">FIXED CHARGES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Hotel Property Depreciation</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">782,864</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">743,302</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Real Estate and Personal Property Taxes,

  Insurance and Ground Rent</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">490,635</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">450,762</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest on Mortgage Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">732,476</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">746,571</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest on Notes Payable to Banks</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">29,117</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">58,275</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest on Notes Payable and Advances to

  Related Parties</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">175,223</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">134,514</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Interest on Other Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,804</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,342</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">TOTAL FIXED CHARGES</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,213,119</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,134,766</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">LOSS BEFORE MINORITY INTEREST</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,400,417</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,273,671</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">LESS MINORITY INTEREST</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(422,836</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(492,676</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NET LOSS ATTRIBUTABLE TO SHARES OF

  BENEFICIAL INTEREST</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border-bottom:double windowtext 1.5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.54%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(977,581</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(780,995</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NET LOSS PER SHARE &#150; BASIC AND DILUTED</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:13.54%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(0.49</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(0.36</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.58%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">WEIGHTED AVERAGE NUMBER OF SHARES

  OUTSTANDING &#150; Basic and Diluted</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:15.16%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,995,478</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:15.18%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,141,077</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">See accompanying notes to unaudited

consolidated financial statements</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">3</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times" style="font-family:Times;font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='3',FILE='C:\C2\jkeene\6296_3\t_987726\j6296_10q.htm',USER='jkeene',CD='Dec  9 14:02 2002' -->
<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">UNAUDITED CONSOLIDATED STATEMENTS OF CASH

FLOWS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="62%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;"><a name="node7"></a>

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="34%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:34.12%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">FOR THE NINE MONTHS ENDED OCTOBER 31,</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">2002</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">2001</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">CASH FLOWS FROM OPERATING ACTIVITIES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Net Loss Attributable to Shares of</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Beneficial Interest</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,083,940</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(2,678,559</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Adjustments to Reconcile Net Loss

  Attributable to Shares</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Of Beneficial Interest to Net Cash Provided

  by (Used In)</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Operating Activities:</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Stock Option Compensation Expense</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">26,258</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Expenses Incurred in Acquiring the Lessee</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,608,482</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Minority Interest</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(838,895</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,131,872</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Depreciation and Amortization</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,334,637</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,378,856</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Loss on Disposal of Hotel Property</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">51,531</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">27,175</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 30.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Changes in Assets and Liabilities, net of

  Effect of</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 40.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Acquisition of Subsidiary In 2001:</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Decrease in Accounts Receivable, net</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">252,869</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">110,869</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Increase in Prepaid Expenses and Other

  Assets</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(123,416</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(554,569</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 50.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Increase (Decrease) in Accounts Payable and

  Accrued Expenses</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">510,145</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(62,259</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NET CASH PROVIDED BY (USED IN) OPERATING

  ACTIVITIES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1,102,931</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(275,619</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">CASH FLOWS FROM INVESTING ACTIVITIES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Acquisition of Lessee</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(11,531</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Cash Acquired from Lessee</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">85,294</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Improvements and Additions to Hotel

  Properties</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,482,610</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,703,753</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NET CASH USED IN INVESTING ACTIVITIES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,482,610</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,629,990</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">CASH FLOWS FROM FINANCING ACTIVITIES</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Payments of Mortgage Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(932,929</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(779,886</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Refinancing of Mortgage Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,136,844</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,658,276</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Borrowings on Mortgage Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5,100,000</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Payments on Notes Payable to Banks</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(616,250</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(11,300,000</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Borrowings on Note Payable to Banks</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">3,324,991</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Repurchase of Partnership Units</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(2,788</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(25,838</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Repurchase of Treasury Stock</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(66,266</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(49,491</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Distributions to Minority Interest Holders</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(68,480</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Payments on Notes and Advances Payable to

  Related Parties</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(284,128</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(1,490,347</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Borrowings on Notes and Advances Payable to

  Related Parties</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">268,465</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,151,000</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Borrowings on Other Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">25,839</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 20.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Payments on Other Notes Payable</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.2%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(46,505</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(62,222</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NET CASH PROVIDED BY FINANCING ACTIVITIES</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">456,443</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2,483,842</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NET INCREASE IN CASH AND CASH EQUIVALENTS</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:14.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">76,764</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">578,233</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">CASH AND CASH EQUIVALENTS AT BEGINNING OF

  PERIOD</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:14.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">426,264</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">415,390</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:62.5%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">CASH AND CASH EQUIVALENTS AT END OF PERIOD</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:14.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">503,028</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.7%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:16.22%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">993,623</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.68%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">See

Supplemental Disclosures at Note 8</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">See accompanying notes to unaudited

consolidated financial statements</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">4</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times" style="font-family:Times;font-size:10.0pt;">
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</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">INNSUITES HOSPITALITY TRUST AND SUBSIDIARIES</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">NOTES TO UNAUDITED CONSOLIDATED FINANCIAL

STATEMENTS</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">AS OF AND FOR THE NINE MONTHS ENDED OCTOBER

31, 2002 AND 2001</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1. NATURE OF

OPERATIONS AND BASIS OF PRESENTATION</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; InnSuites Hospitality Trust (the &quot;Trust&quot;)

has elected to be taxed as a real estate investment trust (&quot;REIT&quot;)

that owns, directly or indirectly, eleven hotels with an aggregate of 1,672

suites in Arizona, southern California and New Mexico.&#160; The hotels operate as InnSuites Hotels.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On January 31, 1998, the Trust contributed $2,081,000

to RRF Limited Partnership (the &quot;Partnership&quot;), a Delaware limited

partnership, in exchange for a 13.6% general partnership interest therein. The

Trust is the sole general partner of the Partnership. The Partnership issued

limited partnership interests representing 86.4% of the Partnership capital to

acquire six hotel properties from various entities. In addition, in order to

acquire a seventh hotel property, through a wholly-owned subsidiary, RRF Sub

Corp., the Trust issued 647,231 Shares of Beneficial Interest in exchange for

all of the outstanding shares of Buenaventura Properties, Inc. which owned a

hotel located in Scottsdale, Arizona (&quot;InnSuites Hotels Scottsdale&quot;).

These seven hotels are collectively referred to as the &quot;Initial

Hotels.&quot; The Initial Hotels, together with subsequent hotel acquisitions,

are referred to herein as the &quot;Hotels.&quot; The Hotels are leased to

InnSuites Hotels, Inc. (the &quot;Lessee&quot;), pursuant to leases which

contain provisions for rent based on the revenues of the Hotels (the

&quot;Percentage Leases&quot;). Each Percentage Lease obligates the Lessee to

pay rent equal to the greater of the minimum rent (&quot;Base Rent&quot;) or a

percentage rent based on the gross revenue of each Hotel. The Lessee also holds

the franchise agreement for each Hotel. As of February 1, 2001, the Trust

acquired 100% of the ownership interests of the Lessee, which was owned 23% by

Marc E. Berg, Executive Vice President, Secretary, Treasurer and Trustee of the

Trust, 9.8% by InnSuites Innternational Hotels, Inc., an entity owned by James

F. Wirth, Chairman, President and Chief Executive Officer of the Trust

(&quot;Wirth&quot;) and his spouse, and 67.2% by unrelated third parties.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust's general partnership interest in the

Partnership was 50.68% and 48.48% on October 31, 2002 and 2001, respectively,

and the weighted average for the nine months ended October 31, 2002 and 2001

was 49.48% and 48.41%, respectively.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">PARTNERSHIP

AGREEMENT</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Partnership Agreement of the Partnership provides

for the issuance of two classes of limited partnership units, Class A and Class

B. Such classes are identical in all respects, except that each Class A limited

partnership unit in the Partnership shall be convertible into a like number of

Shares of Beneficial Interest of the Trust at any time at the option of the

particular limited partner if the Trust determines that such conversion would

not cause the Trust to fail to qualify as a REIT. As of October 31, 2002, a

total of 1,515,594 Class A limited partnership units were issued and

outstanding. Additionally, a total of 5,000,974 Class B limited partnership

units were outstanding to Wirth and his affiliates, in lieu of the issuance of

Class A limited partnership units. If all of the Class A and B limited

partnership units were to be converted, the limited partners in the Partnership

would receive 6,516,568 Shares of Beneficial Interest of the Trust. The Class B

limited partnership units may only become convertible with the approval of the

Board of Trustees, in its sole discretion.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">BASIS OF

PRESENTATION</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">As

sole general partner of the Partnership, the Trust exercises unilateral control

over the Partnership and, as of February 1, 2001, acquired all of the

outstanding classes of shares of the Lessee. Therefore, the financial

statements of the Partnership and the Lessee are consolidated with the Trust,

and all significant intercompany transactions and balances have been

eliminated.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">These

consolidated financial statements have been prepared in accordance with

accounting principles generally accepted in the United States of America for

interim financial information and with the instructions for Form 10-Q and

Article 10 of </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">5</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Courier New" style="color:windowtext;font-size:8.5pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Regulation S-X.

Accordingly, they do not include all of the information and footnotes required

by accounting principles generally accepted in the United States of America for

complete consolidated financial statements. In the opinion of management, all

adjustments (consisting of normal recurring accruals) considered necessary for

a fair presentation have been included. Operating results for the nine-month

period ended October 31, 2002 are not necessarily indicative of the results

that may be expected for the year ended January 31, 2003. For further

information, refer to the consolidated financial statements and footnotes

thereto included in the Trust&#146;s Annual Report on Form 10-K as of and for the

year ended January 31, 2002.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2. USE OF

ESTIMATES AND CRITICAL ACCOUNTING POLICIES</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

preparation of financial statements in conformity with accounting principles

generally accepted in the United States of America requires management to make

estimates and assumptions that affect the reported amounts of assets and

liabilities, the disclosure of contingent assets and liabilities at the date of

the consolidated financial statements and the reported amounts of revenues and

expenses during the reporting period. Actual results could differ from those

estimates.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in 12.0pt;text-indent:.5in;"><a name="OLE_LINK5"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">The accounting policies that we believe most critical

and involve the most subjective judgments include our estimates and assumptions

of future revenue and expenditures used to project cash flows. Future cash

flows are used in the valuation calculation of our hotel properties to

determine the recoverability (or impairment) of the carrying amounts if

management is required to test the asset for recoverability of carrying value

of those assets. Our evaluation of future cash flows is based on our historical

experience and other factors, including certain economic conditions.</font></a></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">3. REVENUE

RECOGNITION</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Room,

food and beverage, and telecommunications revenue are recognized as earned as

services are provided and items are sold. Ongoing credit evaluations are

performed and an allowance for doubtful accounts is provided, if needed,

against the portion of accounts receivable which is estimated to be uncollectible.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">4. EARNINGS PER

SHARE</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Basic

and diluted earnings per share have been computed based on the weighted-average

number of shares outstanding during the periods and potentially dilutive

securities.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">For

the nine months ended October 31, 2002 and 2001, there were Class A and Class B

limited partnership units outstanding, which are convertible to Shares of

Beneficial Interest of the Trust. Assuming conversion, the aggregate

weighted-average of these Shares of Beneficial Interest would be 6,673,808 and

6,815,856 for the first nine months of fiscal 2003 and 2002, respectively.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">For the nine months ended October 31, 2002 and

2001, 256,800 and 273,500 stock options, respectively, are not included in the

computation of diluted earnings per share since the options are anti-dilutive.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5. ACQUISITION</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">In

December 2000, the Lessee and the Trust established independent review groups

to consider altering the current structure of the management and operations of

the Hotels pursuant to the provisions of the REIT Modernization Act (the

&quot;RMA&quot;). The RMA, among other things, permitted the Trust to own the

stock of a taxable REIT subsidiary (&quot;TRS&quot;) that may engage in

businesses previously prohibited by the Trust, including leasing hotels,

provided that such hotels are managed and operated by independent third

parties. As such, effective February 1, 2001, the Trust acquired all of the

common and preferred stock of the Lessee for $11,531 in cash consideration. The

Lessee was owned 23% by Marc E. Berg, Executive Vice President, </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">6</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Secretary, Treasurer and

Trustee of the Trust, 9.8% by InnSuites Innternational, an affiliate of Wirth,

and 67.2% by unrelated parties. </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Following

the acquisition, the Lessee elected to be treated as a TRS under the RMA. As a

result, the management contracts relating to the Hotels between the Lessee and

InnSuites Innternational were terminated effective January 31, 2001 and new

management contracts were entered into on substantially similar terms with

Suite Hospitality Management, Inc. (the &#147;New Management Company&#148;), which

qualifies as an independent third party manager and operator of the Hotels

under the RMA. In connection with the acquisition, the rate structures of the

Percentage Leases for the Hotels were also amended to reflect current economic

and market conditions and employees of the Lessee became employees of the New

Management Company. The benefits to the Trust are a more direct relationship

between the Hotels and the Trust, the inclusion of Lessee revenues in excess of

required rent payments in the Trust's consolidated financial reports, the

elimination of potential conflicts of interest and the reduction of certain

administrative costs relative to the operation of the Hotels and the administration

of the Percentage Leases.&#160; </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">In

connection with the acquisition of the Lessee, the Trust paid $11,531 for all

of the outstanding classes of stock of the Lessee.&#160; The $1.6 million difference between the cash paid to the owners

of the Lessee and the estimated value of the net liabilities assumed was

recorded as &#147;Expenses Incurred in Acquiring Lessee&#148; (a non-recurring expense)

in the Trust&#146;s unaudited consolidated Statements of Operations in the first

quarter of fiscal 2002.&#160; Since the

Lessee did not have significant operations other than the management of the

Hotels and its assets, the transaction did not qualify as the acquisition of a

&#147;business&#148; for purpose of applying APB Opinion No. 16 &#150; Business

Combinations.&#160; Consequently, the

difference between the cash paid to the owners of the Lessee and the fair value

of the net tangible liabilities acquired was recorded as an operating expense

rather than goodwill.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">The former management team of the Lessee are

now employees of the New Management Company and continues to oversee and manage

all activities of the Hotels.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">6. NOTES

PAYABLE TO BANKS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">On

April 16, 1998, the Trust obtained a $12 million Credit Facility from Pacific

Century Bank (the &#147;Credit Facility&#148;) to assist in its funding of the

acquisition and development of additional hotels and for certain other business

purposes. Borrowings under the Credit Facility were secured by first mortgages

on three of the Hotels. By its terms, the Credit Facility expired on April 16,

2001.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">In

order to replace the liquidity provided by the Credit Facility, the Trust

actively sought individual loans on the Tucson Oracle, Flagstaff and Scottsdale

properties that secured the Credit Facility. On April 18, 2001, the Trust

refinanced its Ontario property and used $4.2 million of the net proceeds to

reduce the outstanding balance of the Credit Facility from $11.3 million to

$7.1 million. On April 27, 2001, the Trust closed the financing of its Tucson

Oracle property and used $4.8 million of the net proceeds to reduce the outstanding

balance of the Credit Facility to approximately $2.3 million. On July 11, 2001,

the Trust obtained a three-month term loan in the amount of $1,825,000 secured

by its Scottsdale property and a $1,500,000 line of credit secured by its

Flagstaff property and used $2.3 million of the net proceeds to settle the

remaining balance of the Credit Facility.&#160;

The term loan matured on October 1, 2001 and was extended through

November 1, 2002.&#160; Both the term loan

and line of credit were extended through September 1, 2003.&#160; Both loans bear interest at the prime rate

plus 1.0% (5.75% at October 31, 2002) and require the Trust to maintain a debt

coverage ratio of 1.35 to 1.0 and that the Lessee maintain a gross operating profit

of 80% of the annual projections provided to the lender.&#160; In addition, the Partnership is restricted

from making distributions to the Trust during fiscal year 2003 in excess of the

amount required for the Trust to pay dividends of $0.01 per outstanding Share

of Beneficial Interest for fiscal year 2003, and the Trust has agreed to not

spend more than $1.4 million on capital expenditures during fiscal year

2003.&#160; As of October 31, 2002, the Trust

has spent $1.48 million in capital improvement expenditures.&#160; On November 8, 2002, the Trust received a

waiver and the lender agreed to increase the capital improvement expenditure

amount to $1.6 million.&#160; As of October

31, 2002, the Trust </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">7</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">had drawn $1,000,000 on

the line of credit and there was $1,708,750 outstanding on the term loan.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">7. RELATED PARTY TRANSACTIONS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Partnership is responsible for all expenses incurred by the Trust in accordance

with the Partnership Agreement.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">The Initial Hotels were acquired by the

Partnership from entities in which Wirth and his affiliates had substantial

ownership interests. Wirth and his affiliates received 4,017,361 Class B

limited partnership units and 647,231 Shares of Beneficial Interest in the

Trust in exchange for their interests in the Initial Hotels. As of October 31,

2002 and 2001, Wirth and his affiliates held 5,000,974 and 5,226,364,

respectively, Class B limited partnership units. As of October 31, 2002 and

2001, Wirth and his affiliates held 450,000 and 633,513, respectively, Shares

of Beneficial Interest in the Trust.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust paid interest on related party notes to Wirth and his affiliates in the

amounts of $28,373 and $222,047 for the nine months ended October 31, 2002 and

2001, respectively. The Trust had accrued but unpaid interest on related party

notes to Wirth and affiliates of $492,876 and $945,847 as of October 31, 2002

and January 31, 2002, respectively.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

expenses of the Trust consist primarily of property taxes, insurance, corporate

overhead, interest on mortgage debt, professional fees and depreciation of the

Hotels. Under the terms of its Partnership Agreement, the Partnership is

required to reimburse the Trust for all such expenses. In consolidation, this

reimbursement is eliminated.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Notes and advances payable to related parties

consist of funds provided by Wirth and other related parties to repurchase

Partnership units and to fund working capital and capital improvement needs.

The aggregate amounts outstanding were approximately $10.1 million and $8.7

million as of October 31, 2002 and January 31, 2002, respectively. The notes

and advances payable to related parties consist of the following: </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160; Notes Payable</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">On

July 27, 2000, the Trust purchased 311,326 of the Partnership's Class A limited

partnership units from Steve Robson, Trustee of the Trust, for $750,000. The

Trust made an initial payment of $5,000 and issued a promissory note in the

amount of $745,000. The promissory note is secured by the purchased Partnership

units. The secured promissory note bears interest at 7% per year, effective

July 27, 2000. The unpaid principal balance and accrued interest is amortized

over 36 months with the final payment due August 27, 2003. Beginning May 15,

2002, the Trust and Mr. Robson agreed to defer monthly payments.&#160; Monthly payments resumed on September 27,

2002.&#160; The principal balance as of

October 31, 2002 was $493,778.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160; Advances and Notes Payable to Wirth and

Affiliates</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On July 27, 2000, the Partnership repurchased

300,000 of the Trust's shares from Wirth and/or affiliates, owned directly or

indirectly by Wirth, issuing 10 secured promissory notes in the aggregate

amount of $720,000 and $3,000 cash. The promissory notes are secured by the

repurchased shares. The secured promissory notes in the aggregate amount of

$720,000 bear interest at 7% per year, effective July 27, 2000. As of October

31, 2002 five of these notes remain outstanding.&#160; The unpaid principal balances and accrued interest were to be due

at various dates ranging from May 27, 2002 to July 27, 2003. However, the Trust

and Wirth agreed to defer payments on the notes until May 27, 2003, when

payments are to resume as scheduled. The principal balance as of October 31,

2002 was $282,454.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On May 1, 2002, Wirth received an unsecured

promissory note from the Trust for interest due and payable totaling

$158,667.&#160; The unsecured </font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">8</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times" style="font-family:Times;font-size:10.0pt;">
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<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">promissory note bears interest at 7% per year

and matures on March 15, 2004.&#160; The

unpaid principal balance as of October 31, 2002 was $158,667.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On July 15, 2002, Wirth received an unsecured

promissory note from the Trust for interest due and payable totaling

$200,153.&#160; The unsecured promissory note

bears interest at 7% per year and matures on July 15, 2006.&#160; The unpaid principal balance as of October

31, 2002 was $200,153.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On July 15, 2002, Wirth received an unsecured

promissory note from the Partnership for interest due and payable totaling

$311,809.&#160; The unsecured promissory note

bears interest at 7% per year and matures on July 15, 2007.&#160; The unpaid principal balance as of October

31, 2002 was $311,809.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On July 25, 2002, the Trust purchased 225,390

Class B Partnership Units in the Partnership from Hulsey Hotels Corporation, an

affiliate of Wirth, for $439,511, issuing a secured promissory note for

$438,000 and $1,511 cash.&#160; The

promissory note is secured by the purchased units.&#160; The secured promissory note bears interest at 7% per year and is

amortized over 48 months, with monthly principal and interest payments

beginning on April 1, 2003.&#160; The principal

balance as of October 31, 2002 was $438,000.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On July 26, 2002, the Trust repurchased

118,513 Shares of Beneficial Interest in the Trust from Wirth for $231,100,

issuing a secured promissory note for $230,000 and $1,100 cash.&#160; The promissory note is secured by the

repurchased shares.&#160; The secured

promissory note bears interest at 7% per year and is amortized over 48 months,

with monthly principal and interest payments to begin on April 1, 2003.&#160; The principal balance as of October 31, 2002

was $230,000.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On July 26, 2002, the Lessee purchased 65,000

Shares of Beneficial Interest in the Trust from Wirth for $126,750, issuing an

unsecured promissory note for $125,000 and $1,750 cash.&#160; The unsecured promissory note bears interest

at 7% per year and is amortized over 48 months, with monthly principal and

interest payments beginning on April 1, 2003.&#160;

The principal balance as of October 31, 2002 was $125,000.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">On September 10, 2002, Wirth assigned his interest of $2

million in a promissory note to Rare Earth Financial L.L.C., an affiliate of

Wirth. The promissory note is secured by second and third mortgages on the

Flagstaff and Scottsdale hotels, respectively, as well as the Partnership&#146;s

equity holdings in Baseline Hospitality Properties Limited Partnership, which

owns the Tempe hotel.&#160; The secured

promissory note from the Trust is in the amount of $2 million, bearing interest

at 7% per year, effective March 15, 1999. A principal payment of $500,000 is

due on March 15, 2004 and the remaining principal balance of $1.5 million plus

accrued interest is due on March 15, 2005. The principal balance as of October

31, 2002 was $2 million.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On September 10, 2002, Wirth assigned his

interest of $1,947,000 in a promissory note to Rare Earth Financial L.L.C., an

affiliate of Wirth. The promissory note consolidated ten outstanding unsecured

loans to the Trust totaling $1,947,000.&#160;

The promissory note is secured by second and third mortgages on the

Flagstaff and Scottsdale hotels, respectively, as well as the Partnership&#146;s

equity holdings in Baseline Hospitality Properties Limited Partnership, which

owns the Tempe hotel.&#160; The secured

promissory note bears interest at 7% per year.&#160;

The unpaid principal balance and accrued interest is amortized over 36

months and matures on July 15, 2006.&#160;

The principal balance as of October 31, 2002 was $1,947,000.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On September 10, 2002, Rare Earth Development

Company, an affiliate of Wirth, assigned its interest of $3,802,500 in a

promissory note to Rare Earth Financial L.L.C., an affiliate of Wirth. The

secured promissory note from the Partnership consolidated fifteen outstanding

loans totaling $3,802,500. The promissory note is secured by second and third

mortgages on the Flagstaff and Scottsdale hotels, respectively, as well as the

Partnership&#146;s equity holdings in Baseline Hospitality Properties Limited

Partnership, which owns the Tempe hotel.&#160;

The secured promissory note bears interest at 7% per year with monthly </font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">9</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times" style="font-family:Times;font-size:10.0pt;">
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<p align="center" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">payments based on a thirty year amortization

with the remaining unpaid principal and interest due on July 15, 2007.&#160; The principal balance as of October 31, 2002

was $3,802,500.</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On October 8, 2002, Capital Resource Lenders,

L.L.C., an affiliate of Wirth, received a secured promissory note in the amount

of $125,000 from the Partnership.&#160; The

promissory note is secured by the Scottsdale hotel.&#160; The funds will be used to pay down the term loan on the

Scottsdale property.&#160; The secured

promissory note bears interest at the greater of 8.0% or the prime rate plus

0.5% per year, not to exceed 10.0% per year, with monthly payments based on a

twenty year amortization with the remaining unpaid principal and interest due

on September 30, 2009.&#160; The principal

balance as of October 31, 2002 was $125,000.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">8. STATEMENTS

OF CASH FLOWS, SUPPLEMENTAL DISCLOSURES</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust paid $2,316,071 and $2,638,927 in cash for interest for the nine months

ended October 31, 2002 and 2001, respectively.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust issued promissory notes in the amount of $355,000 to acquire 183,513

Shares of Beneficial Interest from Wirth and affiliates.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust issued a promissory note in the amount of $79,000 to acquire 31,711 Class

A Partnership units from a third party.&#160;

These units were repurchased pursuant to the Trust's share repurchase

program.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust issued a promissory note in the amount of $78,000 to acquire 40,500

Shares of Beneficial Interest from a third party.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust issued a promissory note in the amount of $438,000 to acquire 225,390

Class B Partnership units from Hulsey Hotels Corporation, an affiliate of

Wirth.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust issued 36,000 Shares of Beneficial Interest to the Trustees to satisfy

fees owed for their services which totaled $80,858.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">9.

EXTRAORDINARY ITEM</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust refinanced its Ontario, California property paying $576,842 in prepayment

penalties on April 18, 2001. The Trust classified the prepayment penalty as an

extraordinary loss. There were no such charges in the current period.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">10. ASSETS HELD

FOR SALE</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">In August 2001, the Trust listed its

Scottsdale and Flagstaff properties for sale. As of October 31, 2002, the

Flagstaff property was in escrow to be sold (see Note 11 &#147;Subsequent Events&#148;

for additional information).&#160; At October

31, 2002 and currently, the Scottsdale property is under purchase agreement to

be sold. Since the market value of these properties exceeds the carrying value,

the Trust does not expect to incur losses if these properties are sold. The

Trust may or may not be successful in selling these properties during the listing

period.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">11. SUBSEQUENT

EVENTS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On November 8, 2002, the Trust extended its

term loan secured by the Scottsdale property and its line of credit secured by

the Flagstaff property through September 1, 2003.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">On December 3, 2002, the listing of the Flagstaff

hotel for sale was terminated and the Trust reclassified the asset from &#147;held

for sale&#148; to &#147;held for use&#148;.&#160;

Depreciation expense of $240,000 will be recognized in the fourth

quarter for the depreciation on this asset since August 1, 2001, when it was

classified as &#147;held for sale.&#148;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">10</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times" style="font-family:Times;font-size:10.0pt;">
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</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">GENERAL</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The following discussion should be read in

conjunction with the InnSuites Hospitality Trust unaudited consolidated

financial statements and notes thereto appearing elsewhere in this Form 10-Q.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Trust has elected to be taxed as a real

estate investment trust (&#147;REIT&#148;), which owns the sole general partner&#146;s

interest in the Partnership. In order for the Trust to qualify as a REIT under

prior provisions of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;),

neither the Trust nor the Partnership could operate the Hotels. Therefore, each

of the Hotels was leased to and operated by the Lessee pursuant to a Percentage

Lease. Each Percentage Lease obligates the Lessee to pay rent equal to the

greater of a minimum rent or a percentage rent based on the gross revenues of

each Hotel. The Lessee also holds the franchise agreement for each Hotel. Prior

to February 1, 2001, the Lessee was owned 23% by Marc E. Berg, Executive Vice

President, Secretary, Treasurer and Trustee of the Trust, and 9.8% by InnSuites

Innternational Hotels, Inc., an entity owned by Wirth and his spouse. Effective

February 1, 2001, however, the Lessee became a wholly-owned subsidiary of the

Trust and its results of operations are consolidated with those of the Trust.

See Note 5 - Acquisition. </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The Trust's principal source of cash flows is

distributions from the Partnership, which are dependent upon lease payments

from the Lessee pursuant to the Percentage Leases. The Lessee's ability to make

payments to the Partnership pursuant to the Percentage Leases is dependent

primarily upon the operations of the Hotels. As a result of the Trust's

acquisition of the Lessee as of February 1, 2001, any profits earned by the

Lessee in its operation of the Hotels may be distributed to the Trust.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">ACCOUNTING

MATTERS</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">In June 2002, the FASB issued SFAS No. 146,

Accounting for Costs Associated with Exit or Disposal Activities. SFAS 146

addresses financial accounting and reporting for costs associated with exit or

disposal activities and nullifies EITF Issue No. 94-3, Liability Recognition

for Certain Employee Termination Benefits and Other Costs to Exit an Activity

(including Certain Costs Incurred in a Restructuring). SFAS 146 requires

recognition of a liability for a cost associated with an exit or disposal

activity when the liability is incurred, as opposed to being recognized at the

date an entity commits to an exit plan under EITF 94-3. SFAS 146 also

establishes that fair value is the objective for initial measurement of the

liability. SFAS 146 is effective for exit or disposal activities that are

initiated after December 31, 2002, with earlier application encouraged.&#160; Management does not expect the adoption of

SFAS 146 to have a material impact on the Trust's consolidated financial

statements.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">FINANCIAL RESULTS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

expenses of the Trust consist primarily of property taxes, insurance, corporate

overhead, interest on mortgage debt, professional fees and depreciation of the

Hotels. Under the terms of its Partnership Agreement, the Partnership is

required to reimburse the Trust for all such expenses.&#160; However, this reimbursement is eliminated in

consolidation.&#160; The Percentage Leases

provide for the payment of base rent and percentage rent. For the nine months

ended October 31, 2002, base rent and percentage rent in the aggregate amount

of $5.2 million was earned by the Trust from the Lessee. However, rent revenue

is eliminated in consolidation.&#160; The

principal determinant of percentage rent is the Lessee's room revenue at the

Hotels, as defined by the Percentage Leases. Therefore, management believes

that a review of the historical performance of the operations of the Hotels,

particularly with respect to occupancy, average daily rate (&#147;ADR&#148;), calculated

as total room revenue divided by number of rooms sold, and revenue per

available room (&quot;REVPAR&quot;), calculated as total room revenue divided

by the total number of rooms available, is appropriate for understanding

revenue from the Percentage Leases. Occupancy increased slightly over the prior

fiscal year due to a reduction in the number of available rooms, which also

caused the increase in REVPAR. </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">11</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="1" color="black" face="Courier New" style="color:windowtext;font-size:8.5pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="1" face="Courier New" style="font-size:8.5pt;">
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</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The following table shows certain historical

financial and other information for the periods indicated: </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:ideograph-numeric ideograph-other;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.02%;">

 <tr>

  <td width="61%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:61.46%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.88%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="34%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:34.8%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">FOR THE

  NINE MONTHS ENDED OCTOBER 31,</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:61.46%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.88%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.48%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">2002</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.86%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:16.48%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">2001</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.46%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">OCCUPANCY</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.88%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="16%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:16.48%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">62.1</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.86%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">%</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.48%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">61.2</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.84%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">%</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.46%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">AVERAGE DAILY RATE (ADR)</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.88%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:14.86%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">67.69</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.86%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:16.48%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">67.30</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.84%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:61.46%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">REVENUE PER AVAILABLE ROOM (REVPAR)</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.88%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="14%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:14.86%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">42.00</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.86%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="16%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:16.48%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">41.21</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.84%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">No

assurance can be given that the trends reflected in this data will continue or

that Occupancy, ADR or REVPAR will not decrease as a result of changes in

national or local economic or hospitality industry conditions. </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:uppercase;">Results of

Operations of the Trust for the nine months ended October 31, 2002 compared to

the nine months ended October 31, 2001.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the nine months ended October 31, 2002 compared

to the nine months ended October 31, 2001, total Trust revenue decreased

$733,000, or 3.4%, to $21.0 million from $21.8 million, respectively, primarily

due to the soft economic environment. Rent revenue earned by the Trust from the

Lessee for the nine months ended October 31, 2002 was $5.2 million, which was

eliminated in consolidation.&#160; </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total expenses (including fixed charges) decreased

$2.0 million, or 8.2%, to $23.0 million from $25.0 million when comparing the

nine months ended October 31, 2002 and 2001, respectively.&#160; Total operating expenses also decreased $2.0

million, or 11.0%, to $16.5 million from $18.5 million for the nine months

ended October 31, 2002 and 2001, respectively.&#160;

These decreases were primarily due to the one-time expense of $1.6

million incurred by the Trust to acquire the Lessee in fiscal year 2002 and

reduced costs due to cost-cutting programs and a lower number of occupied rooms

at the Hotels during the first nine months of fiscal year 2003.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160; </font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General and administrative expenses decreased

$84,000, or 2.0%, to $4.1 million during the nine months ended October 31, 2002

from $4.2 million during the prior year due primarily to a reduction in

franchise fees paid by the Lessee.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Expenses Incurred in Acquiring the Lessee for the

nine months ended October 31, 2001 relate to the assumption of the net

liabilities of the Lessee by the Trust.&#160;

Similar costs were not incurred in the first nine months of fiscal year

2003.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust recorded a $577,000 extraordinary item for

a prepayment penalty incurred in the refinancing of its Ontario hotel during

the nine months ended October 31, 2001. Similar costs were not incurred in the

first nine months of fiscal year 2003.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the nine months ended October 31, 2002 and

2001, real estate and personal property taxes, insurance and ground rent

increased $112,000, or 8.6%, to $1.4 million from $1.3 million, respectively.

The increase was due to increased property tax assessments and increased

insurance costs.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total interest expense decreased $74,000, or

2.6%, from $2.8 million comparing the nine months ended October 31, 2002 to the

nine months ended October 31, 2001. Interest on mortgage notes payable

increased by $53,000, or 2.5%, over the prior year period.&#160; The increase was primarily due to the

refinancing of the Ontario, California property and new mortgage financing on

the Tucson (Oracle), Arizona property during April 2001.&#160; Interest on notes payable to banks decreased

$213,000, or 63.6%, to $122,000 from $335,000 comparing the nine months ended

October 31, 2002 and 2001, respectively. The decrease was primarily due to the

replacement of the $12 million Credit Facility with mortgages on certain

Hotels. Interest on notes payable and advances payable to related parties

increased $87,000, or 22.6%, to $474,000 from $387,000 due to additional loans

from Wirth and his affiliates during the last six months of fiscal year 2002.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">12</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times"><font style="color:windowtext;font-size:10.0pt;text-transform:uppercase;">Results of Operations of the Trust for the three months ended October

31, 2002 compared to the three months ended October 31, 2001</font>.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the three months ended October 31, 2002 compared

to the three months ended October 31, 2001, total Trust revenue remained

constant at $6.1 million. Rent revenue earned by the Trust from the Lessee for

the three months ended October 31, 2002 was $1.4 million, which was eliminated

in consolidation.&#160; </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total expenses (including fixed charges) increased

$184,000, or 2.5%, to $7.5 million from $7.3 million when comparing the three

months ended October 31, 2002 and 2001, respectively.&#160; Total operating expenses increased $106,000, or 2.0%, to $5.3

million from $5.2 million for the three months ended October 31, 2002 and 2001,

respectively.&#160; These increases were

primarily due to higher occupancy in the third quarter of fiscal year 2003

compared to fiscal year 2002, increased depreciation due to capital

refurbishments, and increased property tax assessments and insurance premiums.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; General and administrative expenses increased

$35,000, or 2.8%, to $1.3 million during the three months ended October 31,

2002 from $1.2 million during the prior year.</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Sales and marketing expenses increased $28,000, or

5.3%, to $549,000 from $521,000 during the three months ended October 31, 2002

and 2001, respectively.&#160; The increase

was primarily due to increased centralized advertising efforts in the third

quarter of fiscal year 2003.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Hotel property depreciation was up $40,000, or 5.3%,

to $783,000 from $743,000 for the three months ended October 31, 2002 and 2001,

respectively.&#160; The increase was

primarily due to an increased asset base from refurbishment projects, offset by

the cessation of depreciation on assets held for sale.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For the three months ended October 31, 2002 and 2001,

real estate and personal property taxes, insurance and ground rent increased

$40,000, or 8.8%, to $491,000 from $451,000, respectively. The increase was due

to increased property tax assessments and increased insurance costs.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total interest expense was consistent with the

prior year at $940,000 from $941,000 comparing the three months ended October

31, 2002 and 2001, respectively. Interest on mortgage notes payable decreased

$14,000, or 1.9%, to $732,000 from $747,000 during the three months ended

October 31, 2002 and 2001, respectively.&#160;

This decrease was primarily due to the refinancing of certain mortgages

at lower interest rates. Interest on notes payable to banks decreased $29,000,

or 50.0%, to $29,000 from $58,000 during the three months ended October 31,

2002 and 2001, respectively. This was due to the Trust paying down its $1.0

million line of credit to zero for one month during the quarter.&#160; Interest on notes payable and advances

payable to related parties increased $41,000, or 30.3%, to $175,000 from

$135,000 due to additional loans from Wirth and his affiliates during the last

six months of fiscal year 2002 and during the second quarter of fiscal 2003.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;text-transform:uppercase;">Funds

from Operations (FFO)</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust recognizes that industry analysts and

investors use Funds From Operations (&quot;FFO&quot;) as another tool to

evaluate and compare equity REITs. The Trust also believes it is meaningful as

an indicator of net income, excluding most non-cash items, and provides

information about the Trust's cash available for distributions, debt service

and capital expenditures. The Trust follows the March 1995 interpretation of

the National Association of Real Estate Investment Trusts (&quot;NAREIT&quot;)

definition of FFO, as amended January 1, 2000, which is calculated (in the

Trust's case) as net income or loss (computed in accordance with accounting

principles generally accepted in the United States of America

(&quot;GAAP&quot;)), excluding gains (or losses) from sales of property,

depreciation and amortization on real estate property and extraordinary items.

FFO does not represent cash flows from operating activities in accordance with

GAAP and is not indicative of cash available to fund all of the Trust's cash

needs. FFO should not be considered as an </font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:red;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:red;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">13</font></p>





<div style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Courier New" style="color:windowtext;font-size:8.5pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="1" face="Courier New" style="font-size:8.5pt;">
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<br clear="all" style="page-break-before:always;">

</font>



<p align="center" style="color:red;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:red;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">alternative to net income

or any other GAAP measure as an indicator of performance and should not be

considered as an alternative to cash flows as a measure of liquidity. In

addition, the Trust's FFO may not be comparable to other companies' FFO due to

differing methods of calculating FFO and varying interpretations of the NAREIT

definition.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="64%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:64.62%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.3%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">FUNDS FROM

  OPERATIONS FOR THE NINE MONTHS ENDED OCTOBER 31,</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:64.62%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">2002</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">2001</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:64.62%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:32.3%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">(UNAUDITED)</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:64.62%;">

  <p align="center" style="color:black;font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="32%" colspan="4" valign="bottom" style="padding:0in .7pt 0in .7pt;width:32.3%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="font-size:8.0pt;font-weight:bold;">(amounts in

  thousands)</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.62%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Net Income (Loss) Attributable to Shares of

  Beneficial Interest</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.76%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">(1,084</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">(2,679</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.62%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Hotel Property Depreciation</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">2,292</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">2,337</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.62%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Extraordinary Item</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">577</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.62%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Loss on Disposal</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">52</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">27</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.62%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Minority Interest Share of Depreciation,

  Loss on Disposal and Extraordinary Item</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">(1,184</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">)</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">(1,517</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.62%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Funds from Operations (FFO)</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="border-bottom:solid windowtext .5pt;border-left:none;border-right:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.76%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">76</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">(1,255</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">)</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:64.62%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">One-Time Lessee Purchase Charge</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="15%" colspan="2" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#151;</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;border:none;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">1,608</font></p>

  </td>

  <td width="1%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="64%" valign="top" style="padding:0in .7pt 0in .7pt;width:64.62%;">

  <p style="color:black;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">Recurring FFO</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.6%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:1.62%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">$</font></p>

  </td>

  <td width="13%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:13.76%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">76</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

  <td width="15%" valign="bottom" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:15.36%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">353</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.48%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Recurring FFO decreased to approximately

$76,000 compared to approximately $353,000 for the first nine months of fiscal

2003 and 2002, respectively. The decrease of approximately $277,000, or 78.5%,

was primarily due to the decrease in revenue caused by a sluggish economic

environment, which was mitigated by cost control programs at the Hotels.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">LIQUIDITY AND

CAPITAL RESOURCES</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Through its ownership interest in the Partnership

and, effective February 1, 2001, the Lessee, the Trust has its proportionate

share of the benefits and obligations of the Partnership's ownership interests

and the Lessee&#146;s operational interests in the Hotels.&#160; The Trust's principal source of cash to meet its cash

requirements, including distributions to its shareholders, is its share of the

Partnership's cash flows. The Partnership's principal source of cash is rent

payments from the Lessee under the Percentage Leases. The Lessee&#146;s principal source

of cash is guest room revenue. The Lessee's obligations under the Percentage

Leases are unsecured and its ability to make rent payments to the Partnership

under the Percentage Leases, and the Trust's liquidity, including its ability

to make distributions to its shareholders, will depend upon the ability of the

Lessee to generate sufficient cash flows from Hotel operations. Pursuant to the

restrictions contained in certain credit agreements, Partnership distributions

to the Trust during fiscal year 2003 are limited to an amount equal to $0.01

per outstanding Share of Beneficial Interest. </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">On

April 18, 2001, the Trust refinanced its Ontario property and used $4.2 million

of the net proceeds to reduce the outstanding balance of the $12 million Credit

Facility obtained by the Trust on April 16, 1998 from $11.3 million to $7.1

million. On April 27, 2001, the Trust closed the financing of its Tucson Oracle

property and used $4.8 million of the net proceeds to reduce the outstanding

balance of the Credit Facility to approximately $2.3 million. On July 11, 2001,

the Trust obtained a term loan in the amount $1,825,000 secured by the

Scottsdale property and a $1,500,000 line of credit secured by the Flagstaff

property. The Trust used $2.3 million of the proceeds to settle the remaining

balance of the Credit Facility. The term loan matured on October 1, 2001 and

was extended through November 1, 2002.&#160;

Both the term loan and line of credit were subsequently extended through

September 1, 2003.&#160; Both loans bear

interest at the prime rate plus 1.0% and require the Trust to maintain a debt

coverage ratio of 1.35 to 1.0 and the Lessee to maintain a gross operating

profit of 80% of the annual projections provided to the lender. In addition,

management fee payments to the New Management Company and licensing fee

payments to InnSuites Licensing Corp. were suspended for a period of five

months beginning May 1, 2002 and resumed after September 30, 2002 and will

continue if the </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">14</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="1" face="Courier New" style="font-size:8.5pt;">
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</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">Trust meets certain

thresholds set by the lender.&#160; In

addition, the Partnership is restricted from making distributions to the Trust

during fiscal year 2003 in excess of the amount required for the Trust to pay

dividends of $0.01 per outstanding Share of Beneficial Interest for fiscal year

2003, and the Trust has agreed to not spend more than $1.4 million on capital

expenditures during fiscal year 2003.&#160;

As of October 31, 2002, the Trust has spent $1.48 million in capital

improvement expenditures.&#160; On November

8, 2002, the Trust received a waiver and the lender agreed to increase the

capital improvement expenditure amount to $1.6 million.&#160; As of October 31, 2002, the Trust had drawn

$1,000,000 on the line of credit and there was $1,708,750 outstanding on the

term loan.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On July 29, 2002, the Trust refinanced its mortgage note payable on the

Tucson St. Mary&#146;s property. The new mortgage note in the amount of $4.5 million

bears interest at the prime rate plus 1.0% (5.75% at October 31, 2002) and

matures on July 29, 2009.&#160; The Trust

received net cash proceeds of approximately $922,000 from the refinancing.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color="black" style="color:windowtext;">On</font><font color="black" face="Times New Roman" style="color:windowtext;">

August 23, 2002, the Trust refinanced its mortgage note payable on the San

Diego property.&#160; The new mortgage note

in the amount of $4.9 million bears interest at 8% per year for the first five

years and at the prime rate plus 0.5% for the second five years and matures on

August 23, 2009.&#160; The Trust received net

cash proceeds of approximately $1.1 million from the refinancing.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust has no principal due and payable in

fiscal year 2003 under notes and advances payable to Wirth and his affiliates.

For the twelve months between November 1, 2002 and October 31, 2003, the Trust

has principal of $233,515 due and payable under notes and advances payable to Wirth

and his affiliates. During the nine months ended October 31, 2002, the Trust

repaid $224,000 to Wirth and his affiliates.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In August 2001, the Trust listed its Scottsdale and

Flagstaff properties for sale. The Trust does not expect to incur losses if

these properties are sold. The Trust may or may not be successful in selling

these properties during the listing period.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust will acquire or develop additional hotels

only as suitable opportunities arise, and the Trust will not undertake

acquisition or redevelopment of properties unless adequate sources of financing

are available. Funds for future acquisitions or development of hotels are

expected to be derived, in whole or in part, from borrowings or from the

proceeds of additional issuances of Shares of Beneficial Interest or other

securities. However, there can be no assurance that the Trust will successfully

acquire or develop additional hotels.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust may also incur indebtedness to meet

distribution requirements imposed on a REIT under the Internal Revenue Code to

the extent that working capital and cash flows from the Trust's investments are

insufficient to make the required distributions.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust may seek to negotiate additional credit

facilities or issue debt instruments. Any debt incurred or issued by the Trust

may be secured or unsecured, long-term, medium-term or short-term, bear

interest at a fixed or variable rate and be subject to such other terms as the

Trust considers prudent.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Partnership continues to contribute to a Capital

Expenditures Fund (the &quot;Fund&quot;) from the rent paid under the

Percentage Leases, an amount equal to 4% of the Lessee's revenues from

operation of the Hotels. The Fund is intended to be used for capital

improvements to the Hotels and refurbishment and replacement of furniture,

fixtures and equipment, in addition to other uses of amounts in the Fund

considered appropriate from time to time. The Partnership anticipates making

similar arrangements with respect to future hotels that it may acquire or

develop. During the nine months ended October 31, 2002, the Hotels spent

approximately $1.48 million for capital expenditures. These amounts have been

capitalized and are being depreciated over their estimated useful lives.

Pursuant to restrictions contained in certain credit agreements, however, the

Partnership may not spend more than $1.4 million on capital expenditures during

fiscal year 2003.&#160; On November 8, 2002,

the Trust received a waiver and the lender agreed to increase the capital

improvement expenditure amount to $1.6 million.&#160; The Lessee also spent approximately $1.4 million </font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">15</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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<p align="center" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">during the nine

months ended October 31, 2002 on repairs and maintenance and these amounts have

been charged to expense as incurred.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">As

of October 31, 2002, the Trust has no commitments for capital expenditures

beyond the 4% reserve for refurbishment and replacements set aside annually for

each hotel property.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">SHARE REPURCHASE PROGRAM</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">On

January 2, 2001, the Board of Trustees approved a share repurchase program

under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, for the

purchase of up to 250,000 limited partnership units in the Partnership and/or

Shares of Beneficial Interest in open market or privately negotiated

transactions. Additionally, on September 10, 2002, the Board of Trustees

approved the purchase of up to 350,000 additional limited partnership units in

the Partnership and/or Shares of Beneficial Interest in open market or

privately negotiated transactions. Acquired Shares of Beneficial Interest will

be held in treasury and will be available for future acquisitions and

financings and/or for awards granted under the InnSuites Hospitality Trust 1997

Stock Incentive and Option Plan.&#160; During

the nine months ended October 31, 2002, the Trust acquired 28,930 Shares of

Beneficial Interest in open market transactions at an average price of $2.25

per share, and obtained an additional 159,013 Shares of Beneficial Interest in

privately negotiated transactions at an average price of $1.95 and 31,711

limited partnership units in privately negotiated transactions at an average

price of $2.50.&#160; The Trust intends to

continue repurchasing Shares of Beneficial Interest in compliance with

applicable legal and American Stock Exchange requirements.&#160; Therefore, the Trust remains authorized to

repurchase an additional 380,346 limited partnership units and/or Shares of

Beneficial Interest pursuant to the share repurchase program.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">INFLATION</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Trust's revenue is based on the underlying Hotel revenue. Therefore, the Trust

relies entirely on the performance of the Hotels and the Lessee's ability to

increase revenue to keep pace with inflation. Operators of hotels in general,

and the Lessee in particular, can change room rates quickly, but competitive

pressures may limit the Lessee's ability to raise rates faster than inflation.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">SEASONALITY</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">The

Hotels' operations historically have been seasonal. The six southern Arizona

hotels experience their highest occupancy in the first fiscal quarter and, to a

lesser extent, the fourth fiscal quarter. The second fiscal quarter tends to be

the lowest occupancy period at those six southern Arizona hotels. This

seasonality pattern can be expected to cause fluctuations in the Trust's

quarterly revenue. The five hotels located in northern Arizona, California and

New Mexico historically experience their most profitable periods during the

second and third fiscal quarters (the summer season), providing some balance to

the general seasonality of the Trust&#146;s hotel business. To the extent that cash

flows from operations is insufficient during any quarter, because of temporary

or seasonal fluctuations in revenue, the Trust may utilize other cash on hand

or borrowings to make distributions to its shareholders or meet operating

needs. No assurance can be given that the Trust will make distributions in the

future.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">FORWARD-LOOKING

STATEMENTS</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Certain statements in this Form 10-Q

constitute &quot;forward-looking statements&quot; within the meaning of Section

27A of the Securities Act of 1933 and Section 21E of the Securities Exchange

Act of 1934. The Trust intends that such forward-looking statements be subject

to the safe harbors created by such Acts. Those forward-looking statements

include statements regarding the intent, belief or current expectations of the

Trust, its Trustees or its officers in respect of (i) the declaration or

payment of dividends; (ii) the leasing, management or operation of the Hotels;

(iii) the adequacy of reserves for renovation and refurbishment; </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">16</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times" style="font-family:Times;font-size:10.0pt;">
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</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(iv) the

Trust's financing plans; (v) the Trust's position regarding investments,

acquisitions, developments, financings, conflicts of interest and other

matters; (vi) the Trust's continued qualification as a REIT; and (vii) trends

affecting the Trust's or any Hotel's financial condition or results of

operations. The words and phrases &quot;looking ahead&quot;, &quot;we are

confident&quot;, &quot;should be&quot;, &quot;will be&quot;, &quot;predicted&quot;,

&quot;believe&quot;, &quot;expect&quot;, &quot;anticipate&quot; and similar

expressions identify forward-looking statements.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">These forward-looking statements reflect the

Trust's current views in respect of future events and financial performance,

but are subject to many uncertainties and factors relating to the operations and

business environment of the Hotels which may cause the actual results of the

Trust to differ materially from any future results expressed or implied by such

forward-looking statements. Examples of such uncertainties include, but are not

limited to: fluctuations in hotel occupancy rates; changes in room rental rates

which may be charged by the Lessee in response to market rental rate changes or

otherwise; interest rate fluctuations; changes in federal income tax laws and

regulations; competition; any changes in the Trust's financial condition or

operating results due to acquisitions or dispositions of hotel properties; real

estate and hospitality market conditions; hospitality industry factors;

terrorist attacks and other acts of war; and local or national economic and

business conditions, including, without limitation, conditions which may affect

public securities markets generally, the hospitality industry, or the markets

in which the Trust operates or will operate. The Trust does not undertake any

obligation to update publicly or revise any forward-looking statements whether

as a result of new information, future events or otherwise. Pursuant to Section

21E(b)(2)(E) of the Securities Exchange Act of 1934, the qualifications set

forth hereinabove are inapplicable to any forward-looking statements in this

Form 10-Q relating to the operations of the Partnership.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><a name="node13"></a><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">ITEM

3.&#160; QUANTITATIVE AND QUALITATIVE

DISCLOSURES ABOUT MARKET RISK</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="font-size:10.0pt;">The

Trust is exposed to interest rate risk primarily as a result of its mortgage

notes payable, notes payable to banks and other notes payable. Proceeds from

these loans were used to maintain liquidity, fund capital expenditures and

expand the Trust's real estate investment portfolio and operations. The Trust's

interest rate risk management objective is to limit the impact of interest rate

changes on earnings and cash flows and to lower its overall borrowing costs. To

achieve its objectives, the Trust borrows using fixed rate debt, when possible.

</font><font face="Times New Roman">There have been no significant changes in the Trust's debt

structure during the nine months ended October 31, 2002.</font></p>



<p style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:blue;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:blue;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">17</font></p>





<div style="color:blue;margin:0in 0in .0001pt;text-autospace:none;"><font size="1" color="black" face="Courier New" style="color:windowtext;font-size:8.5pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="1" face="Courier New" style="font-size:8.5pt;">
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</font>



<p align="center" style="color:blue;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="node14"></a><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">PART II</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">OTHER INFORMATION</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><a name="node15"></a><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">ITEM

6.&#160; EXHIBITS AND REPORTS ON FORM 8-K.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; EXHIBITS.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:11.58%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">EXHIBIT NUMBER</font></b></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.04%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:84.74%;">

  <p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" color="black" face="Times" style="color:windowtext;font-size:8.0pt;font-weight:bold;">EXHIBIT</font></b></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="11%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:11.58%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.04%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="84%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:84.74%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:right;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">10.1</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.04%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="84%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:84.74%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Promissory Note dated October 8, 2002 by RRF Limited Partnership in

  favor of Capital Resource Lenders-I, L.L.C.</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.58%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.04%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="84%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:84.74%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">99.1</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.04%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="84%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:84.74%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Certificate of Chief Executive Officer required by Section 906 of the

  Sarbanes-Oxley Act of 2002.</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.58%;">

  <p align="right" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;">&nbsp;</p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.04%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="84%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:84.74%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>

  </td>

 </tr>

 <tr>

  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.58%;">

  <p align="right" style="color:black;margin:0in 0in .0001pt 10.0pt;text-align:right;text-autospace:none;text-indent:-10.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">99.2</font></p>

  </td>

  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.04%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="84%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:84.74%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Certificate of Chief Financial Officer required by Section 906 of the

  Sarbanes-Oxley Act of 2002.</font></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:1.0pt;">&nbsp;</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; REPORTS ON FORM 8-K.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Current Reports on Form 8-K were filed by

the Trust during the fiscal quarter ended October 31, 2002.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">18</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</font>



<p align="center" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-autospace:none;">&nbsp;</p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">SIGNATURES</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 thereunto duly authorized.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="99%" style="border-collapse:collapse;width:99.84%;">

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.8%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Dated: December 9, 2002</font></p>

  </td>

  <td width="57%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:57.2%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">INNSUITES HOSPITALITY TRUST (Registrant)</font></p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.8%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.2%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.0%;">

  <p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.8%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.2%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">By:</font></p>

  </td>

  <td width="52%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:52.0%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">/s/ Anthony B. Waters</font></p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.8%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.2%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="52%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:52.0%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Anthony B. Waters, Chief Financial Officer</font></p>

  </td>

 </tr>

</table>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">19</font></p>





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<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="3" color="black" face="Times New Roman" style="color:black;font-size:12.0pt;">
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<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">CERTIFICATIONS</font></p>



<p style="color:black;margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" color="black" style="color:windowtext;font-size:10.0pt;">I, James F.

Wirth, certify that: </font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I have reviewed this quarterly

report on Form 10-Q of InnSuites Hospitality Trust; </font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on my knowledge, this

quarterly report does not contain any untrue statement of a material fact or

omit to state a material fact necessary to make the statements made, in light

of the circumstances under which such statements were made, not misleading with

respect to the period covered by this quarterly report;</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on my knowledge, the

financial statements, and other financial information included in this

quarterly report, fairly present in all material respects the financial

condition, results of operations and cash flows of the registrant as of, and

for, the periods presented in this quarterly report;</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant's other certifying

officers and I are responsible for establishing and maintaining disclosure

controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14)

for the registrant and we have:</font></p>



<p style="color:black;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; designed such disclosure controls and

procedures to ensure that material information relating to the registrant,

including its consolidated subsidiaries, is made known to us by others within

those entities, particularly during the period in which this quarterly report

is being prepared;</font></p>



<p style="color:black;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; evaluated the effectiveness of the

registrant's disclosure controls and procedures as of a date within 90 days

prior to the filing date of this quarterly report (the &quot;Evaluation

Date&quot;); and</font></p>



<p style="color:black;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; presented in this quarterly report

our conclusions about the effectiveness of the disclosure controls and

procedures based on our evaluation as of the Evaluation Date;</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant's other certifying

officers and I have disclosed, based on our most recent evaluation, to the

registrant's auditors and the audit committee of registrant's board of

directors (or persons performing the equivalent function):</font></p>



<p style="color:black;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all significant deficiencies in the

design or operation of internal controls which could adversely affect the

registrant's ability to record, process, summarize and report financial data

and have identified for the registrant's auditors any material weaknesses in

internal controls; and</font></p>



<p style="color:black;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any fraud, whether or not material,

that involves management or other employees who have a significant role in the

registrant's internal controls; and</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant's other certifying

officers and I have indicated in this quarterly report whether or not there

were significant changes in internal controls or in other factors that could

significantly affect internal controls subsequent to the date of our most

recent evaluation, including any corrective actions with regard to significant

deficiencies and material weaknesses.<br><br></font></p>



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 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.88%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Date: December 9, 2002</font></p>

  </td>

  <td width="53%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:53.12%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">/s/ James F. Wirth</font></p>

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.88%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="53%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:53.12%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Name: James F. Wirth</font></p>

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.88%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.12%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Title: Chairman, President and Chief Executive Officer</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">20</font></p>





<div style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- SEQ.=1,FOLIO='20',FILE='C:\C2\jkeene\6296_3\t_987726\j6296_10q.htm',USER='jkeene',CD='Dec  9 14:02 2002' -->
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</font>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">I, Anthony B.

Waters, certify that: </font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; I have reviewed this quarterly

report on Form 10-Q of InnSuites Hospitality Trust;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on my knowledge, this

quarterly report does not contain any untrue statement of a material fact or

omit to state a material fact necessary to make the statements made, in light

of the circumstances under which such statements were made, not misleading with

respect to the period covered by this quarterly report;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Based on my knowledge, the

financial statements, and other financial information included in this

quarterly report, fairly present in all material respects the financial

condition, results of operations and cash flows of the registrant as of, and

for, the periods presented in this quarterly report;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant's other certifying officers

and I are responsible for establishing and maintaining disclosure controls and

procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the

registrant and we have:</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; designed

such disclosure controls and procedures to ensure that material information

relating to the registrant, including its consolidated subsidiaries, is made

known to us by others within those entities, particularly during the period in

which this quarterly report is being prepared;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; evaluated

the effectiveness of the registrant's disclosure controls and procedures as of

a date within 90 days prior to the filing date of this quarterly report (the

&quot;Evaluation Date&quot;); and</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; presented

in this quarterly report our conclusions about the effectiveness of the

disclosure controls and procedures based on our evaluation as of the Evaluation

Date;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant's other certifying

officers and I have disclosed, based on our most recent evaluation, to the

registrant's auditors and the audit committee of registrant's board of

directors (or persons performing the equivalent function):</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all

significant deficiencies in the design or operation of internal controls which

could adversely affect the registrant's ability to record, process, summarize

and report financial data and have identified for the registrant's auditors any

material weaknesses in internal controls; and</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;text-indent:.5in;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any

fraud, whether or not material, that involves management or other employees who

have a significant role in the registrant's internal controls; and</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The registrant's other certifying

officers and I have indicated in this quarterly report whether or not there

were significant changes in internal controls or in other factors that could

significantly affect internal controls subsequent to the date of our most

recent evaluation, including any corrective actions with regard to significant

deficiencies and material weaknesses.</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

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  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Date: December 9, 2002</font></p>

  </td>

  <td width="54%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:54.0%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">/s/ Anthony B. Waters</font></p>

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.0%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="54%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:54.0%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Name: Anthony B. Waters</font></p>

  </td>

 </tr>

 <tr>

  <td width="46%" valign="top" style="padding:0in .7pt 0in .7pt;width:46.0%;">

  <p style="color:black;font-size:1.0pt;margin:0in 0in .0001pt;text-autospace:none;">&nbsp;</p>

  </td>

  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.0%;">

  <p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">Title: Chief Financial Officer</font></p>

  </td>

 </tr>

</table>



<p style="color:black;margin:0in 0in .0001pt;text-autospace:none;"><u><font size="2" color="black" face="Times" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></u></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">21</font></p>





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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>j6296_ex10d1.htm
<DESCRIPTION>EX-10.1
<TEXT>
<html>



<head>



<title>  </title>



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<div style="font-family:'Times New Roman';">



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit

10.1</font></b></p>



<p style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>



<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;text-decoration:underline;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">PROMISSORY NOTE</font></u></b></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<div align="center">



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.8%;">

  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">$125,000.00</font></u></p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Phoenix, Arizona</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.8%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 8, 2002</font></p>

  </td>

 </tr>

 <tr>

  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.8%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.58%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note Doc.100802125</font></p>

  </td>

 </tr>

</table>



</div>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR VALUED RECEIVED, the undersigned RRF LIMITED PARTNERSHIP, a

Delaware partnership, (&#147;Maker&#148;), promises to pay to the order of Capital

Resource Lenders-I, L.L.C., an Arizona limited liability company, (the &#147;Payee&#148;;

Payee and each subsequent transferee and/or owner of this Note, whether taking

by endorsement or otherwise, are herein successively called &#147;Holder&#148;) at 1615

East Northern Avenue, Suite 102, Phoenix, Arizona 85020-3932, or at such other

place as the Holder may from time to time designate in writing, the principal

sum of ONE HUNDRED TWENTY FIVE THOUSAND AND 00/100 DOLLARS ($125,000.00), or so

much as has been advanced, plus interest calculated on a daily basis (based on

a 360-day year) from the date hereof on the principal balance from time to time

outstanding as hereinafter provided, principal, interest and all other sums

payable hereunder to be paid in lawful money of the United States of America as

follows:</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">During the term of the Note, interest

shall accrue quarterly at the floating rate equal to the greater of (i) 8% per

annum or (ii) the Prime Rate plus 0.5%, and shall be adjusted at the beginning

of each calendar quarter. Notwithstanding the foregoing, at no time shall the

interest rate hereunder be greater than 10% per annum. The Prime Rate is

defined as the rate of interest, as of the first business day of each quarter,

designated in The Wall Street Journal as the &#147;prime rate.&#148;</font></p>



<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">All accrued interest shall be due and

payable on the first day of each calendar quarter after the date of this Note

commencing with October 1, 2002, and continuing on each January 1, April 1, and

July 1 thereafter until this Note is paid in full.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Payments shall be interest only, payable

quarterly until April 1, 2003; commencing on April 1, 2003, quarterly payments

shall include both interest and principal amortized over 20 years.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt 1.0in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The entire unpaid principal balance, all

accrued and unpaid interest, and all other amounts payable hereunder shall be

due and payable in full no later than September 30, 2009.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maker hereby agrees that not less than 80% of each advance shall be

used by Maker to reduce the obligations under that certain loan secured by a

deed of trust in first position on the Real Property in the original principal

amount of $1,825,000. Advances shall in no event exceed the maximum principal

amount of this Note. Any advances made shall be and become sums secured by this

Note and subject to repayment pursuant to the terms hereof. Notwithstanding

anything herein to the contrary, Lender shall not be obliged to make any

advance under this Note and the determination to provide any advances requested

by Maker shall be made in Lender&#146;s sole and absolute discretion.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If payment is ten (10) days or more late, Maker will be charged five

percent (5%) of the regularly scheduled payment. This late charge may be

assessed without written notice and shall be immediately due and payable and

shall be in addition to all other rights and remedies available to Holder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless otherwise agreed to, in writing, or otherwise required by

applicable law, payments will be applied first to late charges and any unpaid

collection costs, then to accrued, unpaid interest, then to principal and other

charges; provided, however, upon delinquency or other default, Holder reserves

the right to apply payments among principal, interest, late charges, collection

costs and other charges at its discretion. All prepayments shall be applied to

the indebtedness owing hereunder in such order and manner as Holder may from

time to time determine in its sole discretion.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note is issued pursuant to that Loan Agreement (the &#147;Loan

Agreement&#148;) of even date herewith between Maker and Payee and is secured by,

among other things, one or more Deeds of Trust, Assignments of Rents, Security

Agreements and Fixture Filings (collectively, the &#147;Deed of Trust&#148;) of even date

herewith, executed by Maker, as trustor, in favor of Payee, as beneficiary,

encumbering property situated in Scottsdale, Maricopa County, Arizona, (the

&#147;Real Property&#148;). The Deed of Trust and all other documents or instruments

securing the indebtedness evidenced by this Note or executed or delivered in

connection with the indebtedness evidenced by this Note are hereinafter called

the &#147;Security Documents.&#148; The capitalized terms used herein and not otherwise

defined shall have the same meanings as set forth in the Loan Agreement.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Time is of the essence of this Note. At the option of Holder, the

entire unpaid principal balance, all accrued and unpaid interest and all other

amounts payable hereunder shall become immediately due and payable without

notice upon the failure to pay any sum due and owing hereunder as provided

herein if such failure continues for thirty (30) days after written notice

thereof to Maker or upon the occurrence of any Event of Default as defined in

the Loan Agreement or any of the Security Documents.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon default, including failure to pay upon final maturity, Holder, at

its option, may also, if permitted under applicable law, do one or both of the

following: (a) increase the applicable interest rate on this Note to fifteen

percent (15%) per annum, and (b) add any unpaid accrued interest to principal

and such sum will bear interest therefrom until paid at the rate provided in

this Note (including any increased rate). The interest rate will not exceed the

maximum rate permitted by applicable law. Maker shall pay all costs and

expenses, including reasonable attorneys&#146; fees and court costs, incurred in the

collection or enforcement of all or any part of this Note. All such costs and

expenses shall be secured by the Deed of Trust and by all other Security

Documents. In the event of any court proceedings, court costs and attorneys&#146;

fees shall be set by the court and not by jury and shall be included in any

judgment obtained by Holder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maker shall not be entitled to prepay this Note at any time during the

first year of the Note. Thereafter, Maker shall have the option to prepay this

Note, in full or in part, at any time, provided that Maker pays a 4% prepayment

penalty based on the amount prepaid and Holder receives at least five (5) days

prior written notice of the intent to make such prepayment.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Failure of Holder to exercise any option hereunder shall not constitute

a waiver of the right to exercise the same in the event of any subsequent

default or in the event of continuance of any existing default after demand for

strict performance hereof.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maker and all sureties, guarantors and/or endorsers hereof (or of any

obligation hereunder) and accommodation parties hereon (all of which, including

Maker, are severally each hereinafter called a &#147;Surety&#148;) each:&#160; (a) agree that the liability under this Note

of all parties hereto is joint and several; (b) severally waive any homestead

or exemption laws and right thereunder affecting the full collection of this

Note; (c) severally waive any and all formalities in connection with this Note

to the maximum extent allowed by law, including (but not limited to) demand,

diligence, presentment for payment, protest and demand, and notice of

extension, dishonor, protest, demand and nonpayment of this Note; and (d)

consent that Holder may extend the time of payment or otherwise modify the

terms of payment of any part or the whole of the debt evidenced by this Note at

the request of any other person liable hereon, and such consent shall not alter

nor diminish the liability of any person hereon.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maker agrees that to the extent Maker or any Surety makes any payment

to Holder in connection with the indebtedness evidenced by this Note, and all

or any part of such payment is subsequently invalidated, declared to be

fraudulent or preferential, set aside or required to be repaid by Holder or

paid over to a trustee, receiver or any other entity, whether under any

bankruptcy act or otherwise (any such payment is hereinafter referred to as a

&#147;Preferential Payment&#148;), then the indebtedness of Maker under this Note shall

continue or shall be reinstated, as the case may be, and, to the extent of such

payment or repayment by Holder, the indebtedness evidenced by this Note or part

thereof intended to be satisfied by such Preferential Payment shall be revived

and continued in full force and effect as if said Preferential Payment had not

been made.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without limiting the right of Holder to bring any action or proceeding

against Maker or any Surety or against any property of Maker or any Surety (an

&#147;Action&#148;) arising out of or relating to this Note or any indebtedness evidenced

hereby in the courts of other jurisdictions, Maker and each Surety hereby

irrevocably submit to the jurisdiction, process and venue of any Arizona State

or Federal court sitting in Phoenix, Arizona, and hereby irrevocably agree that

any Action may be heard and determined in such Arizona State court or in such

Federal court. Maker and all Sureties each hereby irrevocably waives, to the

fullest extent it may effectively do so, the defenses of lack of jurisdiction

over any person, inconvenient forum or improper venue, to the maintenance of

any Action in any jurisdiction.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall be binding upon Maker and its successors and assigns

and shall inure to the benefit of Payee, and any subsequent holders of this

Note, and their successors and assigns.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All notices required or permitted in connection with this Note shall be

given at the place and in the manner provided in the Loan Agreement for the

giving of notices.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Note shall be governed by and construed according to the laws of

the State of Arizona, without giving effect to conflict of laws principles.</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</font>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">JURY WAIVER. </font></b><font size="2" style="font-size:10.0pt;">THE UNDERSIGNED AND HOLDER (BY ITS

ACCEPTANCE HEREOF) HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND

UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY

DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG THE

UNDERSIGNED AND HOLDER ARISING OUT OF OR IN ANY WAY RELATED TO THIS DOCUMENT OR

ANY OTHER AGREEMENTS, DOCUMENTS OR INSTRUMENTS EXECUTED OR DELIVERED IN

CONNECTION WITH, OR OTHERWISE RELATING TO, THE INDEBTEDNESS EVIDENCED HEREBY

(TOGETHER WITH THIS NOTE, THE &#147;RELATED DOCUMENTS&#148;), OR ANY RELATIONSHIP BETWEEN

HOLDER AND THE UNDERSIGNED. THIS PROVISION IS A MATERIAL INDUCEMENT TO HOLDER

TO PROVIDE THE FINANCING DESCRIBED HEREIN OR IN THE OTHER RELATED DOCUMENTS.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEEREOF, these presents are executed as of the date first

written above.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.12%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="57%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:57.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MAKER </font></p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.12%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="57%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:57.88%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.12%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="57%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:57.88%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RRF LIMITED PARTNERSHIP, </font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Delaware limited partnership, </font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">InnSuites Hospitality Trust, </font></p>

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Partner, an Ohio real estate investment

  trust</font></p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.12%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="57%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:57.88%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.12%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="52%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:52.64%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Marc E. Berg</font></p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.12%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="52%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:52.64%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Marc E. Berg</font></p>

  </td>

 </tr>

 <tr>

  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.12%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.64%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Executive Vice-President</font></p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>





<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>j6296_ex99d1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<html>



<head>



<title>  </title>



</head>



<body>



<div style="font-family:'Times New Roman';">



<p align="right" style="color:black;margin:0in 0in 12.0pt;text-align:right;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Exhibit 99.1</font></b></p>



<p align="right" style="color:black;margin:0in 0in 12.0pt;text-align:right;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">I, James F. Wirth, Chairman,

President and Chief Executive Officer of InnSuites Hospitality Trust (the

&#147;Trust&#148;), do hereby certify in accordance with 18 U.S.C. 1350, as adopted

pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my

knowledge:</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Quarterly Report on Form 10-Q of the Trust for the period ending October 31,

2002 (the &#147;Periodic Report&#148;) fully complies with the requirements of Section

13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d))

and</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

information contained in the Periodic Report fairly presents, in all material

respects, the financial condition and results of operations of the Trust.</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.18%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: December 9, 2002</font></p>

  </td>

  <td width="40%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ James F. Wirth</font></p>

  </td>

 </tr>

 <tr>

  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="40%" colspan="2" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:40.82%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: James F. Wirth</font></p>

  </td>

 </tr>

 <tr>

  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.54%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>

  </td>

  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.28%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman, President and Chief</font></p>

  </td>

 </tr>

 <tr>

  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.18%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="34%" valign="top" style="padding:0in .7pt 0in .7pt;width:34.28%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Officer</font></p>

  </td>

 </tr>

</table>



<p align="center" style="color:black;margin:0in 0in 12.0pt;text-align:center;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>





<div style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



</div>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>5
<FILENAME>j6296_ex99d2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<html>



<head>



<title>  </title>



</head>



<body>



<div style="font-family:'Times New Roman';">



<p align="right" style="color:black;margin:0in 0in 12.0pt;text-align:right;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Exhibit 99.2</font></b></p>



<p align="right" style="color:black;margin:0in 0in 12.0pt;text-align:right;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">&nbsp;</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">I, Anthony B. Waters, Chief Financial

Officer of InnSuites Hospitality Trust (the &#147;Trust&#148;), do hereby certify in

accordance with 18 U.S.C. 1350, as adopted pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002, that, to my knowledge:</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

Quarterly Report on Form 10-Q of the Trust for the period ending October 31,

2002 (the &#147;Periodic Report&#148;) fully complies with the requirements of Section

13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d))

and</font></p>



<p style="color:black;margin:0in 0in 12.0pt;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The

information contained in the Periodic Report fairly presents, in all material

respects, the financial condition and results of operations of the Trust.</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.08%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated: December 9, 2002</font></p>

  </td>

  <td width="52%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:52.92%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Anthony B. Waters</font></p>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="52%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:52.92%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Anthony B. Waters</font></p>

  </td>

 </tr>

 <tr>

  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.08%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Chief Financial Officer</font></p>

  </td>

 </tr>

</table>



<p align="center" style="margin:0in 0in 13.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>





<div style="margin:0in 0in 13.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">



<hr size="2" width="100%" noshade color="gray" align="left">



</font></div>



</div>




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