Q3 2014 Major US Hotel Sales

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LW Hospitality Advisors: Q3 2014 Select Major U.S. Hotel Sales Survey NO. OF ESTIMATED ESTIMATED PROPERTY LOCATION ROOMS SALES PRICE PRICE/ROOM BUYER SELLER Courtyard Anaheim at Disneyland Resort Anaheim CA 153$ 32,500,000 $ 212,418 N/A Chesapeake Lodging Trust Marriott Silicon Valley Fremont CA 357$ 50,000,000 $ 140,056 Ashford Hospitality Trust, Inc. AIG Figueroa Hotel Los Angeles CA 285$ 65,000,000 $ 228,070 GreenOak Real Estate & Urban Lifestyle Hotels N/A Luxe City Center Hotel 1 Los Angeles CA 178$ 105,000,000 $ 589,888 Shenzhen Hazens Real Estate Group Co. Emerik Properties Corp. JW Marriott San Francisco Union Square San Francisco CA 337$ 147,000,000 $ 436,202 Chesapeake Lodging Trust Thayer Lodging, Brookfield Hotel Properties Hotel De Anza San Jose CA 100$ 22,000,000 $ 220,000 Lowe Enterprises Saratoga Capital Marriott Warner Center Woodland Hills CA 474$ 90,000,000 $ 189,873 Laurus Corp. Teachers Retirement Fund of Illinois Hyatt Place Denver/Cherry Creek Glendale CO 194$ 32,000,000 $ 164,948 Chatham Lodging Trust JV DiNapoli Capital Partners and Rockwood Capital Park Hyatt Washington Washington DC DC 216$ 100,000,000 $ 462,963 Westmont Hospitality Group Hyatt Hotels Corp. Residence Inn Boca Raton Boca Raton FL 120$ 12,000,000 $ 100,000 BRE Newton Hotels Property Owner LLC Les Res Boca Raton LLC il Lugano Fort Lauderdale FL 104$ 21,600,000 $ 207,692 Claremont Ft. Lauderdale Suites LLC il Lugano LLC Westin Diplomat Resort & Spa 2 Hollywood FL 998$ 535,000,000 $ 536,072 Thayer Lodging Group United Association DoubleTree Grand Key Resort Key West FL 215$ 77,000,000 $ 358,140 RLJ Lodging Trust N/A Inn at Key West Key West FL 106$ 47,500,000 $ 448,113 DiamondRock Hospitality Five Mile Capital b2 miami downtown 3 Miami FL 241$ 57,000,000 $ 236,515 HHR Eat Downtown Miami LLC CRP/InSite Biscayne Princess Ann Hotel Miami Beach FL 45$ 10,000,000 $ 222,222 DHB Collins Hospitality PAH-I and PAH-II Hampton Inn Ft. Lauderdale/Plantation Plantation FL 128$ 13,000,000 $ 101,563 Midas Hospitality Prince-Bush Investments-Plantation DoubleTree Suites Atlanta - Galleria Atlanta GA 154$ 12,600,000 $ 81,818 Encore Hospitality Inland American REIT Hyatt Atlanta Midtown Atlanta GA 194$ 49,500,000 $ 255,155 RLJ Lodging Trust Noble Investment Group LLC Kahala Hotel & Resort Honolulu HI 338$ 300,000,000 $ 887,574 Resorttrust Inc. Kahala Investors LLC Embassy Suites Hotel-Indianapolis North Indianapolis IN 221$ 13,000,000 $ 58,824 Sun Development and Management Corporation FelCor Lodging Trust, Inc. Baton Rouge Marriott Baton Rouge LA 299$ 21,400,000 $ 71,572 N/A N/A Cotton Exchange Hotel New Orleans LA 223$ 17,800,000 $ 79,821 NewcrestImage Cotton Exchange Hotel LLC O'Keefe Plaza Hotel New Orleans LA 129$ 10,750,000 $ 83,333 Garrison Investment Group Laxmi Hotel LLC Hard Rock Hotel & Casino Biloxi Biloxi MS 479$ 250,000,000 $ 521,921 Twin River Worldwide Holdings Leucadia National Corp. Aloft Charlotte Uptown Charlotte NC 175$ 37,300,000 $ 213,143 Lowe Enterprises Investors Noble Investment Group Hampton Inn JFK International Airport Jamaica NY 216$ 41,000,000 $ 189,815 Magna Hospitality Group Field Hotel Associates Hilton Garden Inn/Times Square Central New York NY 282$ 127,200,000 $ 451,064 DiamondRock Hospitality JV Highgate Holdings & Walton Street Capital Holiday Inn Soho New York NY 227$ 89,700,000 $ 395,154 RFR Holding Procaccianti Group Hotel Carter New York NY 600$ 190,000,000 $ 316,667 Chetrit Group Estate of Truong Dinh Tran Park Hyatt New York New York NY 210$ 390,000,000 $ 1,857,143 Hyatt Hotels Corp. Extell Development Corp. Residence Inn New York Manhattan Midtown East Hotel New York NY 211$ 89,600,000 $ 424,645 JV Gatehouse Bank PLC & Arch Street Capital Advisors LLC AEW Capital Management Sofitel New York New York NY 398$ 273,000,000 $ 685,930 Keck Seng Investments West 44th Street OwnerCo. SpringHill Suites New York Midtown Manhattan/Fifth Ave New York NY 173$ 82,000,000 $ 473,988 Keck Seng (Malaysia) Berhad JV Hidrock Realty and Robert Finvarb Companies Long Island Marriott Uniondale NY 618$ 66,200,000 $ 107,120 Starwood Capital Group CBW Hotel Nines Hotel Portland OR 331$ 127,000,000 $ 383,686 Pebblebrook Hotel Trust N/A Hotel Viking Newport RI 208$ 77,000,000 $ 370,192 Lone Star Global LaSalle Hotel Properties DoubleTree by Hilton Downtown Nashville TN 337$ 70,000,000 $ 207,715 Walton Street Capital LLC JV Wright Investment Properties & AEW Capital Management Holiday Inn Express Nashville Airport Nashville TN 202$ 15,500,000 $ 76,733 Garrison Investment Group JV Carlyle Group & Driftwood Hospitality Hampton Inn & Suites Downtown Austin TX 209$ 53,000,000 $ 253,589 Summit Hotel Properties Valencia Hotels Hilton Garden Inn Houston Energy Corridor Houston TX 190$ 36,000,000 $ 189,474 Summit Hotel Properties American Liberty Hospitality Residence Inn Milwaukee Downtown Milwaukee WI 131$ 23,900,000 $ 182,443 CSM Corp. Investcorp

Source: LW Hospitality Advisors (LWHA) has compiled the above information from sources deemed reliable, and the information is thought to be correct, however LWHA cannot warrant absolute accuracy of all the data. Use of this information without verification from original sources is at your own risk.

Notes: 1) Transaction includes adjacent vacant developable land. 2) Transaction includes beachfront parcels and open parcels adjacent from the hotel for $55 million and the Westin Diplomat Golf & Tennis Club in Hallandale Beach for $20 million resulting in a net price of $460 million for the 998 room hotel. 3) Transaction also includes an adjacent retail building

Daniel H. Lesser President & CEO LW Hospitality Advisors 570 Seventh Avenue Suite 805 New York, NY 10018 United States of America T 212.300.6684 [email protected] www.lwhospitalityadvisors.com LW Hospitality Advisors: YTD Q3 2014 Select Major U.S. Hotel Sales Survey NO. OF ESTIMATED ESTIMATED Q PROPERTY LOCATION _ ROOMS SALES PRICE PRICE/ROOM BUYER SELLER Q1 Hilton Phoenix Airport Hotel Phoenix AZ 257$ 15,800,000 $ 61,479 JV Waramaug Hospitality and Interstate Hotels and Resorts Mass Mutual Q2 Zona Hotel & Suites Scottsdale AZ 431$ 52,000,000 $ 120,650 Orange Lake Resorts Sunstone U.S. Opportunity (No. 3) Realty Trust Q2 Aloft Tucson University Tucson AZ 154$ 19,000,000 $ 123,377 Lightstone Value Plus Real Estate Investment Trust II Starwood Hotels & Resorts Worldwide Q3 Courtyard Anaheim at Disneyland Resort Anaheim CA 153$ 32,500,000 $ 212,418 N/A Chesapeake Lodging Trust Q1 Claremont Hotel Club & Spa Berkeley CA 279$ 155,000,000 $ 555,556 JV FRHI Hotels & Resorts & Richard C. Blum Family N/A Q2 DoubleTree by Hilton San Francisco Airport North Brisbane CA 210$ 39,000,000 $ 185,714 Summit Hotel Properties, Inc. Stonebridge Companies Q2 St. Regis Monarch Beach Dana Point CA 400$ 320,000,000 $ 800,000 KSL Capital Partners, LLC Washington Holdings Q3 Marriott Silicon Valley Fremont CA 357$ 50,000,000 $ 140,056 Ashford Hospitality Trust, Inc. AIG Q1 Hampton Inn Santa Barbara/Goleta Goleta CA 98$ 27,900,000 $ 284,694 Summit Hotel Properties, Inc. N/A Q2 Miramonte Resort & Spa Indian Wells CA 215$ 26,250,000 $ 122,093 Rockpoint Group Lowe Enterprises Q3 Figueroa Hotel Los Angeles CA 285$ 65,000,000 $ 228,070 GreenOak Real Estate & Urban Lifestyle Hotels N/A Q3 Luxe City Center Hotel 1 Los Angeles CA 178$ 105,000,000 $ 589,888 Shenzhen Hazens Real Estate Group Co. Emerik Properties Corp. Q2 Carneros Inn Napa CA 86$ 60,000,000 $ 697,674 Flynn Properties Inc. PlumpJack Group Q2 TownePlace Suites by Marriott Newark CA 127$ 27,400,000 $ 215,748 Moody National REIT 1 MN Newark, LLC Q2 Hotel California San Francisco CA 83$ 27,000,000 $ 325,301 Pineapple Hospitality Geary Street Properties Q2 Hotel Vitale San Francisco CA 200$ 130,000,000 $ 650,000 LaSalle Hotel Properties N/A Q1 InterContinental Mark Hopkins San Francisco San Francisco CA 383$ 120,000,000 $ 313,316 JV Woodridge Capital Partners & Oaktree Capital Management LP InterContinental Hotels Group Plc Q3 JW Marriott San Francisco Union Square San Francisco CA 337$ 147,000,000 $ 436,202 Chesapeake Lodging Trust Thayer Lodging, Brookfield Hotel Properties Q2 Prescott Hotel San Francisco CA 160$ 49,000,000 $ 306,250 Pebblebrook Hotel Trust N/A Q1 The Powell Hotel San Francisco CA 151$ 75,000,000 $ 496,689 Host Hotels & Resorts, Inc. N/A Q3 Hotel De Anza San Jose CA 100$ 22,000,000 $ 220,000 Lowe Enterprises Saratoga Capital Q1 Hotel Oceana Santa Barbara CA 122$ 41,700,000 $ 341,803 Hersha Hospitality Trust JRK Asset Management Q2 Holiday Inn Express Santa Cruz CA 100$ 16,500,000 $ 165,000 JV Trigild & Blu Hotel Investors BPR Properties Q1 Four Points by Sheraton SFO South San Francisco CA 101$ 21,300,000 $ 210,891 Summit Hotel Properties Peninsular, Inc. Q3 Marriott Warner Center Woodland Hills CA 474$ 90,000,000 $ 189,873 Laurus Corp. Teachers Retirement Fund of Illinois Q2 Hampton Inn & Suites-Homewood Suites by Hilton Denver CO 302$ 81,500,000 $ 269,868 Carey Watermark Investors Inc. N/A Q3 Hyatt Place Denver/Cherry Creek Glendale CO 194$ 32,000,000 $ 164,948 Chatham Lodging Trust JV DiNapoli Capital Partners and Rockwood Capital Q1 Hilton Mystic Mystic CT 182$ 14,100,000 $ 77,473 Distinctive Hotel Group RLJ Lodging Trust Q2 Hilton Garden Inn Washington DC/U.S. Capitol Hill Washington DC 204$ 42,300,000 $ 207,353 Magna Hospitality OTO Development Q3 Park Hyatt Washington Washington DC DC 216$ 100,000,000 $ 462,963 Westmont Hospitality Group Hyatt Hotels Corp. Q1 DoubleTree by Hilton Hotel Downtown Wilmington - Legal District Wilmington DE 217$ 19,725,000 $ 90,899 ASAP International Holdings Driftwood Hospitality Management Q1 St. Regis Bal Harbour Resort Bal Harbour FL 210$ 213,000,000 $ 1,014,286 Al Rayyan Tourism Investment Co. Starwood Hotels & Resorts Worldwide, Inc. Q2 Boca Raton Marriott Boca Raton FL 256$ 57,850,000 $ 225,977 Carey Watermark Investors Inc. HEI Hotels and Resorts Q3 Residence Inn Boca Raton Boca Raton FL 120$ 12,000,000 $ 100,000 BRE Newton Hotels Property Owner LLC Les Res Boca Raton LLC Q2 Sheraton Fort Lauderdale Airport & Cruise Port Hotel Dania Beach FL 250$ 36,500,000 $ 146,000 Cohen Brothers Realty HEI Hotels and Resorts Q2 Doubletree Deerfield Beach FL 220$ 14,000,000 $ 63,636 Garrison Deerfield Propco LLC CS Hospitality Q2 B Ocean Fort Lauderdale Fort Lauderdale FL 240$ 65,000,000 $ 270,833 Hospitality Properties Trust Insite Group Q3 il Lugano Fort Lauderdale FL 104$ 21,600,000 $ 207,692 Claremont Ft. Lauderdale Suites LLC il Lugano LLC Q3 Westin Diplomat Resort & Spa 2 Hollywood FL 998$ 535,000,000 $ 536,072 Thayer Lodging Group United Association Q1 Hyatt Regency Riverfront Jacksonville Jacksonville FL 963$ 53,000,000 $ 55,036 Fortress Investment Group CW Capital Asset Management Q3 DoubleTree Grand Key Resort Key West FL 215$ 77,000,000 $ 358,140 RLJ Lodging Trust N/A Q3 Inn at Key West Key West FL 106$ 47,500,000 $ 448,113 DiamondRock Hospitality Five Mile Capital Q2 Parrot Key Resort and Hotel Key West FL 148$ 100,000,000 $ 675,676 Hersha Hospitality Trust Northwood Investors Q3 b2 miami downtown 3 Miami FL 241$ 57,000,000 $ 236,515 HHR Eat Downtown Miami LLC CRP/InSite Biscayne Q2 SpringHill Suites Miami Airport South Miami FL 150$ 25,600,000 $ 170,667 Noble Investment Group Blue Lagoon Hospitality Q1 Cavalier Hotel Miami Beach FL 45$ 12,500,000 $ 277,778 Ventura Capital One Ridge Hill Holdings Q2 Hilton Cabana Miami Beach FL 231$ 71,600,000 $ 309,957 RLJ Lodging Trust JV Rockpoint Group, Witkoff Group, & Highgate Hotels Q1 Hotel Eva Miami Beach FL 29$ 11,000,000 $ 379,310 J3 Collins Ave LLC Ventura Way LLC Q1 Nash South Beach Miami Beach FL 54$ 15,480,000 $ 286,667 Carlyle Group Cambean Hospitality Q3 Princess Ann Hotel Miami Beach FL 45$ 10,000,000 $ 222,222 DHB Collins Hospitality PAH-I and PAH-II Q2 Raleigh Hotel Miami Beach FL 105$ 56,500,000 $ 538,095 Hilfiger Hospitality Group JV David Edelstein & SBE Hotel Group Q2 Holiday Inn Resort Lake Buena Vista Orlando FL 503$ 44,000,000 $ 87,475 ROCH Capital Vista Hospitality Co. Q3 Hampton Inn Ft. Lauderdale/Plantation Plantation FL 128$ 13,000,000 $ 101,563 Midas Hospitality Prince-Bush Investments-Plantation Q2 Holiday Inn Express Hotel & Suites Plantation FL 156$ 12,500,000 $ 80,128 Waramaug LS Hotels, LLC, Vista Plantation Hotel Q1 Helmsley Sandcastle Hotel Sarasota FL 177$ 27,400,000 $ 154,802 Ocean Properties Ltd. Leona M. and Harry B. Helmsley Charitable Trust Q2 DoubleTree by Hilton Hotel Sunrise - Sawgrass Mills Sunrise FL 250$ 35,400,000 $ 141,600 Southwest Value Partners Long Wharf Real Estate Partners Q3 Hyatt Atlanta Midtown Atlanta GA 194$ 49,500,000 $ 255,155 RLJ Lodging Trust Noble Investment Group LLC Q3 DoubleTree Suites Atlanta - Galleria Atlanta GA 154$ 12,600,000 $ 81,818 Encore Hospitality Inland American REIT Q1 Embassy Suites Atlanta - Airport Atlanta GA 232$ 17,200,000 $ 74,138 WEDGE Hotels FelCor Lodging Trust Incorporated Q1 Georgian Terrace Hotel Atlanta GA 326$ 61,000,000 $ 187,117 Sotherly Hotels Fremont Realty Capital Q2 Ambassador Hotel Waikiki Honolulu HI 298$ 71,500,000 $ 239,933 Walton Street Capital LLC Ambassador Hotel Inc. Q1 Aqua Waikiki Wave Hotel Honolulu HI 247$ 48,000,000 $ 194,332 Rockbridge Ramsfield Hospitality Finance Q1 Aston Waikiki Beach Hotel Honolulu HI 645$ 183,000,000 $ 283,721 Inland American Lodging Group, Inc. JV Gaylord Entertainment Co. & RREEF Global Opportunities Fund II Q3 Kahala Hotel & Resort Honolulu HI 338$ 300,000,000 $ 887,574 Resorttrust Inc. Kahala Investors LLC Q1 Ritz-Carlton, Kapalua Kapalua HI 463$ 142,000,000 $ 306,695 JV Woodridge Capital Partners and Colony Capital Lehman Brothers Holdings Inc. Q2 Wailea Beach Marriott Resort & Spa Wailea - Maui HI 544$ 325,700,000 $ 598,713 Sunstone Hotel Investors Inc. Blackstone Real Estate Partners IV Q1 Allerton Hotel Chicago IL 443$ 83,000,000 $ 187,359 Warwick International Hotels Petra Capital Management LLC Q1 Sofitel Chicago Water Tower Chicago IL 415$ 153,000,000 $ 368,675 Ashford Hospitality Prime Inc Blackstone Group Q2 Oak Brook Hills Resort Oak Brook IL 386$ 30,100,000 $ 77,979 N/A DiamondRock Hospitality Company Q2 InterContinental O'Hare Rosemont IL 556$ 120,000,000 $ 215,827 Loews Hotels & Resorts Amalgamated Bank Q2 Hotel Indigo Vernon Hills IL 127$ 10,300,000 $ 81,102 Starwood Capital Group Florida Capital Real Estate Group Q3 Embassy Suites Hotel-Indianapolis North Indianapolis IN 221$ 13,000,000 $ 58,824 Sun Development and Management Corporation FelCor Lodging Trust, Inc. Q3 Baton Rouge Marriott Baton Rouge LA 299$ 21,400,000 $ 71,572 N/A N/A Q3 Cotton Exchange Hotel New Orleans LA 223$ 17,800,000 $ 79,821 NewcrestImage Cotton Exchange Hotel LLC Q3 O'Keefe Plaza Hotel New Orleans LA 129$ 10,750,000 $ 83,333 Garrison Investment Group Laxmi Hotel LLC Q1 Whitney Wyndham Hotel New Orleans LA 93$ 10,500,000 $ 112,903 MCC Group N/A Q1 The Inn at Perry Cabin St. Michaels MD 78$ 39,700,000 $ 508,974 Capital Properties Orient-Express Hotels Ltd. Q1 Embassy Suites Bloomington Bloomington MN 218$ 24,000,000 $ 110,092 Bloomington Hotel Owner SPE FelCor Lodging Trust Incorporated Q3 Hard Rock Hotel & Casino Biloxi Biloxi MS 479$ 250,000,000 $ 521,921 Twin River Worldwide Holdings Leucadia National Corp. Q2 DoubleTree Suites Hotel Charlotte-South Park Charlotte NC 208$ 37,000,000 $ 177,885 N/A FelCor Lodging Trust Q3 Aloft Charlotte Uptown Charlotte NC 175$ 37,300,000 $ 213,143 Lowe Enterprises Investors Noble Investment Group Q2 Cosmopolitan of Las Vegas4 Las Vegas NV 2995$ 1,730,000,000 $ 577,629 Blackstone Real Estate Partners VII Nevada Property 1 LLC (Deutsche Bank AG) Q3 Hampton Inn JFK International Airport Jamaica NY 216$ 41,000,000 $ 189,815 Magna Hospitality Group Field Hotel Associates Q2 Courtyard Times Square West New York NY 224$ 95,000,000 $ 424,107 Carey Watermark Investors Inc. Stonebridge Companies Q2 Hilton Garden Inn Midtown East New York NY 205$ 85,300,000 $ 416,098 Hersha Hospitality Trust McSam Hotel Group Q3 Hilton Garden Inn/Times Square Central New York NY 282$ 127,200,000 $ 451,064 DiamondRock Hospitality JV Highgate Holdings & Walton Street Capital Q3 Holiday Inn Soho New York NY 227$ 89,700,000 $ 395,154 RFR Holding Procaccianti Group Q1 Hotel 373 New York NY 70$ 37,000,000 $ 528,571 N/A Hersha Hospitality Trust Q3 Hotel Carter New York NY 600$ 190,000,000 $ 316,667 Chetrit Group Estate of Truong Dinh Tran Q2 Mondrian Soho New York NY 270$ 205,000,000 $ 759,259 JV Sapir Organization & Buddha-Bar Hotels & Resorts Deutsche Bank AG Q1 Novotel New York Times Square New York NY 480$ 273,600,000 $ 570,000 Millennium & Copthorne Hotels JV Apollo Global Management LLC & Chartres Lodging Group Q3 Park Hyatt New York New York NY 210$ 390,000,000 $ 1,857,143 Hyatt Hotels Corp. Extell Development Corp. Q3 Residence Inn New York Manhattan Midtown East Hotel New York NY 211$ 89,600,000 $ 424,645 JV Gatehouse Bank PLC & Arch Street Capital Advisors LLC AEW Capital Management Q3 Sofitel New York New York NY 398$ 273,000,000 $ 685,930 Keck Seng Investments West 44th Street OwnerCo. Q3 SpringHill Suites New York Midtown Manhattan/Fifth Ave New York NY 173$ 82,000,000 $ 473,988 Keck Seng (Malaysia) Berhad JV Hidrock Realty and Robert Finvarb Companies Q1 Standard High Line New York NY 330$ 400,000,000 $ 1,212,121 Standard International JV Dune Capital Management/Greenfield Partners/André Balazs Properties Q3 Long Island Marriott Uniondale NY 618$ 66,200,000 $ 107,120 Starwood Capital Group CBW Hotel Q3 Nines Hotel Portland OR 331$ 127,000,000 $ 383,686 Pebblebrook Hotel Trust N/A Q3 Hotel Viking Newport RI 208$ 77,000,000 $ 370,192 Lone Star Global LaSalle Hotel Properties Q2 Homewood Suites by Hilton Charleston - Mt. Pleasant Mount Pleasant SC 107$ 11,800,000 $ 110,280 Rupa LLC Suites at Seaside LLC Q2 Hilton Knoxville Knoxville TN 317$ 25,000,000 $ 78,864 Buccini/Pollin Group Fairwood Capital Q3 DoubleTree by Hilton Downtown Nashville TN 337$ 70,000,000 $ 207,715 Walton Street Capital LLC JV Wright Investment Properties & AEW Capital Management Q3 Holiday Inn Express Nashville Airport Nashville TN 202$ 15,500,000 $ 76,733 Garrison Investment Group JV Carlyle Group & Driftwood Hospitality Q3 Hampton Inn & Suites Downtown Austin TX 209$ 53,000,000 $ 253,589 Summit Hotel Properties Valencia Hotels Q2 Holiday Inn Austin NW-Arboretum Area Austin TX 194$ 13,500,000 $ 69,588 N/A RLJ Lodging Trust Q2 Hyatt Place Austin Downtown Austin TX 296$ 87,000,000 $ 293,919 Carey Watermark Investors White Lodging Services Corp. Q3 Hilton Garden Inn Houston Energy Corridor Houston TX 190$ 36,000,000 $ 189,474 Summit Hotel Properties American Liberty Hospitality Q1 Hilton Garden Inn Houston/Bush Intercontinental Airport Houston TX 182$ 37,500,000 $ 206,044 Summit Hotel Properties American Liberty Hospitality Q1 Four Seasons Resort and Club Dallas at Las Colinas Irving TX 431$ 150,000,000 $ 348,028 Blackstone Real Estate Advisor N/A Q1 Hilton Garden Inn St. George St. George UT 150$ 15,700,000 $ 104,667 N/A RLJ Lodging Trust Q2 Hilton Alexandria Old Town Alexandria VA 246$ 93,000,000 $ 378,049 JV Lodging Capital Partners & Walton Street Capital LaSalle Hotel Properties Q2 Richmond Marriott West Glen Allen VA 242$ 19,990,500 $ 82,605 Lingerfelt CommonWealth Partners Columbia Sussex Corp. Q2 Hotel 1000 Seattle WA 120$ 63,000,000 $ 525,000 Thayer Lodging Group and Provenance Hotels N/A Q2 Motif Seattle (Former Red Lion) Seattle WA 319$ 130,700,000 $ 409,718 Cornerstone Real Estate Advisers Lowe Enterprises Q3 Residence Inn Milwaukee Downtown Milwaukee WI 131$ 23,900,000 $ 182,443 CSM Corp. Investcorp

Daniel H. Lesser President & CEO LW Hospitality Advisors 570 Seventh Avenue Suite 805 New York, NY 10018 United States of America T 212.300.6684 [email protected] www.lwhospitalityadvisors.com LW Hospitality Advisors: Select Major 2011-2014 U.S. Hotel Sales Survey Quarter Total Total Average Total $ Volume Average Size $ Volume Per Trades Rooms Size Deal Room Property Q1 2011 36 14,368 399$ 2,767,520,000 $ 76,875,556 $ 192,617

Q2 2011 42 12,828 305$ 3,649,400,000 $ 86,890,476 $ 284,487

Q3 2011 21 4,538 216$ 812,175,000 $ 38,675,000 $ 178,972

Q4 2011 31 9,072 293$ 1,632,439,000 $ 52,659,323 $ 179,943

Q1 2012 26 7,271 280$ 1,871,050,000 $ 71,963,462 $ 257,330

Q2 2012 27 5,401 200$ 1,080,400,000 $ 40,014,815 $ 200,037

Q3 2012 28 7,464 267$ 1,739,635,000 $ 62,129,821 $ 233,070

Q4 2012 26 6,572 253$ 1,783,850,000 $ 68,609,615 $ 271,432

Q1 2013 26 7,389 284$ 1,885,240,000 $ 72,509,231 $ 255,141

Q2 2013 38 10,927 288$ 2,647,740,000 $ 69,677,368 $ 242,312

Q3 2013 38 11,330 298$ 3,341,600,000 $ 87,936,842 $ 294,934

Q4 2013 51 15,304 300$ 3,019,560,000 $ 59,207,059 $ 197,305

Q1 2014 31 8,071 260$ 2,498,105,000 $ 80,584,032 $ 309,516

Q2 2014 42 12,835 306$ 4,546,790,500 $ 108,256,917 $ 354,249

Q3 2014 42 11,006 262$ 3,880,050,000 $ 92,382,143 $ 352,540

Daniel H. Lesser President & CEO LW Hospitality Advisors 570 Seventh Avenue Suite 805 New York, NY 10018 United States of America T 212.300.6684 [email protected] www.lwhospitalityadvisors.com