PROPERTY CITY STATE NO. OF ROOMSESTIMATED

SALES PRICEESTIMATED

PRICE/ROOM BUYER SELLER 2013 PROPERTY CITY STATE NO. OF ROOMS ESTIMATED SALES

CESTIMATED

C / OOBUYER SELLER

Q3 Residence Inn Birmingham Downtown at UAB Birmingham AL 129 20,000,000$ 155,039$ Capstone Development, LLC Birmingham Hospitality Properties, LLCQ1 Crowne Plaza San Marcos Golf Resort Chandler AZ 249 11,000,000$ 44,177$ Interwest Capital Corporation Guaranty Bank and Trust Co.Q1 Hotel Durant Berkeley CA 144 27,250,000$ 189,236$ Gemstone Hotels & Resorts LLC Royal Bank of Scotland Global SecuritiesQ3 Hacienda Hotel El Segundo CA 640 26,900,000$ 42,031$ Rubicon Cos. N/AQ2 Holiday Inn-Santa Barbara/Goleta Goleta CA 160 24,000,000$ 150,000$ MP-Goleta Hotel Partners, LLC FelCor Lodging Trust Inc.Q3 Redbury Hotel Hollywood CA 57 34,000,000$ 596,491$ Pebblebrook Hotel Trust sbe Hotel GroupQ4 Sheraton Gateway LAX Los Angeles CA 802 96,000,000$ 119,701$ Hazens Real Estate Group Long Wharf Real Estate PartnersQ4 Four Points by Sheraton LAX Hotel Los Angeles CA 568 56,000,000$ 98,592$ N/A N/AQ4 Hotel Pacific Monterey CA 105 20,000,000$ 190,476$ Pacifica Companies Hotel Pacific Limited PartnershipQ4 Calistoga Ranch Napa CA 50 55,000,000$ 1,100,000$ Uytengsu Olympus Real Estate PartnersQ1 W Hotel Newark CA 172 11,500,000$ 66,860$ Triyar Cos. LLC NewTower Trust Co.Q1 Embassy Suites San Diego Bay – Downtown San Diego CA 337 112,500,000$ 333,828$ Pebblebrook Hotel Trust Chief San Diego Hotel LLCQ1 Andaz San Diego San Diego CA 159 53,000,000$ 333,333$ Inland Real Estate Group Kelly Capital GroupQ1 Kona Kai Resort 1 San Diego CA 129 12,500,000$ 96,899$ Noble House Hotels & Resorts Atlas HotelsQ2 Courtyard San Diego Downtown San Diego CA 245 71,100,000$ 290,204$ Hersha Hospitality Trust Wheelock Street Capital, LLCQ2 Hilton San Diego Mission Valley San Diego CA 349 44,600,000$ 127,794$ Kalpana LLC HEI Mission Valley LLC,Q1 Clift Hotel San Francisco CA 363 120,000,000$ 330,579$ Hospitality Properties Trust Tarsadia InvestmentsQ1 Holiday Inn Express & Suites Fisherman’s Wharf San Francisco CA 252 60,500,000$ 240,079$ JV Summit Hotel Properties & Intercontinental Hotels Group N/AQ2 Ritz-Carlton San Francisco CA 336 161,000,000$ 479,167$ Thayer Fund VI Host Hotels & ResortsQ2 Hyatt Fisherman's Wharf San Francisco CA 313 103,500,000$ 330,671$ Chesapeake Lodging Trust Hyatt Hotels Corporation Q2 Vantaggio Suites Cosmo Hotel San Francisco CA 150 29,500,000$ 196,667$ RLJ Lodging Trust N/AQ3 Serrano Hotel San Francisco CA 236 71,500,000$ 302,966$ LaSalle Hotel Properties Cornerstone RE Advisers Q4 Hyatt Regency San Francisco San Francisco CA 802 262,500,000$ 327,307$ Sunstone Hotel Investors, Inc. JV Dune Capital Management & DiNapoli Capital PartnersQ2 San Jose Marriott Hotel San Jose CA 506 83,000,000$ 164,032$ CBRE Global Investors Prudential Real Estate InvestorsQ2 Radisson Plaza San Jose CA 196 15,200,000$ 77,551$ JV Urban Commons, LLC & Brighton Management Midland Loan ServicesQ2 Hyatt Santa Barbara Santa Barbara CA 200 61,000,000$ 305,000$ Chesapeake Lodging Trust Hyatt Hotels CorporationQ3 Hyatt Regency Santa Clara Santa Clara CA 501 93,000,000$ 185,629$ Inland American Lodging Group Inc. Hyatt CorporationQ4 Torrance Marriott South Bay Torrance CA 487 76,000,000$ 156,057$ N/A DiamondRock Hospitality Co., Q3 London West Hollywood West Hollywood CA 200 195,000,000$ 975,000$ Northwood Investors LLC Blackstone Group LPQ2 Crowne Plaza Colorado Springs CO 500 14,000,000$ 28,000$ 513 Hotels Ltd. (Investment Corp. of America) N/AQ2 Residence Inn by Marriott Denver City Center Denver CO 228 80,000,000$ 350,877$ Inland American Real Estate Trust JV Sage Hospitality Resources LLP & Shames-Makovsky Realty Co.,Q2 Loews Denver Hotel Denver CO 183 11,200,000$ 61,202$ JV DiNapoli Capital Partners & Rockwood Capital Loews Hotels & ResortsQ3 Hilton Garden Inn Denver Tech Center Denver CO 180 27,900,000$ 155,000$ Chatham Lodging Trust N/AQ3 Hyatt Regency Denver Tech Center Denver CO 451 60,000,000$ 133,038$ JMI Realty Hyatt Hotels CorporationQ4 Hilton Garden Inn Denver Tech Center Denver CO 180 27,900,000$ 155,000$ Chatham Lodging Trust BlackstoneQ2 Normandy Hotel Washington DC 75 16,000,000$ 213,333$ JV Modus Hotels & Alex Brown Realty Doyle Collection Hotel GroupQ4 Hilton Embassy Row Washington DC 231 50,000,000$ 216,450$ Co. Willow Hotels LLCQ4 Latham Hotel Washington DC 133 45,400,000$ 341,353$ SB-Urban Lone Star Funds Q3 DoubleTree Hotel Wilmington DE 244 27,700,000$ 113,525$ N/A FelCor Lodging Trust IncorporatedQ4 Hilton Cocoa Beach Waterfront Cocoa Beach FL 296 14,500,000$ 48,986$ Driftwood Hospitality BlackstoneQ2 Residence Inn Miami Coconut Grove Coconut Grove FL 140 21,800,000$ 155,714$ Hersha Hospitality Trust Grove Hospitality Properties, LLCQ4 The Shores Resort & Spa Daytona Beach Shores FL 212 39,250,000$ 185,142$ Garrison Investment Group Rockbridge CapitalQ4 Hawks Cay Resort 2 Duck Key FL 177 133,800,000$ 755,932$ Carey Watermark Investors Incorporated Behringer HarvardQ3 Ritz-Carlton3 Fort Lauderdale FL 166 66,000,000$ 397,590$ JV Gencom and Invesco Ltd. Castillo Grand Q4 Lauderdale Beachside Hotel Fort Lauderdale FL 147 17,000,000$ 115,646$ Florida Development Group N/AQ3 Embassy Suites Jacksonville FL 277 10,000,000$ 36,101$ N/A FelCor Lodging Trust IncorporatedQ4 Hampton Inn Jacksonville Beach/Oceanfront Jacksonville Beach FL 177 26,500,000$ 149,718$ Magna Hospitality Goldman Sachs Group Inc.Q2 Pier House Resort and Caribbean Spa Key West FL 142 90,000,000$ 633,803$ Ashford Hospitality Trust, Inc. Richard E. Jacobs GroupQ4 Hyatt Key West Resort and Spa Key West FL 118 76,000,000$ 644,068$ Inland American Lodging Group, Inc. Hyatt Hotels CorporationQ1 Miami Beach Resort Miami Beach FL 424 117,000,000$ 275,943$ MBR Waterview LLC (Chetrit Group) Blackstone Group LPQ3 Berkeley Shore Hotel Miami Beach FL 64 13,000,000$ 203,125$ Jorge Savloff and Marcelo Tenenbaum Guesch Inc.Q3 Plymouth Hotel Miami Beach FL 95 18,250,000$ 192,105$ JV Plymouth Hotel LLC & First Avenue 954 Realty New World Symphony Q3 Royal Polo Hotel 4 Miami Beach FL 96 12,500,000$ 130,208$ Baywood Hotels Jonathan PlutzikQ4 Claridge Hotel Miami Beach FL 42 14,000,000$ 333,333$ Faena Group Claridge Hotel LCQ4 Howard Johnson Plaza Dezerland Beach & Spa Miami Beach FL 225 65,000,000$ 288,889$ Terra Group Dezer Properties LLCQ4 Shore Club Miami Beach FL 322 175,300,000$ 544,410$ Shore Club Property Owner LLC Philips South BeachQ4 Edgewater Beach Hotel Naples FL 125 55,000,000$ 440,000$ Naples Edgewater LLC BlackstoneQ4 Waldorf Astoria Naples Naples FL 474 200,000,000$ 421,941$ Northwood Investors BlackstoneQ3 Peabody Orlando Orlando FL 1641 717,000,000$ 436,929$ Hyatt Hotels Corp. UST Hotel Joint Venture Ltd.Q4 Embassy Suites Lake Buena Vista Orlando FL 334 25,700,000$ 76,946$ GF Management HEI Lake Buena Vista LLCQ4 Hilton Garden Inn Sarasota - Bradenton Airport Sarasota FL 115 10,800,000$ 93,913$ Excel Sarasota 1 LLC Thayer Lodging GroupQ3 Hotel Duval Tallahassee FL 117 23,000,000$ 196,581$ Schulte Hospitality Group Hunter & Harp HoldingsQ2 Hampton Inn Tampa International Airport/Westshore Tampa FL 133 15,750,000$ 118,421$ Leeward Strategic Properties W2007 BRV LP (Archon Group)Q2 Hilton Garden Inn Tampa East/Brandon Tampa FL 152 12,500,000$ 82,237$ Tampa East Hotel Holdings LLC (MIG Real Estate LLC) GI Tampa Realco LLCQ1 Atlanta Marriott Marquis Atlanta GA 1663 293,000,000$ 176,188$ N/A Host Hotels & Resorts, Inc.Q2 Sheraton Suites Galleria - Atlanta Atlanta GA 277 21,000,000$ 50,971$ MPI, Mall Properties, Inc. FelCor Lodging Trust IncorporatedQ4 Four Seasons Hotel Atlanta5 Atlanta GA 244 62,000,000$ 254,098$ Cascade Investment Host Hotels & ResortsQ4 Hilton Atlanta Northeast Atlanta GA 272 16,300,000$ 59,926$ ASAP International Holdings JV Dow Hotel Company & AEW Capital PartnersQ4 SpringHill Suites by Marriott Savannah Downtown/Historic District Savannah GA 160 39,800,000$ 248,750$ Chatham Lodging Trust N/AQ2 Hyatt Regency Waikiki Beach Resort and Spa Honolulu HI 1230 450,000,000$ 365,854$ Blackstone Group JV Whitehall Street Real Estate Funds & Hyatt Hotels Corp.Q2 Hyatt Place Waikiki Beach Honolulu HI 426 138,500,000$ 325,117$ Host Hotels & Resorts GlobalQ2 Courtyard by Marriott Waikiki Beach Honolulu HI 401 127,000,000$ 316,708$ Highgate Hotels Rockpoint GroupQ2 Courtyard by Marriott Waikiki Beach Honolulu HI 401 127,000,000$ 316,708$ RLJ Lodging Trust Highgate HotelsQ2 Hotel Renew Honolulu HI 72 23,500,000$ 105,381$ Atrium Holdco LLC Z-Tower LLCQ3 Aqua Waikiki Pearl Waikiki Beach HI 132 18,000,000$ 136,364$ DeBartolo Development LLC Ramsfield Hospitality Finance LLCQ4 Renaissance Chicago Downtown Hotel Chicago IL 553 139,000,000$ 251,356$ Carey Watermark Investors Royal Bank of Scotland Group PLCQ4 Marriott Suites Deerfield Deerfield IL 248 30,000,000$ 120,968$ Archon Group JV AEW Capital Management, L.P & Dow Hotel Company.Q4 Wyndham Lisle Lisle IL 242 14,000,000$ 57,851$ Vinayaka Hospitality Lisle LLC Glenmont Capital Management LLCQ4 Four Points by Sheraton Chicago O'Hare Airport Schiller Park IL 295 13,800,000$ 46,780$ Opine Properties LLC C-III Asset Management LLCQ2 Chicago Westin North Shore Wheeling IL 412 60,000,000$ 145,631$ JV Rockbridge & TPG Companies N/AQ3 Embassy Suites Baton Rouge LA 223 17,700,000$ 79,372$ Archon Group FelCor Lodging Trust Inc.Q1 W New Orleans French Quarter New Orleans LA 97 25,500,000$ 262,887$ Chesapeake Lodging Trust Starwood Hotels & Resorts Worldwide Inc. Q2 Hilton New Olreans St. Charles New Orleans LA 250 59,350,000$ 237,400$ Sunstone Hotel Investors, Inc. Dimension DevelopmentQ2 W New Orleans New Orleans LA 410 65,000,000$ 158,537$ Chesapeake Lodging Trust Starwood Hotels & Resorts Worldwide, IncQ2 Cotton Exchange Hotel New Orleans LA 223 17,800,000$ 79,821$ NewcrestImage Decatur HotelsQ4 Astor Crowne Plaza New Orleans LA 693 114,000,000$ 164,502$ Starwood Capital LNR Property LLCQ4 Loews New Orleans New Orleans LA 285 74,500,000$ 261,404$ Inland American Real Estate Trust, Inc., N/AQ1 Liberty Hotel Boston MA 298 170,000,000$ 570,470$ LaSalle Hotel Properties JV Carpenter & Co. Inc. & HEI Hotels & ResortsQ1 Back Bay Hotel Boston MA 225 90,000,000$ 400,000$ Loews Hotels & Resorts Doyle CollectionQ2 Boston Park Plaza Hotel & Towers Boston MA 1053 250,000,000$ 237,417$ Sunstone Hotel Investors, Inc. JV Rockpoint Group & Donald SaundersQ3 Copley Square Hotel Boston MA 143 59,300,000$ 414,685$ Cornerstone Real Estate Advisers CapStar Hotel Co. Q1 Aloft & Element Lexington MA 259 36,000,000$ 138,996$ Rockwood Capital Starwood Hotels & Resorts Worldwide Inc. Q3 Hilton Garden Inn Minneapolis/Maple Grove Maple Grove MN 120 12,700,000$ 105,833$ Apple REIT Ten Inc. North Central Group HotelsQ2 Radisson Plaza Hotel Minneapolis Minneapolis MN 360 28,000,000$ 77,778$ Chartres Lodging Group Carlson Real Estate Co. Q4 Hyatt Place Minneapolis Downtown Minneapolis MN 213 32,600,000$ 153,052$ Summit Hotel Properties, Inc. Hyatt Hotels CorporationQ4 Fiksdal Hotel & Suites Rochester MN 135 13,750,000$ 101,852$ Hotel & Resort Management Inc. N/AQ4 Renaissance St. Louis Grand Hotel St. Louis MO 917 26,000,000$ 28,353$ 800 Washington LLC N/AQ4 Charlotte Marriott Center City Charlotte NC 438 111,000,000$ 253,425$ Marriott International Inc. Cornerstone Real Estate AdvisersQ4 Homewood Suites Charlotte Airport Hotel Charlotte NC 102 10,700,000$ 104,902$ MIG Real Estate Hanover Capital Holdings Corp.Q3 Raleigh Marriott City Center Raleigh NC 400 83,000,000$ 207,500$ Carey Watermark Investors Lubert-AdlerQ3 Raleigh Marriott Crabtree Valley Raleigh NC 375 26,150,000$ 69,733$ Rockbridge Capital Cornerstone Real Estate AdvisorsQ4 Courtyard Raleigh North/Triangle Town Center Raleigh NC 109 14,800,000$ 135,780$ Concord Hospitality Enterprises Co., Ambrosia HospitalityQ3 Hampton Inn & Suites Exeter NH 111 15,200,000$ 136,937$ Chatham Lodging Trust N/AQ1 Renaissance Meadowlands Rutherford NJ 167 21,700,000$ 129,940$ JV RockBridge & Concord Hospitality Enterprises Moody National CompaniesQ1 Hanover Marriott Whippany NJ 353 76,000,000$ 215,297$ Clarion Partners LLC HEI Hotels & ResortsQ4 La Posada de Santa Fe Resort & Spa Santa Fe NM 157 30,400,000$ 193,631$ JV 1754 Properties & Pacific Coast Capital Partners Ektornet AB Q1 New York LaGuardia Airport Marriott East Elmhurst NY 438 22,000,000$ 50,228$ Rubicon Cos Capmark Financial Group Inc.Q3 Sheraton Long Island Hotel Hauppauge NY 209 20,000,000$ 95,694$ SouFun Holdings Ltd. Northridge CapitalQ3 Par-Central Motor Inn Jamaica NY 62 10,900,000$ 175,806$ Parsons Hospitality LLC Apple Core Hotels, IncQ2 Lake Placid Lodge Lake Placid NY 30 19,000,000$ 633,333$ Ocean Properties Ramsfield Hospitality FinanceQ1 Flatotel6 New York NY 289 180,000,000$ 622,837$ JV Chetrit Group LLC & Clipper Equity LLC JV Rockpoint Group, Atlas Capital Group & Procaccianti GroupQ1 Alex Hotel New York NY 203 115,000,000$ 566,502$ Wyndham Hotel Group JV Rockpoint Group, Atlas Capital Group & Procaccianti GroupQ1 Beekman Tower Hotel7 New York NY 174 82,000,000$ 471,264$ Arkin Beekman Tower Hotel AssociatesQ1 Hyatt Place New York/Midtown-South New York NY 185 76,200,000$ 411,892$ Chesapeake Lodging Trust N/AQ2 James New York New York NY 114 85,000,000$ 745,614$ Brack Capital Real Estate Prudential FinanceQ2 Hyatt Union Square New York NY 178 101,000,000$ 567,416$ Hersha Hospitality Trust McSam Hotel GroupQ2 Holiday Inn Manhattan 6th Avenue New York NY 226 113,000,000$ 500,000$ Carey Watermark Investors Incorporated Magna Hospitality GroupQ3 Park Lane Hotel New York NY 605 650,000,000$ 1,074,380$ Witkoff Group Estate of Leona HelmsleyQ3 Setai Fifth Avenue New York NY 214 229,000,000$ 1,070,093$ Great Eagle Group Bizzi & Partners DevelopmentQ3 Viceroy Hotel New York NY 241 148,500,000$ 616,183$ American Realty Capital New York Recovery REIT, Inc. Ark PartnersQ4 MAve Hotel New York NY 72 28,500,000$ 395,833$ MAve Investors LLC N/AQ3 DoubleTree by Hilton Hotel - Worthington Columbus OH 306 10,300,000$ 33,660$ Twin Tier Hospitality LLC GE Business Financial ServicesQ4 SpringHill Suites Portland Hillsboro Hillsboro OR 106 24,000,000$ 226,415$ RLJ Lodging Trust Investors Inc.Q3 Homewood Suites by Hilton Medford Medford OR 109 14,300,000$ 131,193$ N/A N/AQ3 Hotel Modera Portland OR 164 47,500,000$ 289,634$ Pebblebrook Hotel Trust Posh Ventures LLC Q4 Portland Marriott Downtown Waterfront Portland OR 503 87,000,000$ 172,962$ DiNapoli Capital Partners Host Hotels & Resorts, Inc.Q4 Hilton Garden Inn Philadelphia/Ft. Washington Fort Washington PA 146 16,400,000$ 112,329$ Laurus Corporation Magna HospitalityQ4 Philadelphia Marriott Downtown Philadelphia PA 1408 305,000,000$ 216,619$ JV Oaktree Capital & Clearview Hotel Investors Host Hotels & Resorts, Inc.Q1 Courtyard by Marriott Pittsburgh Shadyside Pittsburgh PA 132 29,900,000$ 226,515$ Carey Watermark Investors N/AQ2 Hyatt Place Pittsburgh/North Shore Pittsburgh PA 178 40,000,000$ 224,719$ Chatham Lodging Trust Continental Real Estate CompaniesQ3 Sheraton Station Square Pittsburgh PA 399 61,000,000$ 152,882$ Capital Management, LLC ) Forest City Enterprises Inc.Q4 SpringHill Suites Pittsburgh Bakery Square Pittsburgh PA 110 21,800,000$ 198,182$ Capstone Development LLC JV Walnut Capital Partners & RCG Longview Q4 Hyatt Regency Pittsburgh International Airport Pittsburgh PA 336 44,500,000$ 132,440$ Magna Hospitality Group Dauphin County General AuthorityQ3 DoubleTree Suites Plymouth Meeting PA 253 31,000,000$ 122,530$ Arden Group LNR Partners Q2 Hyatt Place North Charleston Charleston SC 113 11,800,000$ 104,425$ Moody National Cos. Naman HotelsQ3 Hampton Inn Charleston - Daniel Island Charleston SC 128 12,000,000$ 93,750$ Bennett Hospitality DI Partners LLCQ2 Hilton Garden Inn Greenville SC 120 15,240,000$ 127,000$ Summit Hotel Group Deean HospitalityQ3 Crown Reef Resort Myrtle Beach SC 514 16,100,000$ 31,323$ Crown Reef Resort LLC Jordan PropertiesQ1 Hyatt Place Memphis/Germantown Germantown TN 127 11,300,000$ 88,976$ Moody National REIT I Silver Cos.Q4 Embassy Suites East Memphis Memphis TN 220 24,800,000$ 112,727$ Lodging Capital Partners LLC JV Haberhill LLC & Brickman AssociatesQ2 Hutton Hotel Nashville TN 247 73,600,000$ 297,976$ Carey Watermark Investors Amerimar EnterprisesQ1 Driskill Hotel Austin TX 189 85,000,000$ 449,735$ Hyatt Hotels Corporation Lowe Enterprises Investors FundQ4 Hampton Inn Austin South Austin TX 123 15,410,000$ 125,285$ Moody National REIT I JP Sethi EnterprisesQ4 Dallas/Addison Marriott Quorum by the Galleria Dallas TX 547 55,700,000$ 101,828$ Wheelock Street Capital Host Hotels & Resorts Q1 Courtyard by Marriott Houston Medical Center Houston TX 197 34,750,000$ 176,396$ Chatham Lodging Trust N/AQ3 Four Seasons Hotel Houston TX 404 140,000,000$ 346,535$ Cascade Investment LLC Maritz, Wolff & Co.Q3 Westin Galleria & Westin Oaks Houston TX 893 220,000,000$ 246,361$ Inland American Lodging Group Walton Street CapitalQ4 Hilton Garden Inn Galleria Houston TX 182 36,500,000$ 200,549$ Summit Hotel Properties, Inc. N/AQ4 Crowne Plaza Houston Downtown Hotel Houston TX 259 30,650,000$ 118,340$ SoTHERLY Hotels N/AQ4 Lorien Hotel & Spa Alexandria VA 107 45,000,000$ 420,561$ Inland American Lodging Group, Inc. N/AQ3 Residence Inn Seattle Bellevue/Downtown Bellevue WA 231 73,200,000$ 316,883$ Chatham Lodging Trust N/AQ4 Residence Inn by Marriott Bellevue Downtown Bellevue WA 231 73,200,000$ 316,883$ Chatham Lodging Trust Miller Global PropertiesQ2 Semiahmoo Resort 8 Blaine WA 198 19,500,000$ 98,485$ Resort Semiahmoo LLC Semiahmoo Resort Company, LLCQ1 Courtyard Seattle North/Lynnwood Everett Hotel Lynnwood WA 164 11,640,000$ 70,976$ CSM Corporation LNR Property Corporation

1 Sale represented transfer of a leasehold interest with Port of San Diego as landlord

2 Hawks Cay includes 177 resort guestrooms and a resort residential management program that includes over 250 two-three-and four-bedroom villas.

5 Sales included 99,000 sq. ft of office space ascribed value of $5.0 to $10.0 million

7 Buyer intends to convert building into high end residential condominiums

Compiled by LW Hospitality Advisors

212.300.6684�X�101Daniel.lesser@lwhadvisors.com

Daniel�H.�LesserPresident�&�CEO

LW�Hospitality�Advisors�LLC570�Seventh�Avenue,�Suite�805

New�York,�NY�10018USA

3 Transaction included 28 third party owned condo hotel units that participate in resort's rental program

4 Hotel closed at time of sale

6 Buyers plan to convert it into corporate apartment suites

LW Hospitality Advisors: 2013 Select Major U.S. Hotel Sales Survey

Notes:

8 Hotel closed at time of sale