Big Deals, August 2005

Property Name	Est. Sales Price US$	# of Rooms	Month of Sale	Buyer	Seller
5 USA Hotels	$109 million	961	Jul-05	Pyramid Hotel Opportunity Venture LLC	CNL Hotels & Resorts, Inc.
Comments: Hotels Acquired: DoubleTree Hotel Del Mar, Hotel Rex (San Francisco), Beverly Heritage (Milpitas, CA), Hilton San Francisco Fishermans Wharf and Holiday Inn Columbia, SC
Bristol Arms Retro Hotel, Sydney	$17.6 million	N/A	Jul-05	Interest Associated with Laundy Hotel Group	St Marys Rugby League Club Ltd.
Fairmont Chicago	$154.7 million	692	3rd Qtr 2005	Strategic Hotel Capital, Inc.	Affiliate of The Swig Company
Comments: Fairmont Hotels, Inc. will continue to manage the property subsequent to the acquisition.
Marriott Wardman Park Hotel	Undisclosed	1,300	Jul-05	An affiliate of The JBG Companies, L.L.C. & CIM Group	Thayer Lodging Group
Comments: Marriott International will continue to manage the hotel.
Sir Francis Drake Hotel, San Francisco	Undisclosed	417	Jul-05	SFD Partners, LLC	Sir Francis Drake Hotel Associates, L.P.
Comments: Kimpton Hotel & Restaurant Group, LLC will continue to manage the hotel.
The Pierre, New York City	Undisclosed	201	Jul-05	Taj Hotels Resorts and Palaces	Undisclosed
Comments: Also includes 80 residential apartments; Taj succeeds Four Seasons as the lessee and operator.