BASELINE HOSPITALITY PROPERTIES FINANCIALS
For the Period Ended October 31, 2011
	JAN	FEB	MAR	1Q Total	APRIL	MAY	JUNE	2Q Total	JULY	AUG	SEPT	3Q Total	OCT	NOV	DEC	4Q Total	Year End

SUITES AVAILABLE
2002	5270	4760	5270	15300	5100	5270	5100	15470	5270	5270	5100	15640	5270	5100	5270	15640	62050
2003	5270	4760	5270	15300	5100	5270	5100	15470	5270	5270	5100	15640	5270	5100	5270	15640	62050
2004	4960	4640	4960	14560	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58560
2005	4960	4480	4960	14400	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58400
2006	4960	4480	4960	14400	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58400
2007	4960	4480	4960	14400	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58400
2008	4960	4640	4960	14560	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58560
2009	4960	4480	4960	14400	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58400
2010	4960	4480	4960	14400	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58400
2011	4960	4480	4960	14400	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58400
2012	4960	4640	4960	14560	4800	4960	4800	14560	4960	4960	4800	14720	4960	4800	4960	14720	58560
REVENUE SUITES			160
2002	3340	3400	4385	11125	2507	2999	2751	8257	2705	1889	1798	6392	3334	2761	2490	8585	34359
2003	3275	3455	4182	10912	2716	2643	2363	7722	2752	2384	1949	7085	3183	2525	2516	8224	33943
2004	3525	3704	4350	11579	3200	2720	2597	8517	3033	2559	1997	7589	2847	2850	2647	8344	36029
2005	3646	4002	4595	12243	3123	2788	2553	8464	2621	2586	2216	7423	3102	3365	3136	9603	37733
2006	3509	3588	4658	11755	3636	3053	2596	9285	2963	2759	2522	8244	3336	3214	3221	9771	39055
2007	3964	3812	4767	12543	3530	3116	2539	9185	2902	2602	2647	8151	3736	3322	3270	10328	40207
2008	3637	3834	4604	12075	3135	2797	1968	7900	2440	2301	2343	7084	2811	2515	2628	7954	35013
2009	3473	3190	4082	10745	3296	2446	1918	7660	2318	1975	1839	6132	2839	2435	2056	7330	31867
2010	2485	3143	4192	9820	2805	2476	1753	7034	2428	1996	2244	6668	3417	3287	3277	9981	33503
2011	3742	4125	4695	12562	3878	2994	2240	9112	3317	2470	2655	8442	3562	2548	2269	8379	38495
2012	3800	4125	4750	12675	3900	3000	2350	9250	2250	2150	1975	6375	2875	2700	2375	7950	36250
OCCUPANCY PERCENT % (Revenue Suites only/Suites Available)
2002	63.4%	71.4%	83.2%	72.7%	49.2%	56.9%	53.9%	53.4%	51.3%	35.8%	35.3%	40.9%	63.3%	54.1%	47.2%	54.9%	55.4%
2003	62.1%	72.6%	79.4%	71.3%	53.3%	50.2%	46.3%	49.9%	52.2%	45.2%	38.2%	45.3%	60.4%	49.5%	47.7%	52.6%	54.7%
2004	71.1%	79.8%	87.7%	79.5%	66.7%	54.8%	54.1%	58.5%	61.1%	51.6%	41.6%	51.6%	57.4%	59.4%	53.4%	56.7%	61.5%
2005	73.5%	89.3%	92.6%	85.0%	65.1%	56.2%	53.2%	58.1%	52.8%	52.1%	46.2%	50.4%	62.5%	70.1%	63.2%	65.2%	64.6%
2006	70.7%	80.1%	93.9%	81.6%	75.8%	61.6%	54.1%	63.8%	59.7%	55.6%	52.5%	56.0%	67.3%	67.0%	64.9%	66.4%	66.9%
2007	79.9%	85.1%	96.1%	87.1%	73.5%	62.8%	52.9%	63.1%	58.5%	52.5%	55.1%	55.4%	75.3%	69.2%	65.9%	70.2%	68.8%
2008	73.3%	82.6%	92.8%	82.9%	65.3%	56.4%	41.0%	54.3%	49.2%	46.4%	48.8%	48.1%	56.7%	52.4%	53.0%	54.0%	59.8%
2009	70.0%	71.2%	82.3%	74.6%	68.7%	49.3%	40.0%	52.6%	46.7%	39.8%	38.3%	41.7%	57.2%	50.7%	41.5%	49.8%	54.6%
2010	50.1%	70.2%	84.5%	68.2%	58.4%	49.9%	36.5%	48.3%	49.0%	40.2%	46.8%	45.3%	68.9%	68.5%	66.1%	67.8%	57.4%
2011	75.4%	92.1%	94.7%	87.2%	80.8%	60.4%	46.7%	62.6%	66.9%	49.8%	55.3%	57.4%	71.8%	53.1%	45.7%	56.9%	65.9%
2012	76.6%	88.9%	95.8%	87.1%	81.3%	60.5%	49.0%	63.5%	45.4%	43.3%	41.1%	43.3%	58.0%	56.3%	47.9%	54.0%	61.9%
AVERAGE DAILY RATE (Room Revenue/Revenue Suites)
2002	$ 64.73	$ 71.01	$ 78.10	$ 71.92	$ 66.50	$ 58.56	$ 54.74	$ 59.70	$ 52.17	$ 57.41	$ 56.77	$ 55.01	$ 63.87	$ 63.16	$ 61.00	$ 62.81	$ 63.56
2003	$ 65.16	$ 69.23	$ 76.14	$ 70.66	$ 63.62	$ 58.38	$ 53.70	$ 58.79	$ 52.57	$ 53.47	$ 54.89	$ 53.51	$ 61.36	$ 61.23	$ 62.68	$ 61.72	$ 62.21
2004	$ 65.29	$ 69.73	$ 78.38	$ 71.63	$ 65.09	$ 65.83	$ 62.15	$ 64.43	$ 54.16	$ 53.99	$ 60.47	$ 55.77	$ 69.19	$ 67.10	$ 66.48	$ 67.62	$ 65.66
2005	$ 70.13	$ 75.69	$ 85.90	$ 77.86	$ 70.78	$ 62.70	$ 55.83	$ 63.61	$ 56.62	$ 54.95	$ 60.18	$ 57.10	$ 73.05	$ 70.90	$ 66.98	$ 70.31	$ 68.66
2006	$ 76.80	$ 86.11	$ 92.78	$ 85.98	$ 73.32	$ 67.87	$ 60.27	$ 67.88	$ 64.08	$ 60.74	$ 61.72	$ 62.24	$ 74.05	$ 74.70	$ 71.24	$ 73.33	$ 73.50
2007	$ 85.21	$ 92.92	$ 102.64	$ 94.17	$ 81.41	$ 71.44	$ 66.40	$ 73.88	$ 67.37	$ 71.95	$ 68.84	$ 69.31	$ 81.43	$ 76.94	$ 67.56	$ 75.59	$ 79.72
2008	$ 88.52	$ 103.59	$ 106.64	$ 100.21	$ 82.55	$ 71.25	$ 69.09	$ 75.20	$ 66.43	$ 61.16	$ 67.99	$ 65.24	$ 80.33	$ 73.64	$ 68.41	$ 74.27	$ 81.60
2009	$ 67.21	$ 82.31	$ 81.55	$ 77.14	$ 66.51	$ 61.28	$ 55.90	$ 62.18	$ 57.43	$ 55.45	$ 59.65	$ 57.46	$ 72.64	$ 64.16	$ 62.72	$ 67.04	$ 67.43
2010	$ 73.28	$ 71.15	$ 85.10	$ 77.65	$ 68.38	$ 63.48	$ 58.14	$ 64.11	$ 58.35	$ 56.40	$ 57.06	$ 57.33	$ 63.31	$ 57.70	$ 55.08	$ 58.76	$ 65.13
2011	$ 61.94	$ 62.09	$ 73.48	$ 66.30	$ 61.52	$ 58.85	$ 55.36	$ 59.13	$ 55.73	$ 55.96	$ 56.06	$ 55.90	$ 64.15	$ 69.93	$ 84.82	$ 71.51	$ 63.46
2012	$ 63.16	$ 66.67	$ 77.89	$ 69.82	$ 62.82	$ 63.33	$ 65.96	$ 63.78	$ 68.89	$ 69.77	$ 75.95	$ 71.37	$ 85.22	$ 70.37	$ 86.32	$ 80.50	$ 70.90
REVENUE PAR (Room Revenue/Suites Available)
2002	$ 41.03	$ 50.72	$ 64.98	$ 52.29	$ 32.69	$ 33.32	$ 29.53	$ 31.86	$ 26.78	$ 20.58	$ 20.01	$ 22.48	$ 40.41	$ 34.19	$ 28.82	$ 34.48	$ 35.20
2003	$ 40.49	$ 50.25	$ 60.42	$ 50.39	$ 33.88	$ 29.28	$ 24.88	$ 29.35	$ 27.45	$ 24.19	$ 20.98	$ 24.24	$ 37.06	$ 30.31	$ 29.92	$ 32.46	$ 34.03
2004	$ 46.40	$ 55.67	$ 68.74	$ 56.96	$ 43.39	$ 36.10	$ 33.63	$ 37.69	$ 33.12	$ 27.86	$ 25.16	$ 28.75	$ 39.72	$ 39.84	$ 35.48	$ 38.33	$ 40.40
2005	$ 51.55	$ 67.62	$ 79.58	$ 66.20	$ 46.05	$ 35.24	$ 29.70	$ 36.98	$ 29.92	$ 28.65	$ 27.78	$ 28.79	$ 45.68	$ 49.71	$ 42.35	$ 45.87	$ 44.36
2006	$ 54.34	$ 68.96	$ 87.13	$ 70.18	$ 55.54	$ 41.78	$ 32.60	$ 43.29	$ 38.28	$ 33.79	$ 32.43	$ 34.86	$ 49.80	$ 50.02	$ 46.26	$ 48.68	$ 49.15
2007	$ 68.10	$ 79.06	$ 98.64	$ 82.03	$ 59.87	$ 44.88	$ 35.12	$ 46.61	$ 39.42	$ 37.75	$ 37.96	$ 38.38	$ 61.34	$ 53.25	$ 44.54	$ 53.04	$ 54.89
2008	$ 64.91	$ 85.60	$ 98.98	$ 83.11	$ 53.91	$ 40.18	$ 28.33	$ 40.80	$ 32.68	$ 28.37	$ 33.19	$ 31.39	$ 45.52	$ 38.58	$ 36.24	$ 40.13	$ 48.79
2009	$ 47.06	$ 58.61	$ 67.12	$ 57.56	$ 45.67	$ 30.22	$ 22.34	$ 32.71	$ 26.84	$ 22.08	$ 22.85	$ 23.94	$ 41.58	$ 32.55	$ 26.00	$ 33.38	$ 36.80
2010	$ 36.72	$ 49.92	$ 71.93	$ 52.95	$ 39.96	$ 31.69	$ 21.24	$ 30.97	$ 28.56	$ 22.70	$ 26.68	$ 25.97	$ 43.62	$ 39.51	$ 36.39	$ 39.84	$ 37.37
2011	$ 46.73	$ 57.17	$ 69.56	$ 57.84	$ 49.70	$ 35.52	$ 25.83	$ 37.00	$ 37.27	$ 27.87	$ 31.01	$ 32.06	$ 46.07	$ 37.12	$ 38.80	$ 40.70	$ 41.83
2012	$ 48.39	$ 59.27	$ 74.60	$ 60.78	$ 51.04	$ 38.31	$ 32.29	$ 40.52	$ 31.25	$ 30.24	$ 31.25	$ 30.91	$ 49.40	$ 39.58	$ 41.33	$ 43.48	$ 43.89
ROOM REVENUE
2002	$ 216,205	$ 241,445	$ 342,457	$ 800,107	$ 166,727	$ 175,615	$ 150,582	$ 492,924	$ 141,119	$ 108,440	$ 102,066	$ 351,625	$ 212,936	$ 174,393	$ 151,897	$ 539,226	$ 2,183,882
2003	$ 213,405	$ 239,188	$ 318,399	$ 770,992	$ 172,783	$ 154,297	$ 126,904	$ 453,984	$ 144,663	$ 127,462	$ 106,988	$ 379,113	$ 195,314	$ 154,600	$ 157,692	$ 507,606	$ 2,111,695
2004	$ 230,161	$ 258,288	$ 340,941	$ 829,390	$ 208,294	$ 179,046	$ 161,403	$ 548,743	$ 164,273	$ 138,166	$ 120,767	$ 423,206	$ 196,988	$ 191,248	$ 175,984	$ 564,220	$ 2,365,559
2005	$ 255,682	$ 302,919	$ 394,696	$ 953,297	$ 221,032	$ 174,799	$ 142,537	$ 538,368	$ 148,398	$ 142,100	$ 133,354	$ 423,852	$ 226,595	$ 238,586	$ 210,036	$ 675,217	$ 2,590,734
2006	$ 269,507	$ 308,961	$ 432,175	$ 1,010,643	$ 266,577	$ 207,204	$ 156,466	$ 630,247	$ 189,860	$ 167,583	$ 155,658	$ 513,101	$ 247,018	$ 240,084	$ 229,451	$ 716,553	$ 2,870,544
2007	$ 337,755	$ 354,202	$ 489,263	$ 1,181,220	$ 287,392	$ 222,609	$ 168,586	$ 678,587	$ 195,521	$ 187,223	$ 182,223	$ 564,967	$ 304,226	$ 255,586	$ 220,917	$ 780,729	$ 3,205,503
2008	$ 321,948	$ 397,175	$ 490,948	$ 1,210,071	$ 258,781	$ 199,293	$ 135,968	$ 594,042	$ 162,098	$ 140,731	$ 159,296	$ 462,125	$ 225,797	$ 185,201	$ 179,775	$ 590,773	$ 2,857,011
2009	$ 233,432	$ 262,557	$ 332,904	$ 828,893	$ 219,218	$ 149,881	$ 107,208	$ 476,307	$ 133,114	$ 109,515	$ 109,695	$ 352,324	$ 206,233	$ 156,230	$ 128,960	$ 491,423	$ 2,148,947
2010	$ 182,110	$ 223,632	$ 356,756	$ 762,498	$ 191,811	$ 157,182	$ 101,928	$ 450,921	$ 141,662	$ 112,569	$ 128,042	$ 382,273	$ 216,334	$ 189,654	$ 180,502	$ 586,490	$ 2,182,182
2011	$ 231,762	$ 256,141	$ 344,998	$ 832,901	$ 238,567	$ 176,191	$ 124,006	$ 538,764	$ 184,861	$ 138,219	$ 148,847	$ 471,927	$ 228,515	$ 178,193	$ 192,455	$ 599,163	$ 2,442,754
2012	$ 240,000	$ 275,000	$ 370,000	$ 885,000	$ 245,000	$ 190,000	$ 155,000	$ 590,000	$ 155,000	$ 150,000	$ 150,000	$ 455,000	$ 245,000	$ 190,000	$ 205,000	$ 640,000	$ 2,570,000
GOP DOLLARS
2002	$ 91,321	$ 117,576	$ 190,019	$ 398,916	$ 60,021	$ 45,886	$ 41,351	$ 147,258	$ 7,571	$ (5,477)	$ (1,258)	$ 836	$ 70,802	$ 57,730	$ 24,117	$ 152,649	$ 699,659
2003	$ 86,180	$ 115,450	$ 168,999	$ 370,629	$ 44,517	$ 31,417	$ 15,551	$ 91,485	$ 42,698	$ 19,073	$ (3,365)	$ 58,406	$ 90,930	$ 22,903	$ 33,008	$ 146,841	$ 667,361
2004	$ 78,676	$ 132,956	$ 184,935	$ 396,567	$ 72,359	$ 52,836	$ 35,182	$ 160,377	$ 46,533	$ 18,399	$ 890	$ 65,822	$ 72,504	$ 56,963	$ 35,309	$ 164,776	$ 787,542
2005	$ 93,864	$ 106,423	$ 203,881	$ 404,168	$ 44,387	$ 25,618	$ (15,658)	$ 54,347	$ (14,126)	$ (5,147)	$ 3,390	$ (15,883)	$ 69,001	$ 92,018	$ 47,460	$ 208,479	$ 651,111
2006	$ 100,129	$ 139,484	$ 235,710	$ 475,323	$ 115,827	$ 49,276	$ 20,596	$ 185,699	$ 29,340	$ 28,891	$ 18,265	$ 76,496	$ 72,729	$ 90,296	$ 94,684	$ 257,709	$ 995,227
2007	$ 175,836	$ 183,535	$ 304,820	$ 664,191	$ 101,475	$ 62,148	$ 15,833	$ 179,456	$ 51,108	$ 9,965	$ 39,871	$ 100,944	$ 119,407	$ 103,643	$ 90,975	$ 314,025	$ 1,258,616
2008	$ 130,681	$ 222,757	$ 287,114	$ 640,552	$ 89,154	$ 34,768	$ (11,219)	$ 112,703	$ 15,063	$ (252)	$ 2,530	$ 17,341	$ 45,783	$ 52,140	$ (11,896)	$ 86,027	$ 856,623
2009	$ 55,547	$ 99,077	$ 147,141	$ 301,765	$ 50,904	$ 7,828	$ (21,757)	$ 36,975	$ (13,625)	$ (13,627)	$ (16,587)	$ (43,839)	$ 77,585	$ (32,097)	$ 2,895	$ 48,383	$ 343,284
2010	$ 39,355	$ 80,569	$ 169,283	$ 289,207	$ 59,239	$ 12,667	$ (24,923)	$ 46,983	$ 29,939	$ (8,555)	$ 22,741	$ 44,125	$ 63,766	$ 55,998	$ 15,739	$ 135,503	$ 515,818
2011	$ 60,103	$ 103,984	$ 152,424	$ 316,511	$ 65,386	$ 25,014	$ 1,709	$ 92,109	$ 37,394	$ (55)	$ 23,139	$ 60,478	$ 70,847	$ 39,948	$ 51,533	$ 162,328	$ 631,426
2012	$ 75,000	$ 117,000	$ 165,000	$ 357,000	$ 70,000	$ 35,000	$ 12,000	$ 117,000	$ 15,000	$ 10,000	$ 10,000	$ 35,000	$ 80,000	$ 45,000	$ 60,000	$ 185,000	$ 694,000
GOP % (GOP$/Room Revenue) Adjusted GOP %
2002	42.2%	48.7%	55.5%	49.9%	36.0%	26.1%	27.5%	29.9%	5.4%	-5.1%	-1.2%	0.2%	33.3%	33.1%	15.9%	28.3%	32.0%
2003	40.4%	48.3%	53.1%	48.1%	25.8%	20.4%	12.3%	20.2%	29.5%	15.0%	-3.1%	15.4%	46.6%	14.8%	20.9%	28.9%	31.6%
2004	34.2%	51.5%	54.2%	47.8%	34.7%	29.5%	21.8%	29.2%	28.3%	13.3%	0.7%	15.6%	36.8%	29.8%	20.1%	29.2%	33.3%
2005	36.7%	35.1%	51.7%	42.4%	20.1%	14.7%	-11.0%	10.1%	-9.5%	-3.6%	2.5%	-3.7%	30.5%	38.6%	22.6%	30.9%	25.1%
2006	37.2%	45.1%	54.5%	47.0%	43.4%	23.8%	13.2%	29.5%	15.5%	17.2%	11.7%	14.9%	29.4%	37.6%	41.3%	36.0%	34.7%
2007	52.1%	51.8%	62.3%	56.2%	35.3%	27.9%	9.4%	26.4%	26.1%	5.3%	21.9%	17.9%	39.2%	40.6%	41.2%	40.2%	39.3%
2008	40.6%	56.1%	58.5%	52.9%	34.5%	17.4%	-8.3%	19.0%	9.3%	-0.2%	1.6%	3.8%	20.3%	28.2%	-6.6%	14.6%	30.0%
2009	23.8%	37.7%	44.2%	36.4%	23.2%	5.2%	-20.3%	7.8%	-10.2%	-12.4%	-15.1%	-12.4%	37.6%	-20.5%	2.2%	9.8%	16.0%
2010	21.6%	36.0%	47.5%	37.9%	30.9%	8.1%	-24.5%	10.4%	21.1%	-7.6%	17.8%	11.5%	29.5%	29.5%	8.7%	23.1%	23.6%
2011	25.9%	40.6%	44.2%	38.0%	27.4%	14.2%	1.4%	17.1%	20.2%	0.0%	15.5%	12.8%	31.0%	22.4%	26.8%	27.1%	25.8%
2012	31.3%	42.5%	44.6%	40.3%	28.6%	18.4%	7.7%	19.8%	9.7%	6.7%	6.7%	7.7%	32.7%	23.7%	29.3%	28.9%	27.0%
Note:	Actual figures through October 31, 2011. Projected figures Thereafter to December 31, 2012 are based on management assumptions and no assurance is provided that actual results will be similar.
	A one-time write off of $21,300 is added back to May 2007
	For Internal Use Only. Some figures have been adjusted for comparability purposes.