x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Maryland
|
251811499
|
|||
(State
or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S.
Employer Identification No.)
|
|||
148
Sheraton Drive, Box A, New Cumberland,
Pennsylvania
|
17070
|
|||
(Address
of Registrant’s Principal Executive Offices)
|
(Zip
Code)
|
Title
of each class
|
Name
of each exchange on which registered
|
|||
Class
A Common Shares of Beneficial Interest, par value $.01 per
share
|
American
Stock Exchange
|
Large
accelerated filer o
|
Accelerated
filer x
|
Non-accelerated
filer o
|
Form
10-K
|
||
Report
|
||
Item
No.
|
Page
|
|
PART
II
|
||
Item
8.
|
3
|
|
Item
9A.
|
51
|
|
|
||
PART
III
|
||
|
||
Item
10.
|
55
|
|
Item
11.
|
59
|
|
Item
12.
|
64
|
|
Item
13.
|
65
|
|
Item
14.
|
68
|
|
PART
IV
|
||
Item
15.
|
70
|
Financial
Statements and Supplementary
Data
|
Page
|
||
Hersha
Hospitality Trust
|
||
Reports
of Independent Auditors
|
4
|
|
Consolidated
Balance Sheets as of December 31, 2005 and 2004
|
6
|
|
Consolidated
Statements of Operations for the years ended December 31, 2005,
2004 and
2003
|
8
|
|
Consolidated
Statements of Shareholders’ Equity and Comprehensive Income for the years
ended December 31, 2005, 2004 and 2003
|
10
|
|
Consolidated
Statements of Cash Flows for the years ended December 31, 2005,
2004 and
2003
|
11
|
|
Notes
to Consolidated Financial Statements
|
13
|
|
Schedule
III - Real Estate and Accumulated Depreciation for the year
ended December
31, 2005
|
96
|
REZNICK
GROUP, P.C.
|
December
31,
|
December
31,
|
||||||
2005
|
2004
|
||||||
Assets:
|
|||||||
Investment
in Hotel Properties, net of Accumulated Depreciation
|
$
|
317,980
|
$
|
163,923
|
|||
Investment
in Joint Ventures
|
55,981
|
9,069
|
|||||
Development
Loans Receivable from Related Parties
|
32,470
|
36,550
|
|||||
Cash
and cash equivalents
|
8,780
|
20,614
|
|||||
Escrow
Deposits
|
7,329
|
2,046
|
|||||
Notes
Receivable
|
1,886
|
103
|
|||||
Hotel
Accounts Receivable
|
2,211
|
1,776
|
|||||
Deferred
Costs, net of Accumulated Amortization of $1,437 and $795
|
4,131
|
1,474
|
|||||
Due
from Related Parties
|
2,779
|
4,482
|
|||||
Interest
Rate Derivative
|
23
|
----
|
|||||
Intangible
Assets, net of Accumulated Amortization of $478 and $368
|
4,681
|
640
|
|||||
Other
Assets
|
13,697
|
1,586
|
|||||
Hotel
Assets Held for Sale
|
3,407
|
18,758
|
|||||
Total
Assets
|
$
|
455,355
|
$
|
261,021
|
|||
Liabilities
and Shareholders’ Equity:
|
|||||||
Line
of Credit
|
$
|
----
|
$
|
1,027
|
|||
Mortgages
and Notes Payable
|
256,146
|
97,761
|
|||||
Capital
Lease Payable
|
----
|
447
|
|||||
Accounts
Payable and Accrued Expenses
|
6,969
|
5,400
|
|||||
Advance
Deposits
|
130
|
108
|
|||||
Dividends
and Distributions Payable
|
5,151
|
4,164
|
|||||
Due
to Related Parties
|
4,655
|
129
|
|||||
Interest
Rate Derivative
|
----
|
306
|
|||||
Debt
and Capital Lease Payable Related to Hotel Assets Held for
Sale
|
375
|
13,058
|
|||||
Total
Liabilities
|
|
273,426
|
|
122,400
|
COMMITMENTS
AND CONTINGENCIES
|
December
31,
|
December
31,
|
|||||
2005
|
2004
|
||||||
Minority
Interest:
|
|||||||
Common
Units
|
$
|
15,147
|
$
|
16,779
|
|||
Interest
in Consolidated Joint Ventures
|
2,079
|
2,050
|
|||||
Total
Minority Interest
|
|
17,226
|
|
18,829
|
|||
Shareholders’
Equity:
|
|||||||
Preferred
Shares - 8% Series A, $.01 Par Value, 10,000,000 Shares Authorized,
2,400,000 and -0- Shares Issued and Outstanding at December 31,
2005 and
December 31, 2004, Respectively (Aggregate Liquidation Preference
$60,000
and $-0- at December 31, 2005 and December 31, 2004,
respectively)
|
|
24
|
|
-
|
|||
Common
Shares - Class A, $.01 Par Value, 50,000,000 Shares Authorized,
20,302,752
and 20,289,983 Shares Issued and Outstanding at December 31,
2005 and
December 31, 2004, Respectively
|
203
|
203
|
|||||
Common
Shares - Class B, $.01 Par Value, 50,000,000 Shares Authorized,
None
Issued and Outstanding
|
-
|
-
|
|||||
Accumulated
Other Comprehensive Income
|
327
|
33
|
|||||
Additional
Paid-in Capital
|
193,228
|
135,363
|
|||||
Distributions
in Excess of Net Earnings
|
(29,079
|
)
|
(15,807
|
)
|
|||
Total
Shareholders’ Equity
|
164,703
|
119,792
|
|||||
Total
Liabilities and Shareholders’ Equity
|
$
|
455,355
|
$
|
261,021
|
2005
|
2004
|
2003
|
||||||||
Revenue:
|
||||||||||
Percentage
Lease Revenues - HHMLP
|
$
|
-
|
$
|
1,192
|
$
|
10,144
|
||||
Percentage
Lease Revenues - Other
|
-
|
-
|
960
|
|||||||
Hotel
Operating Revenues
|
80,899
|
47,339
|
4,731
|
|||||||
Total
Revenue
|
80,899
|
48,531
|
15,835
|
|||||||
Expenses:
|
||||||||||
Hotel
Operating Expenses
|
49,783
|
30,335
|
3,323
|
|||||||
Land
Lease
|
433
|
504
|
50
|
|||||||
Real
Estate and Personal Property Taxes
and Property Insurance
|
4,346
|
3,104
|
1,309
|
|||||||
General
and Administrative
|
4,992
|
3,190
|
671
|
|||||||
Prepayment
Penalties - Debt
|
-
|
-
|
116
|
|||||||
Compensation
Expense related to Option Redemption
|
-
|
-
|
1,307
|
|||||||
Unrecognized
(Gain) loss on Derivatives
|
(13
|
)
|
62
|
- | ||||||
Depreciation
and Amortization
|
10,600
|
6,930
|
4,136
|
|||||||
Total
Operating Expenses
|
70,141
|
44,125
|
10,912
|
|||||||
Operating
Income
|
10,758
|
4,406
|
4,923
|
|||||||
Interest
Income
|
359
|
241
|
86
|
|||||||
Interest
Income - Secured Loans Related Party
|
4,046
|
1,498
|
715
|
|||||||
Interest
Income - Secured Loans
|
137
|
693
|
-
|
|||||||
Other
Revenue
|
520
|
176
|
8
|
|||||||
Interest
Expense
|
14,094
|
6,167
|
4,250
|
|||||||
Interest
Expense - Related Party
|
-
|
-
|
60
|
|||||||
Income
before income from Unconsolidated Joint
Venture Investments, Distributions to Preferred
Unitholders, Minority Interests and Discontinued
Operations
|
1,726
|
847
|
1,422
|
|||||||
Income
(loss) from Unconsolidated Joint
Venture Investments
|
457
|
481
|
(24
|
)
|
||||||
Income
before Distribution to Preferred Unitholders, Minority
Interests and Discontinued Operations
|
2,183
|
1,328
|
1,398
|
|||||||
Distributions
to Preferred Unitholders
|
-
|
499
|
1,195
|
|||||||
Income
Allocated to Minority Interest in Continuing
Operations
|
-
|
105
|
104
|
|||||||
Income
from Continuing Operations
|
2,183
|
724
|
99
|
|||||||
Discontinued
Operations (Note 12):
|
||||||||||
Gain
on Disposition of Hotel Properties
|
1,161
|
-
|
-
|
|||||||
(Loss)
Income from Discontinued Operations - operations
|
(47
|
)
|
1,325
|
686
|
||||||
Income
from discontinued operations
|
1,114 | 1,325 | 686 | |||||||
Net
Income
|
3,297
|
2,049
|
785
|
|||||||
Preferred
Distributions
|
1,920
|
-
|
-
|
|||||||
Net
Income applicable to Common Shareholders
|
$
|
1,377
|
$
|
2,049
|
$
|
785
|
|
|
|
2005
|
|
2004
|
2003
|
||||
Basic
and diluted earnings per share
|
||||||||||
Income
from continuing operations applicable to
commonshareholders
|
$
|
0.01
|
$
|
0.04
|
$
|
0.02
|
||||
Discontinued
operations
|
$
|
0.06
|
$
|
0.09
|
$
|
0.15
|
||||
Net
Income applicable to common shareholders
|
$
|
0.07
|
$
|
0.13
|
$
|
0.17
|
||||
Weighted
Average Common Shares Outstanding
|
||||||||||
Basic
|
20,293,554
|
16,391,805
|
4,614,316
|
|||||||
Diluted
|
20,335,181
|
16,391,805
|
4,614,316
|
_____________ | _____________ | _____________ |
Accumulated
|
Distributions
|
|||||||||||||||||||||||||||
Class
A
|
Class
B
|
Series
A
|
Additional
|
Other
|
in
Excess
|
||||||||||||||||||||||||||
Common
Shares
|
Common
Shares
|
Preferred
Shares
|
Paid-In
|
Comprehensive
|
of
Net
|
||||||||||||||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
Shares
|
Dollars
|
Capital
|
Income
|
Earnings
|
Total
|
||||||||||||||||||||||
Balance
at December 31, 2002
|
2,576,863
|
$
|
26
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
13,679
|
$
|
-
|
$
|
(2,327
|
)
|
$
|
11,378
|
|||||||||||||
Common
Stock Issuance
|
9,775,000
|
98
|
-
|
-
|
-
|
-
|
82,990
|
-
|
-
|
83,088
|
|||||||||||||||||||||
Issuance
Costs
|
0
|
-
|
-
|
-
|
-
|
-
|
(5,826
|
)
|
-
|
-
|
(5,826
|
)
|
|||||||||||||||||||
Dividend
Reinvestment Plan
|
3,212
|
-
|
-
|
-
|
-
|
-
|
24
|
-
|
-
|
24
|
|||||||||||||||||||||
Stock
based compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
279
|
-
|
-
|
279
|
|||||||||||||||||||||
Reallocation
of minority interest due to equity issuance
|
-
|
-
|
-
|
-
|
-
|
-
|
(14,650
|
)
|
-
|
-
|
(14,650
|
)
|
|||||||||||||||||||
Dividends
declared ($0.72 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,618
|
)
|
(3,618
|
)
|
|||||||||||||||||||
Net
Income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
785
|
785
|
|||||||||||||||||||||
Balance
at December 31, 2003
|
12,355,075
|
|
124
|
- | - | - |
|
-
|
|
76,496
|
-
|
|
(5,160
|
)
|
|
71,460
|
|||||||||||||||
Common
Stock Issuance
|
3,900,000
|
39
|
-
|
-
|
-
|
-
|
36,504
|
-
|
-
|
36,543
|
|||||||||||||||||||||
Unit
Conversion
|
4,032,460
|
40
|
-
|
-
|
-
|
-
|
24,820
|
-
|
-
|
24,860
|
|||||||||||||||||||||
Issuance
Costs
|
-
|
-
|
-
|
-
|
-
|
-
|
(324
|
)
|
-
|
-
|
(324
|
)
|
|||||||||||||||||||
Dividend
Reinvestment Plan
|
2,448
|
-
|
22
|
-
|
-
|
22
|
|||||||||||||||||||||||||
Reallocation
of minority interest due to equity issuance
|
-
|
-
|
-
|
-
|
-
|
-
|
(2,155
|
)
|
-
|
-
|
(2,155
|
)
|
|||||||||||||||||||
Dividends
declared ($0.72 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(12,696
|
)
|
(12,696
|
)
|
|||||||||||||||||||
Comprehensive
Income:
|
|||||||||||||||||||||||||||||||
Change
in fair value of hedge instruments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
33
|
-
|
33
|
|||||||||||||||||||||
Net
Income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,049
|
2,049
|
|||||||||||||||||||||
Total
Comprehensive Income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2,082
|
|||||||||||||||||||||
Balance
at December 31, 2004
|
20,289,983
|
|
203
|
|
|
|
|
135,363
|
|
33
|
|
(15,807
|
)
|
|
119,792
|
||||||||||||||||
Unit Conversion | 8,155 | - | - | - | - | - | 46 | - | - | 46 | |||||||||||||||||||||
Common
Stock Issuance Costs
|
-
|
-
|
-
|
-
|
-
|
-
|
(30
|
)
|
-
|
-
|
(30
|
)
|
|||||||||||||||||||
Dividend
Reinvestment Plan
|
2,519
|
-
|
-
|
-
|
-
|
-
|
24
|
-
|
-
|
24
|
|||||||||||||||||||||
Preferred
Stock Issuance
|
-
|
-
|
-
|
-
|
2,400,000
|
24
|
58,086
|
-
|
-
|
58,110
|
|||||||||||||||||||||
Preferred
Stock Issuance Costs
|
-
|
-
|
-
|
-
|
-
|
-
|
(360
|
)
|
-
|
-
|
(360
|
)
|
|||||||||||||||||||
Dividends
declared:
|
|||||||||||||||||||||||||||||||
Common
Stock ($0.72 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(14,649
|
)
|
(14,649
|
)
|
|||||||||||||||||||
Preferred
Stock ($0.89 per share)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,920
|
)
|
(1,920
|
)
|
|||||||||||||||||||
2004
Equity Incentive Plan Awards
|
2,095
|
-
|
-
|
-
|
-
|
-
|
99
|
-
|
99
|
||||||||||||||||||||||
Comprehensive
Income:
|
|||||||||||||||||||||||||||||||
Change
in fair value of hedge instruments
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
294
|
-
|
294
|
|||||||||||||||||||||
Net
Income
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,297
|
3,297
|
|||||||||||||||||||||
Total Comprehensive Income | - | - | - | - | - | - | - | - | - | 3,591 | |||||||||||||||||||||
Balance at December 31, 2005 | 20,302,752 | $ | 203 | - | $ | - | 2,400,000 | $ | 24 | $ | 193,228 | $ | 327 | $ | (29,079 | ) | $ | 164,703 |
2005
|
2004
|
2003
|
||||||||
Operating
activities:
|
||||||||||
Net
Income
|
$
|
3,297
|
$
|
2,049
|
$
|
785
|
||||
Adjustments
to reconcile net income to
net cash provided by operating activities:
|
||||||||||
Gain
on disposition of hotel assets
|
(1,323
|
)
|
-
|
-
|
||||||
Depreciation
|
10,696
|
6,959
|
4,681
|
|||||||
Amortization
|
672
|
241
|
109
|
|||||||
Income
allocated to minority interests
|
154
|
348
|
821
|
|||||||
Equity
in income (loss) of unconsolidated joint ventures
|
(457
|
)
|
(481
|
)
|
24
|
|||||
Distributions
from unconsolidated joint ventures
|
1,249
|
-
|
-
|
|||||||
Gain
recognized on change in fair value of derivative
instrument
|
(13
|
)
|
-
|
-
|
||||||
Stock
based compensation expense
|
99
|
-
|
279
|
|||||||
Change
in assets and liabilities:
|
||||||||||
(Increase)
decrease in:
|
||||||||||
Hotel
accounts receivable
|
(435
|
)
|
(1,553
|
)
|
(223
|
)
|
||||
Escrow
and lease deposits
|
(1,074
|
)
|
113
|
(411
|
)
|
|||||
Lease
payments receivable - related party
|
-
|
2,590
|
(28
|
)
|
||||||
Lease
payments receivable - other
|
-
|
-
|
233
|
|||||||
Other
assets
|
(1,923
|
)
|
(894
|
)
|
(423
|
)
|
||||
Due
from related party
|
(1,431
|
)
|
(811
|
)
|
62
|
|||||
Increase
(decrease) in:
|
||||||||||
Deposits
Payable
|
-
|
-
|
(1,000
|
)
|
||||||
Advance
deposits
|
22
|
108
|
-
|
|||||||
Due
to related party
|
4,419
|
(290
|
)
|
(884
|
)
|
|||||
Preferred
distributions payable
|
-
|
-
|
499
|
|||||||
Accounts
payable and accrued expenses
|
1,461
|
3,769
|
669
|
|||||||
Net
cash provided by operating activities
|
15,413
|
12,148
|
5,193
|
|||||||
Investing
activities:
|
||||||||||
Purchase
of hotel property assets
|
(135,059
|
)
|
(51,516
|
)
|
(31,943
|
)
|
||||
Capital
expenditures
|
(2,958
|
)
|
(2,494
|
)
|
-
|
|||||
Proceeds
from disposition of hotel assets held for sale
|
6,288
|
-
|
-
|
|||||||
Deposits
on hotel acquisitions
|
(8,250
|
)
|
-
|
-
|
||||||
Investment
in common stock of Trust entities
|
(1,548
|
)
|
-
|
-
|
||||||
Purchase
of franchise fees
|
(302
|
)
|
-
|
(127
|
)
|
|||||
Investments
in notes receivable
|
(1,166
|
)
|
(13,939
|
)
|
(15,000
|
)
|
||||
Repayment
of notes receivable
|
83
|
15,133
|
-
|
|||||||
Repayment
of development loans to related parties
|
30,725
|
-
|
-
|
|||||||
Investment
in development loans to related parties
|
(31,345
|
)
|
(20,550
|
)
|
(4,700
|
)
|
||||
Advances
and capital contributions to unconsolidated joint ventures
|
(47,704
|
)
|
(5,012
|
)
|
(6,600
|
)
|
||||
Net
used in investing activities
|
(191,236
|
)
|
(78,378
|
)
|
(58,370
|
)
|
2005
|
2004
|
2003
|
||||||||
Financing
activities:
|
||||||||||
Proceeds
from borrowings under line of credit
|
171,111
|
45,365
|
19,411
|
|||||||
Repayment
of borrowings under line of credit
|
(172,138
|
)
|
(44,338
|
)
|
(23,214
|
)
|
||||
Principal
repayment of mortgages and notes payable
|
(6,189
|
)
|
(7,283
|
)
|
(19,608
|
)
|
||||
Proceeds
from mortgages and notes payable
|
133,692
|
37,375
|
29,907
|
|||||||
Cash
paid for interest rate cap
|
(23
|
)
|
-
|
-
|
||||||
Cash
paid for deferred financing costs
|
(2,460
|
)
|
(325
|
)
|
(139
|
)
|
||||
Cash
received from sale of common stock, net
|
(30
|
)
|
38,279
|
77,262
|
||||||
Cash
received from sale of preferred stock, net
|
57,750
|
-
|
-
|
|||||||
Cash
received from sale of Series A Preferred Units
|
-
|
-
|
17,080
|
|||||||
Redemption
of common partnership units
|
-
|
(8,951
|
)
|
(1,449
|
)
|
|||||
Preferred
distributions paid on Series A Preferred Units
|
-
|
(499
|
)
|
-
|
||||||
Distributions
to consolidated joint venture interest
|
198 | - | - | |||||||
Contributions
from consolidated joint venture interest
|
(317 | ) | - | - | ||||||
Dividends
paid on common shares
|
(14,599
|
)
|
(11,267
|
)
|
(1,834
|
)
|
||||
Dividends
paid on preferred shares
|
(947
|
)
|
-
|
-
|
||||||
Distributions
paid on common partnership units
|
(2,059
|
)
|
(2,219
|
)
|
(3,672
|
)
|
||||
Net
cash provided by financing activities
|
163,989
|
46,137
|
93,744
|
|||||||
Net
(decrease) increase in cash and cash equivalents
|
(11,834
|
)
|
(20,093
|
)
|
40,567
|
|||||
Cash
and cash equivalents - beginning of year
|
20,614
|
40,707
|
140
|
|||||||
Cash
and cash equivalents - end of year
|
$
|
8,780
|
$
|
20,614
|
$
|
40,707
|
Ownership
|
Property
|
Location
|
Lessee
|
|||||
Inn
America Hospitality at Ewing, LLC
|
50.0%
|
Courtyard
|
Ewing/Princeton,
NJ
|
Hersha
Inn America TRS Inc.
|
||||
HT
CNL Metro Hotels, LP
|
33.3%
|
Hampton
Inn
|
Chelsea/Manhattan,
NY
|
Hersha/CNL
TRS Inc
|
||||
PRA
Glastonbury, LLC
|
40.0%
|
Hilton
Garden Inn
|
Glastonbury,
CT
|
Hersha
PRA TRS, Inc
|
||||
Mystic
Partners. LLC
|
66.7%
|
Marriott
|
Mystic,
CT
|
Mystic
Partners Leaseco, LLC
|
||||
44.0%
|
Hilton
|
Hartford,
CT
|
Mystic
Partners Leaseco, LLC
|
|||||
66.7%
|
Courtyard
|
Norwich,
CT
|
Mystic
Partners Leaseco, LLC
|
|||||
66.7%
|
Courtyard
|
Warwick,
RI
|
Mystic
Partners Leaseco, LLC
|
|||||
66.7%
|
Residence
Inn
|
Danbury,
CT
|
Mystic
Partners Leaseco, LLC
|
|||||
66.7%
|
Residence
Inn
|
Mystic,
CT
|
Mystic
Partners Leaseco, LLC
|
|||||
44.7%
|
Residence
Inn
|
Southington,
CT
|
Mystic
Partners Leaseco, LLC
|
|||||
66.7%
|
Springhill
Suites
|
Waterford,
CT
|
Mystic
Partners Leaseco, LLC
|
|||||
Hiren
Boston, LLC
|
50.0%
|
Courtyard
|
South
Boston, MA
|
South
Bay Boston, LLC
|
||||
SB
Partners, LLC
|
50.0%
|
Holiday
Inn Express
|
South
Boston, MA
|
South
Bay Sandeep, LLC
|
||||
Logan
Hospitality Associates, LLC
|
55.0%
|
Four
Points - Sheraton
|
Revere/Boston,
MA
|
Revere
Hotel Group, LLC
|
||||
LTD
Associates One, LLC
|
75.0%
|
Springhill
Suites
|
Williamsburg,
VA
|
HT
LTD Williamsburg One LLC
|
||||
LTD
Associates Two, LLC
|
75.0%
|
Residence
Inn
|
Williamsburg,
VA
|
HT
LTD Williamsburg Two LLC
|
Building
and Improvements
|
15
to 40 Years
|
Furniture
and Fixtures
|
5
to 7 Years
|
2005
|
2004
|
||||||
Land
|
$
|
32,430
|
$
|
13,865
|
|||
Buildings
and improvements
|
283,791
|
146,910
|
|||||
Furniture,
fixtures and equipment
|
43,528
|
30,131
|
|||||
359,749
|
|
190,906
|
|||||
Less
accumulated depreciation
|
(41,769
|
)
|
(26,983
|
)
|
|||
$
|
317,980
|
$
|
163,923
|
No.
of
Rooms
|
Sales
Price
|
||||||
|
|||||||
Doubletree
Club, JFK International Airport, NY
|
110
|
$
|
11,500
|
||||
Holiday
Inn Express, Long Island City, NY
|
79
|
$
|
9,000
|
||||
$
|
20,500
|
2005
|
2004
|
2003
|
||||||||
Hotels
owned at beginning of year
|
25
|
20
|
18
|
|||||||
Acquisitions
|
8
|
5
|
2
|
|||||||
Hotels
Sold
|
2
|
-
|
-
|
|||||||
Hotels
owned at end of year
|
31
|
25
|
20
|
Hotel
|
Location
|
Rooms
|
Acquisition
Date
|
Land
|
Buildings
and Improvements
|
Furniture
Fixtures and Equipment
|
Franchise
Fees and Loan Costs
|
Leasehold
Intangible
|
Total
Purchase Price
|
Assumed
Debt
|
|||||||||||||||||||||
Fairfield
Inn
|
Laurel,
MD
|
109
|
1/31/05
|
$
|
927
|
$
|
6,120
|
$
|
344
|
$
|
44
|
-
|
$
|
7,435
|
$ |
-
|
|||||||||||||||
Hampton
Inn
|
New
York, NY
|
136
|
4/1/05
|
5,472
|
23,497
|
2,364
|
547
|
-
|
31,880
|
16,500
|
|||||||||||||||||||||
McIntosh
Portfolio
|
480
|
May
and June 2005
|
8,171
|
40,046
|
1,572
|
776
|
-
|
50,565
|
-
|
||||||||||||||||||||||
Courtyard
by Marriott
|
Brookline,
MA
|
188
|
6/16/05
|
N/A
|
|
47,414
|
|
3,760
|
|
259
|
|
3,570
|
|
55,003
|
-
|
||||||||||||||||
2005
TOTAL
|
|
913
|
$
|
14,570
|
$
|
117,077
|
$
|
8,040
|
$
|
1,626
|
$
|
3,570
|
$
|
144,883
|
$
|
16,500
|
|||||||||||||||
Holiday
Inn Express
|
Hartford,
CT
|
96
|
1/14/04
|
$
|
N/A
|
$
|
2,565
|
$
|
960
|
$
|
12
|
-
|
$
|
3,537
|
$
|
500
|
|||||||||||||||
Residence
Inn
|
Framingham,
MA
|
125
|
3/26/04
|
1,325
|
12,705
|
1,875
|
50
|
-
|
15,955
|
-
|
|||||||||||||||||||||
Comfort
Inn
|
Frederick,
MD
|
73
|
5/27/04
|
450
|
4,329
|
584
|
50
|
-
|
5,413
|
3,715
|
|||||||||||||||||||||
Residence
Inn
|
Greenbelt,
MD
|
120
|
7/16/04
|
2,615
|
14,792
|
2,040
|
50
|
-
|
19,497
|
-
|
|||||||||||||||||||||
Hilton
Garden Inn
|
Gettysburg,
PA
|
88
|
7/23/04
|
745
|
6,111
|
805
|
60
|
-
|
7,721
|
5,450
|
|||||||||||||||||||||
2004
TOTAL
|
|
502
|
$
|
5,135
|
$
|
40,502
|
$
|
6,264
|
$
|
222
|
$
|
-
|
$
|
52,123
|
$
|
9,665
|
|||||||||||||||
Hampton
Inn
|
Linden,
NJ
|
149
|
10/1/03
|
1,211
|
11,961
|
2,200
|
75
|
-
|
15,447
|
-
|
|||||||||||||||||||||
Hilton
Garden Inn
|
Edison,
NJ
|
132
|
10/1/03
|
-
|
12,159
|
2,600
|
65
|
-
|
14,824
|
-
|
|||||||||||||||||||||
2003
TOTAL
|
|
281
|
$
|
1,211
|
$
|
24,120
|
$
|
4,800
|
$
|
140
|
$
|
-
|
$
|
30,271
|
$
|
-
|
Hotel
|
Location
|
Rooms
|
Acquisition
Date
|
Land
|
Buildings
and Improvements
|
Fixtures
and Equipment
|
Fees
and Loan Costs
|
Total
Assets
|
Assumed
Debt
|
|||||||||||||||||||
Springhill
Suites (LTD One)
|
Williamsburg,
VA
|
120
|
11/22/2005
|
$
|
1,430
|
$
|
10,293
|
$
|
2,676
|
$
|
182
|
$
|
14,581
|
$
|
5,797
|
|||||||||||||
Residence
Inn (LTD Two)
|
Williamsburg,
VA
|
108
|
11/22/2005
|
1,911
|
11,624
|
2,200
|
239
|
15,974
|
8,514
|
|||||||||||||||||||
2005
Total Consolidated Joint Ventures
|
228
|
$
|
3,341
|
$
|
21,917
|
$
|
4,876
|
$
|
421
|
$
|
30,555
|
$
|
14,311
|
|||||||||||||||
Sheraton
Four Points
|
Revere,
MA
|
180
|
2/23/2004
|
$
|
70
|
$
|
14,996
|
$
|
2,153
|
$
|
111
|
$
|
17,330
|
$
|
8,802
|
|||||||||||||
2004
Total Consolidated Joint Ventures
|
180
|
$
|
70
|
$
|
14,996
|
$
|
2,153
|
$
|
111
|
$
|
17,330
|
$
|
8,802
|
For
the year ended
|
|||||||
December
31,
|
|||||||
2005
|