Seasonality by Geographic Region Same store revenues have been
adjusted to show hotel performance on a comparable
quarter-over-quarter basis. Adjustments include (i) exclusion of
Hyatt Regency New Orleans due to a hurricane that ceased
significant operations in August 2005; (ii) exclusion of Hilton
Burbank Airport and Convention Center and Marriott Rancho Las
Palmas as their results of operations were reclassified to
discontinued operations; (iii) exclusion of the unconsolidated
Hotel del Coronado; and (iv) presentation of the hotels without
regard to either ownership structure or leaseholds. Acquisition
properties and the related dates of purchase are as follows: Westin
St. Francis (June 1, 2006), Ritz-Carlton Laguna Niguel (July 7,
2006), Marriott London Grosvenor Square (August 31, 2006) and
Fairmont Scottsdale Princess (September 1, 2006). United States
Hotels (as of June 30, 2007) Acquisition property revenues - 3
Properties and 2,242 Rooms Same store property revenues - 9
Properties and 4,438 Rooms Three Months Ended September December
March 31, June 30, 30, 2006 31, 2006 2007 2007 Total Acquisition
property revenues (a) $61,116 $77,670 $80,936 $79,591 $299,313
Acquisition property revenues (b) 9,830 - - - 9,830 Same store
property revenues 110,129 118,775 112,257 129,590 470,751 Total pro
forma revenues $181,075 $196,445 $193,193 $209,181 $779,894 Pro
forma seasonality % 23.2% 25.2% 24.8% 26.8% 100.0% Mexican Hotels
(as of June 30, 2007) Same store property revenues - 2 Properties
and 413 Rooms Three Months Ended September December March 31, June
30, 30, 2006 31, 2006 2007 2007 Total Same store property revenues
$12,233 $19,978 $23,760 $20,794 $76,765 Same store seasonality %
15.9% 26.0% 31.0% 27.1% 100.0% North American Hotels (as of June
30, 2007) Acquisition property revenues - 3 Properties and 2,242
Rooms Same store property revenues - 11 Properties and 4,851 Rooms
Three Months Ended September December March 31, June 30, 30, 2006
31, 2006 2007 2007 Total Acquisition property revenues (a) $61,116
$77,670 $80,936 $79,591 $299,313 Acquisition property revenues (b)
9,830 - - - 9,830 Same store property revenues 122,362 138,753
136,017 150,384 547,516 Total pro forma revenues $193,308 $216,423
$216,953 $229,975 $856,659 Pro forma seasonality % 22.6% 25.3%
25.3% 26.8% 100.0% European Hotels (as of June 30, 2007)
Acquisition property revenues - 1 Property and 236 Rooms Same store
property revenues - 3 Properties and 841 Rooms Three Months Ended
September December March 31, June 30, 30, 2006 31, 2006 2007 2007
Total Acquisition property revenues (a) $3,705 $12,005 $9,458
$11,239 $36,407 Acquisition property revenues (b) 6,143 - - - 6,143
Same store property revenues 27,433 23,353 20,162 29,015 99,963
Total pro forma revenues $37,281 $35,358 $29,620 $40,254 $142,513
Pro forma seasonality % 26.2% 24.8% 20.8% 28.2% 100.0% (a)
Acquisition property revenues for our period of ownership (b)
Acquisition property revenues prior to our period of ownership
Operating Statistics by Geographic Region Operating results have
been adjusted to show hotel performance on a comparable period
basis. Adjustments are the (i) exclusion of unconsolidated Hotel
del Coronado, (ii) exclusion of Westin St. Francis, Ritz-Carlton
Laguna Niguel, Marriott London Grosvenor Square and Fairmont
Scottsdale Princess partial year results for the three and six
months ended June 30, 2007 and 2006 and the additional exclusion of
Four Seasons Washington, D.C. for the six months ended June 30,
2007 and 2006; (iii) exclusion of Hyatt Regency New Orleans due to
a hurricane that ceased significant operations in August 2005; (iv)
exclusion of Marriott Rancho Las Palmas and Hilton Burbank Airport
and Convention Center as these properties results of operations
were reclassified to discontinued operations; and (v) presentation
of the European hotels without regard to either ownership structure
or leaseholds. United States Hotels (as of June 30, 2007) 9
Properties (three month period) and 8 Properties (six month period)
4,438 Rooms (three month period) and 4,227 Rooms (six month period)
Three Months Ended Six Months Ended June 30, June 30, 2007 2006
Change 2007 2006 Change Average Daily Rate $233.15 $217.58 7.2%
$206.71 $195.48 5.7% Average Occupancy 77.1% 77.1% - pts 75.7%
74.3% 1.4 pts RevPAR $179.72 $167.65 7.2% $156.48 $145.26 7.7%
Total RevPAR $323.05 $299.70 7.8% $282.68 $263.11 7.4% Property
EBITDA Margin 28.3% 28.7% (0.4)pts 26.0% 26.8% (0.8)pts Mexican
Hotels (as of June 30, 2007) 2 Properties 413 Rooms Three Months
Ended Six Months Ended June 30, June 30, 2007 2006 Change 2007 2006
Change Average Daily Rate $464.82 $426.20 9.1% $509.70 $466.25 9.3%
Average Occupancy 70.0% 68.3% 1.7 pts 72.9% 71.3% 1.6 pts RevPAR
$325.37 $291.20 11.7% $371.73 $332.50 11.8% Total RevPAR $553.29
$494.87 11.8% $615.54 $538.10 14.4% Property EBITDA Margin 37.0%
38.6% (1.6)pts 39.1% 38.8% 0.3 pts North American Same Store Hotels
(as of June 30, 2007) 11 Properties (three month period) and 10
Properties (six month period) 4,851 Rooms (three month period) and
4,640 Rooms (six month period) Three Months Ended Six Months Ended
June 30, June 30, 2007 2006 Change 2007 2006 Change Average Daily
Rate $251.31 $232.57 8.1% $232.18 $217.34 6.8% Average Occupancy
76.5% 76.4% 0.1 pts 75.5% 74.1% 1.4 pts RevPAR $192.20 $177.57 8.2%
$175.20 $160.96 8.8% Total RevPAR $342.78 $315.36 8.7% $311.63
$286.16 8.9% Property EBITDA Margin 29.5% 29.9% (0.4)pts 28.3%
28.7% (0.4)pts European Same Store Hotels (as of June 30, 2007) 3
Properties 841 Rooms Three Months Ended Six Months Ended June 30,
June 30, 2007 2006 Change 2007 2006 Change Average Daily Rate
$326.62 $282.78 15.5% $287.52 $243.28 18.2% Average Occupancy 84.5%
87.2% (2.7)pts 79.5% 81.9% (2.4)pts RevPAR $276.07 $246.67 11.9%
$228.51 $199.19 14.7% Total RevPAR $379.13 $337.31 12.4% $323.06
$283.25 14.1% Property EBITDA Margin 42.6% 41.0% 1.6 pts 38.5%
36.5% 2.0 pts Selected Financial and Operating Information by
Property (In Thousands, Except Operating Information) The following
tables present selected financial and operating information by
property for the three and six months ended June 30, 2007 and 2006.
Property EBITDA reflects property net operating income plus
depreciation and amortization. Three Months Ended June 30, Six
Months Ended June 30, UNITED STATES HOTELS: 2007 2006 Change 2007
2006 Change FAIRMONT CHICAGO Selected Financial Information: Total
revenues $19,781 $18,496 6.9% $32,777 $30,685 6.8% Property EBITDA
$5,816 $5,211 11.6% $6,413 $6,053 5.9% Selected Operating
Information: Rooms 687 691 (4) 687 691 (4) Average occupancy 78.7%
82.1% (3.4)pts 71.8% 72.3% (0.5)pts ADR $246.84 $218.35 13.1%
$215.06 $201.20 6.9% RevPAR $194.28 $179.20 8.4% $154.49 $145.47
6.2% Total RevPAR $316.40 $294.14 7.6% $263.98 $245.34 7.6%
FAIRMONT SCOTTSDALE PRINCESS Selected Financial Information (This
table includes financial information only for our period of
ownership): Total revenues $26,106 N/A N/A $57,684 N/A N/A Property
EBITDA $7,527 N/A N/A $19,244 N/A N/A Selected Operating
Information (This table includes statistical information only for
our period of ownership. For the three months ended June 30, 2006,
average occupancy was 81.5%, ADR was $216.77, RevPAR was $176.56
and Total RevPAR was $411.64. For the six months ended June 30,
2006, average occupancy was 82.3%, ADR was $261.91, RevPAR was
$215.47 and Total RevPAR was $481.21): Rooms 651 N/A N/A 651 N/A
N/A Average occupancy 79.8% N/A N/A 79.4% N/A N/A ADR $232.22 N/A
N/A $281.18 N/A N/A RevPAR $185.37 N/A N/A $223.15 N/A N/A Total
RevPAR $440.68 N/A N/A $489.55 N/A N/A FOUR SEASONS WASHINGTON,
D.C. Selected Financial Information (This table includes financial
information only for our period of ownership): Total revenues
$15,389 $14,415 6.8% $27,049 N/A N/A Property EBITDA $4,474 $4,001
11.8% $5,949 N/A N/A Selected Operating Information (This table
includes statistical information only for our period of ownership.
For the six months ended June 30, 2006, average occupancy was
72.7%, ADR was $505.15, RevPAR was $367.22 and Total RevPAR was
$648.87.): Rooms 211 211 - 211 N/A N/A Average occupancy 79.4%
80.3% (0.9)pts 72.9% N/A N/A ADR $577.61 $539.59 7.0% $549.13 N/A
N/A RevPAR $458.45 $433.23 5.8% $400.55 N/A N/A Total RevPAR
$801.44 $750.76 6.8% $708.26 N/A N/A HOTEL DEL CORONADO Selected
Financial Information (This table includes financial information
only for our period of ownership. Amounts below are 100% of
operations, of which SHR owns 45%.): Total revenues $34,076 $33,909
0.5% $64,574 N/A N/A Property EBITDA $12,230 $13,610 (10.1)%
$22,102 N/A N/A Selected Operating Information (This table includes
statistical information only for our period of ownership. For the
six months ended June, 2006, average occupancy was 80.0%, ADR was
$320.73, RevPAR was $256.48 and Total RevPAR was $516.89.): Rooms
694 679 15 694 N/A N/A Average occupancy 74.7% 80.9% (6.2)pts 73.8%
N/A N/A ADR $349.41 $336.92 3.7% $336.40 N/A N/A RevPAR $260.87
$272.66 (4.3)% $248.34 N/A N/A Total RevPAR $549.61 $548.79 0.2%
$524.52 N/A N/A Three Months Ended June 30, Six Months Ended June
30, 2007 2006 Change 2007 2006 Change HYATT REGENCY LA JOLLA AT
AVENTINE Selected Financial Information: Total revenues $10,431
$10,044 3.9% $22,043 $20,917 5.4% Property EBITDA $2,647 $2,471
7.1% $5,887 $5,619 4.8% Selected Operating Information: Rooms 419
419 - 419 419 - Average occupancy 81.0% 76.4% 4.6 pts 81.6% 77.4%
4.2 pts ADR $181.87 $179.66 1.2% $187.98 $182.45 3.0% RevPAR
$147.36 $137.25 7.4% $153.36 $141.21 8.6% Total RevPAR $273.58
$263.41 3.9% $290.65 $275.80 5.4% HYATT REGENCY PHOENIX Selected
Financial Information: Total revenues $9,959 $10,086 (1.3)% $23,357
$22,244 5.0% Property EBITDA $2,417 $2,708 (10.7)% $7,756 $7,482
3.7% Selected Operating Information: Rooms 696 696 - 696 696 -
Average occupancy 68.9% 71.2% (2.3)pts 77.4% 76.5% 0.9 pts ADR
$127.77 $134.70 (5.1)% $147.00 $143.54 2.4% RevPAR $88.09 $95.97
(8.2)% $113.76 $109.83 3.6% Total RevPAR $157.24 $159.24 (1.3)%
$185.41 $176.57 5.0% INTERCONTINENTAL CHICAGO Selected Financial
Information: Total revenues $23,069 $20,037 15.1% $36,611 $31,942
14.6% Property EBITDA $8,756 $8,053 8.7% $10,637 $9,796 8.6%
Selected Operating Information: Rooms 792 792 - 792 792 - Average
occupancy 86.2% 88.3% (2.1)pts 77.8% 75.3% 2.5 pts ADR $236.69
$209.97 12.7% $205.03 $192.88 6.3% RevPAR $204.11 $185.36 10.1%
$159.43 $145.32 9.7% Total RevPAR $320.08 $278.01 15.1% $255.39
$222.82 14.6% INTERCONTINENTAL MIAMI Selected Financial
Information: Total revenues $13,322 $11,783 13.1% $31,605 $28,409
11.2% Property EBITDA $3,309 $3,115 6.2% $11,141 $9,930 12.2%
Selected Operating Information: Rooms 641 641 - 641 641 - Average
occupancy 71.7% 67.8% 3.9 pts 77.4% 76.0% 1.4 pts ADR $184.65
$168.84 9.4% $211.90 $189.91 11.6% RevPAR $132.43 $114.45 15.7%
$163.95 $144.30 13.6% Total RevPAR $228.39 $202.00 13.1% $272.41
$244.86 11.3% LOEWS SANTA MONICA BEACH HOTEL Selected Financial
Information: Total revenues $12,534 $11,735 6.8% $23,850 $22,868
4.3% Property EBITDA $4,256 $3,753 13.4% $7,619 $7,226 5.4%
Selected Operating Information: Rooms 342 342 - 342 342 - Average
occupancy 88.4% 87.9% 0.5 pts 87.4% 86.4% 1.0 pts ADR $301.33
$278.16 8.3% $291.81 $273.49 6.7% RevPAR $266.26 $244.45 8.9%
$255.00 $236.38 7.9% Total RevPAR $402.73 $377.07 6.8% $385.29
$369.42 4.3% Three Months Ended June 30, Six Months Ended June 30,
2007 2006 Change 2007 2006 Change MARRIOTT LINCOLNSHIRE RESORT
Selected Financial Information: Total revenues $10,195 $9,366 8.9%
$18,381 $17,334 6.0% Property EBITDA $2,113 $1,817 16.3% $2,903
$2,807 3.4% Selected Operating Information: Rooms 389 389 - 389 389
- Average occupancy 68.0% 63.6% 4.4 pts 62.5% 58.2% 4.3 pts ADR
$139.15 $135.65 2.6% $133.60 $133.50 0.1% RevPAR $94.63 $86.33 9.6%
$83.48 $77.68 7.5% Total RevPAR $311.99 $286.63 8.8% $281.26
$265.25 6.0% RITZ-CARLTON HALF MOON BAY Selected Financial
Information: Total revenues $14,910 $14,367 3.8% $26,172 $25,759
1.6% Property EBITDA $2,891 $3,374 (14.3)% $3,511 $4,787 (26.7)%
Selected Operating Information: Rooms 261 261 - 261 261 - Average
occupancy 69.5% 70.6% (1.1)pts 64.5% 68.0% (3.5)pts ADR $371.57
$354.77 4.7% $349.21 $326.61 6.9% RevPAR $258.26 $250.49 3.1%
$225.17 $221.98 1.4% Total RevPAR $627.77 $604.88 3.8% $554.01
$545.28 1.6% RITZ-CARLTON LAGUNA NIGUEL Selected Financial
Information (This table includes financial information only for our
period of ownership): Total revenues $20,310 N/A N/A $37,911 N/A
N/A Property EBITDA $5,875 N/A N/A $9,265 N/A N/A Selected
Operating Information (This table includes statistical information
only for our period of ownership. For the three months ended June
30, 2006, average occupancy was 65.3%, ADR was $384.54, RevPAR was
$251.13 and Total RevPAR was $538.01. For the six months ended June
30, 2006, average occupancy was 66.6%, ADR was $358.64, RevPAR was
$238.78 and Total RevPAR was $501.43.): Rooms 396 N/A N/A 396 N/A
N/A Average occupancy 63.4% N/A N/A 64.4% N/A N/A ADR $395.48 N/A
N/A $368.25 N/A N/A RevPAR $250.76 N/A N/A $237.33 N/A N/A Total
RevPAR $565.01 N/A N/A $531.60 N/A N/A WESTIN ST. FRANCIS Selected
Financial Information (This table includes financial information
only for our period of ownership): Total revenues $33,175 N/A N/A
$64,931 N/A N/A Property EBITDA $6,752 N/A N/A $12,237 N/A N/A
Selected Operating Information (This table includes statistical
information only for our period of ownership. For the three months
ended June 30, 2006, average occupancy was 81.4%, ADR was $199.96,
RevPAR was $162.67 and Total RevPAR was $308.55. For the six months
ended June 30, 2006, average occupancy was 76.2%, ADR was $199.33,
RevPAR was $151.87 and Total RevPAR was $292.54.): Rooms 1,195 N/A
N/A 1,195 N/A N/A Average occupancy 80.5% N/A N/A 76.0% N/A N/A ADR
$206.41 N/A N/A $209.82 N/A N/A RevPAR $166.25 N/A N/A $159.56 N/A
N/A Total RevPAR $305.07 N/A N/A $300.19 N/A N/A Three Months Ended
June 30, Six Months Ended June 30, MEXICAN HOTELS: 2007 2006 Change
2007 2006 Change FOUR SEASONS MEXICO CITY Selected Financial
Information: Total revenues $6,911 $5,736 20.5% $13,689 $11,805
16.0% Property EBITDA $1,942 $1,426 36.2% $3,746 $2,893 29.5%
Selected Operating Information: Rooms 240 240 - 240 240 - Average
occupancy 67.2% 61.8% 5.4 pts 68.4% 64.0% 4.4 pts ADR $263.68
$240.33 9.7% $261.24 $241.27 8.3% RevPAR $177.32 $148.50 19.4%
$178.71 $154.41 15.7% Total RevPAR $316.44 $262.65 20.5% $315.13
$271.76 16.0% FOUR SEASONS PUNTA MITA RESORT Selected Financial
Information: Total revenues $13,883 $11,602 19.7% $30,865 $25,652
20.3% Property EBITDA $5,751 $5,267 9.2% $13,656 $11,650 17.2%
Selected Operating Information: Rooms 173 145 28 173 145 28 Average
occupancy 73.8% 79.1% (5.3)pts 79.7% 83.5% (3.8)pts ADR $719.01
$666.38 7.9% $829.67 $752.63 10.2% RevPAR $530.75 $527.40 0.6%
$661.43 $628.10 5.3% Total RevPAR $881.86 $879.25 0.3% $1,066.42
$980.21 8.8% Three Months Ended June 30, Six Months Ended June 30,
EUROPEAN HOTELS: 2007 2006 Change 2007 2006 Change INTERCONTINENTAL
PRAGUE Selected Financial Information (Amounts below are 100% of
operations, of which SHR owned 35% prior to August 3, 2006): Total
revenues $12,265 $10,859 12.9% $19,373 $17,151 13.0% Property
EBITDA $6,083 $5,427 12.1% $8,325 $7,220 15.3% Selected Operating
Information: Rooms 372 372 - 372 372 - Average Occupancy 79.8%
85.1% (5.3)pts 72.5% 79.2% (6.7)pts ADR $294.98 $253.24 16.5%
$246.56 $204.85 20.4% RevPAR $235.50 $215.60 9.2% $178.68 $162.29
10.1% Total RevPAR $362.31 $320.77 13.0% $287.72 $254.73 13.0%
MARRIOTT HAMBURG Selected Financial Information: Total revenues
$5,747 $5,660 1.5% $10,791 $10,341 4.4% Property EBITDA $1,445
$1,330 8.6% $2,789 $2,566 8.7% Selected Operating Information:
Rooms 277 277 - 277 277 - Average occupancy 85.6% 87.3% (1.7)pts
83.6% 84.2% (0.6)pts ADR $193.98 $189.06 2.6% $178.83 $169.41 5.6%
RevPAR $166.04 $164.99 0.6% $149.53 $142.57 4.9% Total RevPAR
$228.00 $224.56 1.5% $215.22 $206.26 4.3% MARRIOTT LONDON GROSVENOR
SQUARE Selected Financial Information (This table includes
financial information only for our period of ownership): Total
revenues $11,239 N/A N/A $20,697 N/A N/A Property EBITDA $4,560 N/A
N/A $7,614 N/A N/A Selected Operating Information (This table
includes statistical information only for our period of ownership.
For the three months ended June 30, 2006, average occupancy was
83.2%, ADR was $335.13, RevPAR was $278.78 and Total RevPAR was
$422.89. For the six months ended June 30, 2006, average occupancy
was 76.5%, ADR was $326.12, RevPAR was $249.58 and Total RevPAR was
$379.76.): Rooms 236 N/A N/A 236 N/A N/A Average occupancy 83.2%
N/A N/A 81.2% N/A N/A ADR $414.12 N/A N/A $390.34 N/A N/A RevPAR
$344.39 N/A N/A $316.88 N/A N/A Total RevPAR $523.33 N/A N/A
$484.52 N/A N/A PARIS MARRIOTT CHAMPS ELYSEES Selected Financial
Information: Total revenues $11,003 $9,295 18.4% $19,013 $15,624
21.7% Property EBITDA $4,836 $3,829 26.3% $7,841 $5,933 32.2%
Selected Operating Information: Rooms 192 192 - 192 192 - Average
occupancy 92.1% 91.2% 0.9 pts 87.1% 83.7% 3.4 pts ADR $557.75
$465.51 19.8% $504.15 $420.90 19.8% RevPAR $513.41 $424.72 20.9%
$439.00 $352.35 24.6% Total RevPAR $629.75 $532.00 18.4% $547.12
$449.58 21.7% Reconciliation of Property EBITDA to EBITDA (in
thousands) Three Months Ended June 30, 2007 2006 Property Property
Hotel EBITDA EBITDA EBITDA EBITDA Fairmont Chicago $5,816 $5,816
$5,211 $5,211 Fairmont Scottsdale Princess (a) 7,527 7,527 - - Four
Seasons Washington, D.C. (a) 4,474 4,474 4,001 4,001 Hotel del
Coronado (b) 12,230 - 13,610 - Hyatt Regency La Jolla at Aventine
2,647 2,647 2,471 2,471 Hyatt Regency Phoenix 2,417 2,417 2,708
2,708 InterContinental Chicago 8,756 8,756 8,053 8,053
InterContinental Miami 3,309 3,309 3,115 3,115 Loews Santa Monica
Beach Hotel 4,256 4,256 3,753 3,753 Marriott Lincolnshire Resort
2,113 2,113 1,817 1,817 Ritz-Carlton Half Moon Bay 2,891 2,891
3,374 3,374 Ritz-Carlton Laguna Niguel (a) 5,875 5,875 - - Westin
St. Francis (a) 6,752 6,752 - 2,617 Hyatt Regency New Orleans -
(256) - (1,114) Four Seasons Mexico City 1,942 1,942 1,426 1,426
Four Seasons Punta Mita Resort 5,751 5,751 5,267 5,267
InterContinental Prague (c) 6,083 6,083 5,427 - Marriott Hamburg
(d) 1,445 193 1,330 (9) Marriott London Grosvenor Square (a) 4,560
4,560 - - Paris Marriott Champs Elysees (d) 4,836 1,615 3,829 335
$93,680 $76,721 $65,392 $43,025 Adjustments: Corporate expenses
$(8,062) $(6,916) Interest income 873 1,267 Loss on early
extinguishment of debt (160) - Equity in earnings (losses) of joint
ventures 4,556 672 Foreign currency exchange (loss) gain (2,015) 27
Other (expenses) income, net (60) 1,037 Income (loss) from
discontinued operations (excluding minority interest) 158 2,680
Depreciation and amortization - discontinued operations - 893
Interest expense - discontinued operations - 638 Income taxes -
discontinued operations - 200 Minority interest in consolidated
affiliates (181) (593) Adjustments from consolidated affiliates
(632) (1,089) Adjustments from unconsolidated affiliates 7,096
7,306 Other adjustments (20) (197) EBITDA $78,274 $48,950 Six
Months Ended June 30, 2007 2006 Property Property Hotel EBITDA
EBITDA EBITDA EBITDA Fairmont Chicago $6,413 $6,413 $6,053 $6,053
Fairmont Scottsdale Princess (a) 19,244 19,244 - - Four Seasons
Washington, D.C. (a) 5,949 5,949 - 5,314 Hotel del Coronado (b)
22,102 - - - Hyatt Regency La Jolla at Aventine 5,887 5,887 5,619
5,619 Hyatt Regency Phoenix 7,756 7,756 7,482 7,482
InterContinental Chicago 10,637 10,637 9,796 9,796 InterContinental
Miami 11,141 11,141 9,930 9,930 Loews Santa Monica Beach Hotel
7,619 7,619 7,226 7,226 Marriott Lincolnshire Resort 2,903 2,903
2,807 2,807 Ritz-Carlton Half Moon Bay 3,511 3,511 4,787 4,787
Ritz-Carlton Laguna Niguel (a) 9,265 9,265 - - Westin St. Francis
(a) 12,237 12,237 - 2,617 Hyatt Regency New Orleans - (524) -
(1,483) Four Seasons Mexico City 3,746 3,746 2,893 2,893 Four
Seasons Punta Mita Resort 13,656 13,656 11,650 11,650
InterContinental Prague (c) 8,325 8,325 7,220 - Marriott Hamburg
(d) 2,789 211 2,566 17 Marriott London Grosvenor Square (a) 7,614
7,614 - - Paris Marriott Champs Elysees (d) 7,841 2,340 5,933 802
$168,635 $137,930 $83,962 $75,510 Adjustments: Corporate expenses
$(15,179) $(12,589) Interest income 1,800 2,421 Loss on early
extinguishment of debt (4,479) - Equity in earnings (losses) of
joint ventures 1,673 (947) Foreign currency exchange (loss) gain
(3,670) (28) Other (expenses) income, net (217) 2,706 Income (loss)
from discontinued operations (excluding minority interest) 290
(960) Depreciation and amortization - discontinued operations -
2,535 Interest expense - discontinued operations - 1,300 Income
taxes - discontinued operations - (3,700) Minority interest in
consolidated affiliates (603) (789) Adjustments from consolidated
affiliates (1,660) (2,170) Adjustments from unconsolidated
affiliates 14,175 13,864 Other adjustments (20) (199) EBITDA
$130,040 $76,954 (a) We have included the results of hotels
acquired in Property EBITDA above for our period of ownership. (b)
On January 9, 2006 we closed the acquisition of a 45% joint venture
ownership interest in SHC KSL Partners, LP, the existing owner of
the Hotel del Coronado in Coronado, California. We account for our
investment under the equity method of accounting. Our equity in
earnings of the hotel joint venture is included in equity in
earnings of joint ventures in our consolidated statements of
operations. We have included the results of this hotel in Property
EBITDA above for our period of ownership. (c) On August 3, 2006, we
purchased our joint venture partner's 65% interest in the entity
that owns the InterContinental Prague. Prior to August 3, 2006 our
equity in earnings of the hotel joint venture is included in equity
in earnings of joint ventures in our consolidated statements of
operations. (d) We have leasehold interests in these properties.
Therefore, EBITDA represents the lease revenue less the lease
expense recorded in our statements. Property EBITDA represents the
revenue less expenses generated by the property. Reconciliation of
Property EBITDA to Comparable EBITDA (in thousands) Three Months
Ended June 30, 2007 Property Comparable EBITDA Adjustments EBITDA
Meetings & Business Hotels: Fairmont Chicago $5,816 $- $5,816
Fairmont Scottsdale Princess 7,527 - 7,527 Four Seasons Mexico City
1,942 - 1,942 Four Seasons Washington, D.C. 4,474 - 4,474 Hyatt
Regency La Jolla at Aventine 2,647 - 2,647 InterContinental Chicago
8,756 (208) 8,548 InterContinental Miami 3,309 (424) 2,885 Westin
St. Francis 6,752 - 6,752 Total Meetings & Business Hotels
41,223 (632) 40,591 Ocean Front Resorts: Four Seasons Punta Mita
Resort 5,751 - 5,751 Hotel del Coronado 12,230 (6,753) 5,477 Loews
Santa Monica Beach Hotel 4,256 - 4,256 Ritz-Carlton Half Moon Bay
2,891 - 2,891 Ritz-Carlton Laguna Niguel 5,875 - 5,875 Total Ocean
Front Resorts 31,003 (6,753) 24,250 European Hotels:
InterContinental Prague 6,083 - 6,083 Marriott Hamburg 1,445
(1,301) 144 Marriott London Grosvenor Square 4,560 - 4,560 Paris
Marriott Champs Elysees 4,836 (4,356) 480 Total European Hotels
16,924 (5,657) 11,267 Non-Core Assets: Hyatt Regency New Orleans -
(256) (256) Hyatt Regency Phoenix 2,417 - 2,417 Marriott
Lincolnshire Resort 2,113 - 2,113 Total Non-Core Assets 4,530 (256)
4,274 $93,680 $(13,298) $80,382 Six Months Ended June 30, 2007
Property Comparable EBITDA Adjustments EBITDA Meetings &
Business Hotels: Fairmont Chicago $6,413 $- $6,413 Fairmont
Scottsdale Princess 19,244 - 19,244 Four Seasons Mexico City 3,746
- 3,746 Four Seasons Washington, D.C. 5,949 - 5,949 Hyatt Regency
La Jolla at Aventine 5,887 - 5,887 InterContinental Chicago 10,637
(821) 9,816 InterContinental Miami 11,141 (839) 10,302 Westin St.
Francis 12,237 - 12,237 Total Meetings & Business Hotels 75,254
(1,660) 73,594 Ocean Front Resorts: Four Seasons Punta Mita Resort
13,656 - 13,656 Hotel del Coronado 22,102 (12,233) 9,869 Loews
Santa Monica Beach Hotel 7,619 - 7,619 Ritz-Carlton Half Moon Bay
3,511 - 3,511 Ritz-Carlton Laguna Niguel 9,265 - 9,265 Total Ocean
Front Resorts 56,153 (12,233) 43,920 European Hotels:
InterContinental Prague 8,325 - 8,325 Marriott Hamburg 2,789
(2,659) 130 Marriott London Grosvenor Square 7,614 - 7,614 Paris
Marriott Champs Elysees 7,841 (7,741) 100 Total European Hotels
26,569 (10,400) 16,169 Non-Core Assets: Hyatt Regency New Orleans -
(524) (524) Hyatt Regency Phoenix 7,756 - 7,756 Marriott
Lincolnshire Resort 2,903 - 2,903 Total Non-Core Assets 10,659
(524) 10,135 $168,635 $(24,817) $143,818 Percent of QTD Percent of
YTD Comparable EBITDA Comparable EBITDA Meetings & Business
Hotels 51% 51% Ocean Front Resorts 30% 31% European Hotels 14% 11%
Non-Core Assets 5% 7% Total 100% 100% DATASOURCE: Strategic Hotels
& Resorts Web site: http://www.strategichotels.com/
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