Paul Whetsell Early Quotations

The benefits of our renovation program are accelerating. By the end of 2005, nearly every property in our portfolio had significant renovation work completed within the past two years. We believe that our portfolio of hotels now is well positioned for continued future growth.

Our management team remained focused and active in early 2006. We have taken several actions since year end that will greatly accelerate our capital structure improvement and provide a stronger platform for future growth.