The Company continues its process in rebranding the eleven hotels that had their franchise licenses terminated in the first quarter of 2011. During the year 2011, ten hotels were rebranded. For the year-ended December 31, 2011, revenues of $15.7 million were generated as compared to $19.2 million generated in year-ended December 31, 2010. RevPAR was $41.95, down 18.1 percent when compared to the same period in 2010. RevPAR consisted of occupancy of 53.9 percent, down 18.0 percent, and ADR of $77.88, a decrease of .2 percent in comparison to full year 2010. Income from hotel operations of $2.6 million and hotel operating margins of 16.4 percent were realized in the year as compared to $5.0 million and 16.4 percent, respectively, in the comparable period of 2010. Hotel operating margins contracted by 721 bps when $0.4 million of additional public company costs were applied to income from hotel operations for the full year 2010 on a pro forma basis.Acquired Hotels The Company experienced positive results from the five hotels acquired during the second and third quarter of 2011. For the quarter, $3.7 million of revenue was realized on RevPAR of $53.22. RevPAR was generated on occupancy of 57.1 percent and an ADR of $93.20. Income from hotel operations was $1.0 million, equating to 28.0 percent hotel operating margin. BALANCE SHEET The company had total outstanding debt of $217.1 million as of December 31, 2011. The weighted average interest rate was 5.38% percent for the fourth quarter. Of the total debt, $11.4 million was outstanding borrowings under the company’s $125 million revolving credit facility. During the fourth quarter the company allocated $11.4 million toward capital investments. Cash and cash equivalents as of December 31, 2011 were $10.5 million. As of fiscal year end, the company had $80.9 million of available borrowing capacity on its $125 million revolving credit facility.