Subsequent Events

On February 20, 2013, the Company entered into an Equity Distribution Agreement with Raymond James & Associates, Inc. to establish a new at-the-market (“ATM”) program totaling $250.0 million. The new ATM program replaces the previous $250.0 million program, of which $146.0 million remained.

2013 Outlook

The Company is providing its 2013 outlook based on an economic environment that continues to improve and assuming no acquisitions and no capital markets activities. The Company’s RevPAR growth and financial expectations for 2013 are as follows:
Current Outlook
Low-end High-end
($'s in millions except per share/unit data)

Excluding Park Central Hotel
RevPAR growth 3.0% 6.0%
Hotel EBITDA Margins 31.4% 32.4%
Hotel EBITDA Margin Change 0 bps 100 bps

Including Park Central Hotel
RevPAR growth 0.0% 3.0%
Hotel EBITDA Margins 31.5% 32.5%
Hotel EBITDA Margin Change -50 bps 50 bps

Entire Portfolio (Including Park Central Hotel)
Adjusted EBITDA $ 275.0 $ 295.0
Adjusted FFO $ 195.0 $ 214.0
Adjusted FFO per diluted share/unit $ 2.03 $ 2.23
Income Tax Expenses $ 4.5 $ 5.5

Capital Investments
Portfolio Excluding Park Central $ 70.0 $ 75.0
Park Central $ 60.0 $ 70.0
Portfolio Including Park Central $ 130.0 $ 145.0

2013 First Quarter Outlook

Based on the portfolio’s performance quarter-to-date, the Company expects first quarter RevPAR, excluding the Park Central Hotel to increase 4.0 percent to 6.0 percent. The Company expects its portfolio, including the Park Central Hotel to generate adjusted EBITDA of $37.0 million to $39.0 million and adjusted FFO per share/unit of $0.24 to $0.26.

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