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.

We have substantially and successfully concluded our asset disposition plan and intend to promptly apply these proceeds to repay our senior unsecured notes. These actions will significantly improve our financial flexibility and interest coverage, providing us a much broader ability to address business issues and further enhance shareholder value.

Es gibt kein Vergangenes, daß man zurücksehnen dürfte, es gibt nur ein ewig Neues, daß sich aus den erweiterten Elementen des Vergangenen gestaltet; und die echte Sehnsucht muß stets produktiv sein, ein neues Besseres zu schaffen.

Property is a nuisance.

We've already experienced marked changes at these properties. The renovation process is already underway at each property, staff re- training has been implemented and our new marketing plans have been engaged. We expect these and other alterations to quickly push these hotels to market leadership positions in their respective markets.

The program is nearly over! I can feel the audience is still with me but if I run faster I can shake them off