Hilton Garden Inn New York/Times Square Central

On January 18, 2011, we entered into a purchase and sale agreement to acquire, upon completion, a hotel property under development on West 42nd Street in Times Square, New York City (the "Hotel"). Upon completion by the third-party developer, the Hotel is expected to contain 282 guest rooms.

We currently anticipate an opening date during 2014. The Company's acquisition of the Hotel is subject to a variety of conditions, including substantial completion of the Hotel by the third-party developer, construction of the Hotel within the contractual scope as well as the satisfaction of other customary closing conditions.

The Hotel is being developed by an affiliate of Walton Street Capital L.L.C. and Highgate Holdings. Highgate Hotels, L.P. is expected to operate the hotel upon completion.