ASSETS                                        (Unaudited)
                                                   December      December
                                                   31, 2005      31, 2004

    Property and equipment, at cost               $899,309,856  $286,727,306
    Less: accumulated depreciation                 (28,747,457)   (1,084,867)

                                                   870,562,399   285,642,439

    Restricted cash                                 23,109,153    17,482,515
    Due from hotel managers                         38,964,986     2,626,262
    Favorable lease asset, net                      10,601,577             -
    Purchase deposits and pre-acquisition costs              -     3,272,219
    Prepaid and other assets                        10,495,765     4,340,259
    Cash and cash equivalents                        9,431,741    76,983,107
    Deferred financing costs, net                    2,846,661     1,344,378

           Total assets                           $966,012,282  $391,691,179
 

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Liabilities:

    Debt, at face amount                          $428,394,735  $177,827,573
    Debt premium                                     2,782,322     2,944,237

    Total debt                                     431,177,057   180,771,810

    Deferred income related to key money, net       10,311,322     2,490,385
    Unfavorable lease liability, net                 5,384,431     5,776,946
    Due to hotel managers                           22,790,896     3,985,795
    Dividends declared and unpaid                    8,896,101             -
    Accounts payable and accrued expenses           24,064,047     3,078,825

           Total other liabilities                  71,446,797    15,331,951

    Shareholders' Equity:

    Preferred stock, $.01 par value; 10,000,000
     shares authorized; no shares issued and
     outstanding                                             -             -
    Common stock, $.01 par value; 100,000,000
     shares authorized; 50,819,864 and
     21,020,100 shares issued and outstanding at
     December 31, 2005 and 2004, respectively          508,199       210,201
    Additional paid-in capital                     491,951,223   197,494,842
    Accumulated deficit                            (29,070,994)   (2,117,625)

           Total shareholders' equity              463,388,428   195,587,418

           Total liabilities and shareholders'    $966,012,282  $391,691,179
            equity
 
 

                       DIAMONDROCK HOSPITALITY COMPANY
                    CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                 Period from
                                                  (Unaudited)     May 6, 2004
                                                  Year Ended    (Inception) to
                                                   December        December
                                                   31, 2005        31, 2004

    Revenues:

    Rooms                                         $151,755,924    $5,137,370
    Food and beverage                               63,261,282     1,507,960
    Other                                           14,433,057       428,534

    Total revenues                                 229,450,263     7,073,864

    Operating Expenses:

    Rooms                                           37,432,635     1,455,380
    Food and beverage                               47,281,237     1,266,827
    Management fees                                  8,107,902       260,724
    Other hotel expenses                            88,447,484     3,183,959
    Depreciation and amortization                   27,590,234     1,053,283
    Corporate expenses                              13,461,528     4,114,165
    Total operating expenses                       222,321,020    11,334,338

    Operating income (loss)                          7,129,243    (4,260,474)

    Interest income                                 (1,548,635)   (1,333,837)
    Interest expense                                17,367,079       773,101
    Total other expenses (income)                   15,818,444      (560,736)
    Loss before income taxes                        (8,689,201)   (3,699,738)
    Income tax benefit                               1,353,261     1,582,113

    Net loss                                       $(7,335,940)  $(2,117,625)

    Loss per share:
        Basic and diluted                               $(0.19)       $(0.12)

    Weighted-average number of common shares
     outstanding:
        Basic and diluted                           39,145,789    18,162,916
 
 

                       DIAMONDROCK HOSPITALITY COMPANY
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
 

                                                                 Period from
                                                  (Unaudited)     May 6, 2004
                                                  Year Ended    (Inception) to
                                                   December        December
                                                   31, 2005        31, 2004

    Cash flows from operating activities:
        Net loss                                   $(7,335,940)  $(2,117,625)
        Adjustments to reconcile net loss to
         net cash provided by (used in)
         operating activities:

            Depreciation and amortization           27,590,234     1,053,283
            Amortization of deferred financing
             costs as interest                       1,343,899        28,615
            Non-cash straight-line ground rent       7,120,368             -
            Market value adjustment to interest
             rate caps                                  (7,837)       25,655
            Amortization of debt premium and
             unfavorable lease liability              (302,179)      (10,814)
            Amortization of deferred income and
             corporate depreciation                   (115,118)       21,969
            Stock-based compensation                 6,308,098     1,357,083
            Income tax benefit                      (2,104,371)   (1,521,213)

        Changes in assets and liabilities:
            Prepaid expenses and other assets         (832,736)     (581,477)
            Due to/from hotel managers             (15,915,027)   (2,626,262)
            Accounts payable and accrued expenses    4,076,637     3,545,232

        Net cash provided by (used in) operating
         activities                                 19,826,028      (825,554)

    Cash flows from investing activities:
        Hotel acquisitions                        (611,604,489) (273,827,972)
        Receipt of deferred Key Money                8,008,750     2,500,000
        Hotel capital expenditures                 (18,007,635)            -
        Change in restricted cash                    1,726,776      (480,515)
        Purchase deposits and pre-acquisition costs          -    (3,272,219)

    Net cash used in investing activities         (619,876,598) (275,080,706)

    Cash flows from financing activities:
        Proceeds from debt                         317,500,000   158,000,000
        Repayments of mortgage debt                (56,948,685)            -
        Scheduled mortgage debt principal payments  (2,932,838)            -
        Payment of financing costs                  (2,846,182)   (1,372,993)
        Cash paid for interest rate caps                     -       (85,600)
        Proceeds from sale of common stock         291,799,785   197,376,548
        Payment of costs related to sale of
         common stock                               (3,353,504)   (1,028,588)
        Payment of dividends                       (10,719,372)            -

        Net cash provided by financing activities  532,499,204   352,889,367

    Net (decrease) increase in cash and cash
     equivalents                                   (67,551,366)   76,983,107
    Cash and cash equivalents, beginning of
     period                                         76,983,107             -
    Cash and cash equivalents, end of period        $9,431,741   $76,983,107

    Supplemental Disclosure of Cash Flow
     Information:
    Cash paid for interest                         $15,601,243      $350,979
    Cash paid for income taxes                      $1,005,629      $      -

    Non-cash Investing and Financing
     Activities:
    Repayment of mortgage debt with restricted
     cash                                           $7,051,315      $      -
 
 

    Non-GAAP Financial Measures
We use the following four non-GAAP financial measures that we believe are useful to investors as key measures of our operating performance: (1) EBITDA (2) Adjusted EBITDA, (3) FFO and (4) Adjusted FFO.
EBITDA represents net income (loss) excluding: (1) interest expense; (2) provision for income taxes, including income taxes applicable to sale of assets; and (3) depreciation and amortization. We believe EBITDA is useful to an investor in evaluating our operating performance because it helps investors evaluate and compare the results of our operations from period to period by removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortization) from our operating results. We also use EBITDA as one measure in determining the value of hotel acquisitions and dispositions.
 

                                                       Historical

                                                 Fiscal
                                             Quarter Ended        Year Ended
                                              December 31,        December 31,
                                                  2005               2005

    Net income (loss)                          $1,553,658         $(7,335,940)

    Interest expense                            6,726,091          17,367,079
    Income tax benefit                           (227,762)         (1,353,261)
    Depreciation and amortization              11,517,708          27,590,234
    EBITDA                                    $19,569,695         $36,268,112
 

                                                   Forecast Full Year 2006
                                                Low End            High End

    Net income                                $19,900,000         $23,900,000

    Interest expense                           27,000,000          27,000,000
    Income tax expense                            600,000             600,000
    Depreciation and amortization              37,000,000          37,000,000

    EBITDA                                    $84,500,000         $88,500,000
Management also evaluates our performance by reviewing Adjusted EBITDA because the Company believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding our ongoing operating performance and that the presentation of Adjusted EBITDA, when combined with the primary GAAP presentation of net income, is beneficial to a complete understanding of our operating performance. We adjust EBITDA for the following items, which may occur in any period, and refer to this measure as Adjusted EBITDA:
    * Non-Cash Ground Rent: We exclude the non-cash expense incurred from
      straight lining the rent from our ground lease obligations and the non-
      cash amortization of our favorable lease asset.

    * The impact of fully vested irrevocable commitments to issue 382,500
      shares of stock to our five senior executive officers made in connection
      with our initial public offering and expensed in the second quarter.
      These were grants and do not reflect the underlying performance of the
      Company.

    * Cumulative effect of a change in accounting principle: Infrequently,
      the Financial Accounting Standards Board (FASB) promulgates new
      accounting standards that require the consolidated statement of
      operations to reflect the cumulative effect of a change in accounting
      principle.  We exclude these one-time adjustments because they do not
      reflect our actual performance for that period.

    * Impairment Losses: We exclude the effect of impairment losses recorded
      because we believe that including them in EBITDA is not consistent with
      reflecting the ongoing performance of our remaining assets.  In
      addition, we believe that impairment charges are similar to gains
      (losses) on dispositions and depreciation expense, both of which are
      also excluded from EBITDA.
 
 

                                                       Historical

                                                 Fiscal
                                             Quarter Ended        Year Ended
                                              December 31,        December 31,
                                                  2005               2005

    EBITDA                                    $19,569,695         $36,268,112
    Non-cash ground rent                        2,210,090           7,120,368
    Initial public offering stock grants               --           3,736,250

    Adjusted EBITDA                           $21,779,785         $47,124,730
 

                                                   Forecast Full Year 2006
                                                Low End            High End

    EBITDA                                    $84,500,000         $88,500,000
    Non-cash ground rent                        7,500,000           7,500,000

    Adjusted EBITDA                           $92,000,000         $96,000,000
We compute FFO in accordance with standards established by NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding gains (losses) from sales of property, plus depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures (which are calculated to reflect FFO on the same basis). We believe that the presentation of FFO provides useful information to investors regarding our operating performance because it is a measure of our operations without regard to specified non-cash items, such as real estate depreciation and amortization and gain or loss on sale of assets. We also use FFO as one measure in determining our results after taking into account the impact of our capital structure.
 
 

                                                        Historical

                                                 Fiscal
                                             Quarter Ended        Year Ended
                                              December 31,        December 31,
                                                  2005               2005

    Net income (loss)                          $1,553,658         $(7,335,940)
    Real estate related depreciation and
     amortization                              11,517,708          27,590,234
    FFO                                       $13,071,366         $20,254,294
    FFO per Share (Basic and Diluted)               $0.26               $0.52
 

                                                   Forecast Full Year 2006
                                                Low End            High End

    Net income                                $19,900,000         $23,900,000
    Real estate related depreciation and
     amortization                              37,000,000          37,000,000
    FFO                                       $56,900,000         $60,900,000
Management also evaluates our performance by reviewing Adjusted FFO because the Company believes that the exclusion of certain additional recurring and non-recurring items described below provides useful supplemental information regarding our ongoing operating performance and that the presentation of Adjusted FFO, when combined with the primary GAAP presentation of net income, is beneficial to a complete understanding of our operating performance. We adjust FFO for the following items, which may occur in any period, and refer to this measure as Adjusted FFO:
    * Non-Cash Ground Rent: We exclude the non-cash expense incurred from
      straight lining the rent from our ground lease obligations and the non-
      cash amortization of our favorable lease asset.

    * The impact of fully vested irrevocable commitments to issue 382,500
      shares of stock to our five senior executive officers made in connection
      with the initial public offering and expensed in the second quarter.
      The impact of these grants do not reflect the underlying performance of
      the Company.

    * Cumulative effect of a change in accounting principle: Infrequently, the
      Financial Accounting Standards Board (FASB) promulgates new accounting
      standards that require the consolidated statement of operations to
      reflect the cumulative effect of a change in accounting principle.  We
      exclude these one-time adjustments because they do not reflect our
      actual performance for that period.

    * Impairment Losses: We exclude the effect of impairment losses recorded
      because we believe that including them in EBITDA is not consistent with
      reflecting the ongoing performance of our remaining assets.  In
      addition, we believe that impairment charges are similar to gains
      (losses) on dispositions and depreciation expense, both of which are
      also excluded from EBITDA.
 

                                                       Historical

                                            Fiscal Quarter
                                               Ended              Year Ended
                                            December 31,         December 31,
                                                2005                2005
 

    FFO
                                            $  13,071,366      $  20,254,294

    Non-cash ground rent                        2,210,090          7,120,368
    Initial public offering stock grants               --          3,736,250
 

    Adjusted FFO                            $  15,281,456      $  31,110,912

    Adjusted FFO per Share (Basic and
     Diluted)                               $        0.30      $        0.79
 
 
 

                                                   Forecast Full Year 2006

                                                 Low End           High End
 

    FFO                                       $56,900,000        $60,900,000

    Non-cash ground rent                        7,500,000          7,500,000
 

    Adjusted FFO                              $64,400,000        $68,400,000
 

    Certain Definitions
In this release, when we discuss the "twelve hotels" we are discussing all of our hotels except SpringHill Suites Atlanta Buckhead, the Oak Brook Hills Marriott Resort, and Orlando Airport Marriott. We exclude these hotels from our discussion to enable our investors to compare our performance on a same store basis with the guidance we provided at the end of the third quarter.
In this release, when we discuss "Hotel Adjusted EBITDA," we exclude from Hotel EBITDA the non-cash expense incurred by the hotel due to the straight lining of the rent from our ground lease obligations and the non-cash amortization of our favorable lease asset. Hotel EBITDA represents hotel net income (loss) excluding: (1) interest expense; (2) income taxes; and (3) depreciation and amortization. Hotel Adjusted EBITDA margins are calculated as Hotel Adjusted EBITDA divided by total hotel revenues.
 

                Market Capitalization as of December 31, 2005

    Enterprise Value                                      December 31, 2005

    Common equity capitalization (at 12/31/05 closing
     price of $11.96/share)                                  $   621,396,116

    Consolidated debt                                            431,177,057

    Cash and cash equivalents                                     (9,431,741)

    Total enterprise value                                   $ 1,043,141,432

    Dividend Per Share
    Common dividend declared (holders of record on
     December 30, 2005)                                      $        0.1725

    Share Reconciliation

    Common shares outstanding, held by third parties              46,199,193
    Common shares outstanding, held by Marriott
     International                                                 4,428,571
    Common shares outstanding, held by management and
     directors                                                       192,100

      Subtotal                                                    50,819,864

    Unvested restricted stock held by management and
     employees                                                       747,000
    Share grants under deferred compensation plan held by
    corporate officers                                               389,333
 

    Combined shares outstanding                                   51,956,197
 
 

                      Debt Summary at December 31, 2005
                            (dollars in thousands)

                                          Spread
                                Interest   to     Outstanding
    Property                      Rate    LIBOR     Principal      Maturity

    Courtyard Manhattan /
     Midtown East               5.195%   Fixed    $  44,131    December 2009
    Salt Lake City Marriott
     Downtown                   5.500%   Fixed       38,016    December 2014
    Courtyard Manhattan /
     Fifth Avenue               7.075%   270bps      23,000    January 2007
    Marriott Griffin Gate
     Resort                     5.110%   Fixed       30,442    January 2010
    Bethesda Marriott Suites    7.690%   Fixed       19,305    February 2023
    Los Angeles Airport
     Marriott                   5.300%   Fixed       82,600    June 2015
    Marriott Frenchman's Reef   5.440%   Fixed       62,500    July 2015
    Renaissance Worthington     5.400%   Fixed       57,400    June 2015
    Orlando Airport Marriott    5.680%   Fixed       59,000    December 2015
    Credit Facility Borrowings  5.758%   145bps      12,000    July 2008

    Total Debt (excluding Debt   5.6%                           8.33 yrs.
     Premium)                 (weighted                        (weighted
                                average)            428,395     average)

    Fixed Interest Rate Debt
     to Total Debt              91.8%
 
 

             Portfolio Composition and Projected Total Investment

                                                                      Total
                                                        Number of   Investment
        Property       Location           Year Opened   of Rooms(1)   (1)

    Marriott Atlanta
     Alpharetta        Atlanta, GA            2000         318    38,833,000
    Bethesda Marriott
     Suites            Bethesda, MD           1990         274    42,185,000
    Courtyard
     Manhattan/Fifth
     Avenue            New York, NY           1990         185    41,832,000
    Courtyard
     Manhattan /
     Midtown East      New York, NY           1998         307    75,382,000
    Frenchman's Reef
     & Morning Star
     Marriott Beach
     Resort            St. Thomas, USVI    1973/1984       504    76,106,000
    Marriott Griffin
     Gate Resort       Lexington, KY          1981         408    49,779,000
    Los Angeles
     Airport Marriott  Los Angeles, CA        1973       1,004   114,681,000
    Oak Brook Hills
     Marriott Resort   Oak Brook, IL          1987         384    66,165,000
    Orlando Airport
     Marriott          Orlando, FL            1983         486    71,154,000
    Renaissance
     Worthington       Fort Worth, TX         1981         504    80,811,000
    Salt Lake City
     Marriott Downtown Salt Lake City, UT     1981         510    51,123,000
    SpringHill Suites
     Atlanta Buckhead  Atlanta, GA            2005         220    34,341,000
    The Lodge at
     Sonoma, a
     Renaissance
     Resort and Spa    Sonoma, CA             2001         182    32,430,000

    Torrance Marriott  Los Angeles
                       County, CA             1985         487    67,421,000
    Vail Marriott
     Mountain Resort &
     Spa               Vail, CO            1983/2002       346    65,259,000

    Total                                                6,119   907,502,000
 
 

                                                       Total
                                      2006 Budgeted    Projected     Projected
                                         Capital      Investment    Investment
        Property       Location       Expenditures (2)    (3)        Per Room

    Marriott Atlanta
     Alpharetta        Atlanta, GA          284,000    39,117,000      123,009
    Bethesda Marriott
     Suites            Bethesda, MD       5,831,000    48,016,000      175,241
    Courtyard
     Manhattan/Fifth
     Avenue            New York, NY       2,575,000    44,407,000      240,038
    Courtyard
     Manhattan /
     Midtown East      New York, NY       2,667,000    78,049,000      254,231
    Frenchman's Reef
     & Morning Star
     Marriott Beach
     Resort            St. Thomas, USVI  10,860,000    86,966,000      172,552
    Marriott Griffin
     Gate Resort       Lexington, KY      1,933,000    51,712,000      126,745
    Los Angeles
     Airport Marriott  Los Angeles, CA   18,073,000   132,754,000      132,225
    Oak Brook Hills
     Marriott Resort   Oak Brook, IL     11,483,000    77,648,000      202,208
    Orlando Airport
     Marriott          Orlando, FL       12,235,000    83,389,000      171,582
    Renaissance
     Worthington       Fort Worth, TX     2,853,000    83,664,000      166,000
    Salt Lake City
    Marriott Downtown  Salt Lake City, UT 3,703,000    54,826,000      107,502
    SpringHill Suites
     Atlanta Buckhead  Atlanta, GA           40,000    34,381,000      156,277
    The Lodge at
     Sonoma, a
     Renaissance
     Resort and Spa    Sonoma, CA           486,000    32,916,000      180,857

    Torrance Marriott  Los Angeles
                       County, CA         7,625,000    75,046,000      154,099
    Vail Marriott
     Mountain Resort &
     Spa               Vail, CO           3,665,000    68,924,000      199,202

    Total                                84,313,000   991,815,000      162,088

    (1)  As of December 31, 2005.

    (2)  2006 Budgeted Capital Expenditures represents capital expenditures
         regardless of whether they will be paid for through an escrow account
         or owner funding.
    (3)  Total projected investments for each hotel property is the gross book
         value of the hotel as of December 31, 2005 plus budgeted 2006 capital
         improvements.
 
 

           Selected Financial and Operating Information by Property
                   Properties Owned as of December 31, 2005
            (in thousands, except selected operating information)
The following tables present, except where noted, selected financial and operating information by property for the fiscal quarter ended December 31, 2005, the period from January 1, 2005 to December 31, 2005, and the comparable periods of 2004. Where relevant, the data is pro forma as it assumes that the hotels were owned by the Company for the entire reporting periods of 2005 and 2004. Hotel Adjusted EBITDA reflects property net operating income excluding corporate expenses, the non-cash expense incurred from straight lining the rent from our ground lease obligations (where applicable), interest expense and depreciation and amortization.
 

                            Fiscal Fourth Quarter           Full Year
                            2005     2004   Change    2005     2004   Change

    MARRIOTT ATLANTA ALPHARETTA

    Average Occupancy       61.2%    58.3%  2.9 pts   60.6%    59.9%  0.8 pts
    ADR                  $131.89  $120.57   9.4%   $132.60  $121.20   9.4%
    RevPAR                $80.74   $70.33  14.8%    $80.42   $72.59  10.8%

    Total Revenues        $4,601   $4,100  12.2%   $14,211  $12,915  10.0%

    Net Income / (Loss)   $1,175     $822           $3,139   $2,413
    Plus: Depreciation      $437     $405           $1,380   $1,317
    Hotel Adjusted
     EBITDA               $1,612   $1,227  31.4%    $4,519   $3,730  21.1%

    BETHESDA MARRIOTT SUITES

    Average Occupancy       77.9%    75.8%  2.1 pts   77.4%    74.6%  2.8 pts
    ADR                  $162.77  $151.84   7.2%   $160.38  $153.74   4.3%
    RevPAR               $126.83  $115.13  10.2%   $124.13  $114.74   8.2%

    Total Revenues        $5,415   $4,861  11.4%   $16,579  $15,504   6.9%

    Net Income / (Loss)  $(1,603) $(1,830)         $(5,503) $(5,941)
    Plus: Depreciation      $742     $707           $2,363   $2,298
    Plus: Interest
     Expense                $413     $423           $1,368   $1,374
    Plus: Non-Cash Ground
     Rent                 $2,006   $2,006           $6,552   $6,552
    Hotel Adjusted
     EBITDA               $1,558   $1,306  19.3%    $4,780   $4,284  11.6%

    SPRINGHILL SUITES ATLANTA BUCKHEAD
    (This property opened for business on July 1, 2005. The results presented
     below represent only our period of ownership.)

    Average Occupancy       76.9%     N/A    N/A      65.8%     N/A    N/A
    ADR                  $104.99      N/A    N/A   $103.19      N/A    N/A
    RevPAR                $80.74      N/A    N/A    $67.92      N/A    N/A

    Total Revenues        $2,188      N/A    N/A    $2,665      N/A    N/A

    Net Income / (Loss)     $584      N/A    N/A      $578      N/A    N/A
    Plus: Depreciation      $362      N/A    N/A      $519      N/A    N/A
    Hotel Adjusted
     EBITDA                 $946      N/A    N/A    $1,097      N/A    N/A
 
 

                          Fiscal Fourth Quarter           Full Year
                            2005     2004   Change    2005     2004   Change

    COURTYARD MANHATTAN / FIFTH AVENUE
    (This property received the Courtyard brand in January 2005. During the
     comparable periods of 2004, the property was branded as a Clarion for a
     portion of the period and unaffiliated the remainder.)

    Average Occupancy       86.3%    93.6% (7.3 pts)  84.5%    89.3% (4.8 pts)
    ADR                  $265.99  $167.05  59.2%   $212.87  $140.96  51.0%
    RevPAR               $229.59  $156.35  46.8%   $179.83  $125.88  42.9%

    Total Revenues        $4,862   $3,339  45.6%   $11,525   $8,753  31.7%

    Net Income /
     (Loss)                 $603    $(398)           $(564) $(2,172)
    Plus: Depreciation      $623     $615           $2,130   $1,846
    Plus: Interest
     Expense                $570     $588           $1,548   $1,765
    Plus: Non-Cash
     Ground Rent             $96     $  -             $313   $    -
    Hotel Adjusted
     EBITDA               $1,892     $806 134.7%    $3,426   $1,439 138.2%

    COURTYARD MANHATTAN / MIDTOWN EAST

    Average Occupancy       87.8%    89.5% (1.7 pts)  87.9%    89.2% (1.3 pts)
    ADR                  $284.65  $240.20  18.5%   $230.52  $199.43  15.6%
    RevPAR               $249.83  $214.94  16.2%   $202.52  $177.85  13.9%

    Total Revenues        $9,046   $7,757  16.6%   $23,814  $20,926  13.8%

    Net Income /
     (Loss)               $2,906   $1,235           $4,504   $1,698
    Plus: Depreciation      $432     $882           $2,356   $2,866
    Plus: Interest
     Expense                $732     $730           $2,375   $2,372
    Hotel Adjusted
     EBITDA               $4,070   $2,847  43.0%    $9,235   $6,936  33.1%

    FRENCHMAN'S REEF & MORNING STAR MARRIOTT BEACH RESORT

    Average Occupancy       67.4%    57.2% 10.3 pts   78.5%    71.5%    7 pts
    ADR                  $183.48  $184.45  (0.5%)  $200.18  $188.49   6.2%
    RevPAR               $123.72  $105.43  17.3%   $157.06  $134.73  16.6%

    Total Revenues       $12,274  $10,434  17.6%   $45,085  $40,207  12.1%

    Net Income /
     (Loss)              $(1,209) $(1,277)          $3,735   $1,882
    Plus: Depreciation    $1,323     $778           $3,407   $2,528
    Plus: Interest
     Expense              $1,057   $1,055           $3,436   $3,429
    Hotel Adjusted
     EBITDA               $1,171     $556 110.6%   $10,578   $7,840  34.9%
 
 
 

                        Fiscal Fourth Quarter             Year-to-Date
                            2005     2004    Change   2005     2004   Change

    MARRIOTT GRIFFIN GATE RESORT

    Average
    Occupancy               59.6%    67.7% (8.1 pts)  63.8%    68.1% (4.2 pts)
    ADR                  $131.00  $115.98  13.0%   $122.22  $110.10  11.0%

    RevPAR                $78.04   $78.46  (0.5%)   $78.00   $74.94   4.1%

    Total Revenues        $7,916   $7,510   5.4%   $23,994  $22,722   5.6%

    Net Income /
     (Loss)                 $905    1,004           $2,103   $2,043
    Plus: Depreciation      $693     $549           $2,138   $1,785
    Plus: Interest
     Expense                $495     $493           $1,609   $1,601
    Plus: Non-Cash
     Ground Rent              $2     $  -               $5   $    -
    Hotel Adjusted
     EBITDA               $2,094   $2,045   2.4%    $5,855   $5,429   7.8%

    LOS ANGELES AIRPORT MARRIOTT
    Average
    Occupancy               72.2%    76.4% (4.3 pts)  77.0%    79.1% (2.1 pts)

    ADR                  $103.09   $97.16   6.1%   $101.99   $96.50   5.7%

    RevPAR                $74.38   $74.24   0.2%    $78.52   $76.30   2.9%

    Total Revenues       $15,004  $15,040  (0.2%)  $49,814  $48,593   2.5%

    Net Income /
     (Loss)                $1,321   $1,653           $4,303   $4,137
    Plus: Depreciation     $1,276   $1,167           $3,993   $3,793
    Plus: Interest
     Expense              $1,376   $1,371           $4,479   $4,455
    Hotel Adjusted
     EBITDA               $3,973   $4,191  (5.2%)  $12,775  $12,385   3.1%

    OAK BROOK HILLS MARRIOTT RESORT
    (This property converted to the Marriott brand in late-July 2005. During
     the comparable periods of 2004 and early 2005, the property was
     unaffiliated.)

    Average
    Occupancy            45.9%       50.0%   (4 pts)  51.0%    49.1%  1.8 pts
    ADR               $131.20     $119.81   9.5%   $121.85  $121.95  (0.1%)

    RevPAR             $60.27      $59.85   0.7%    $62.13   $59.93   3.7%

    Total Revenues     $6,493       7,795 (16.7%)  $23,326  $23,393  (0.3%)

    Net Income /
     (Loss)           $(1,066)       $129            $(473)    $143
    Plus: Depreciation $1,053      $1,054           $3,499   $3,425
    Plus: Non-Cash
     Ground Rent         $158        $185             $574     $600

    Hotel Adjusted
     EBITDA              $145      $1,368 (89.4%)   $3,600   $4,168 (13.6%)
 
 

                           Fiscal Fourth Quarter            Full Year
                            2005     2004   Change    2005     2004   Change

    ORLANDO AIRPORT MARRIOTT
    (This property was managed by a third-party manager as a Marriott
     franchise until DiamondRock purchased in mid-December 2005. Upon
     purchase, Marriott International became the manager of the hotel.)

    Average Occupancy       77.9%    84.3% (6.4 pts)  78.1%    83.8% (5.7 pts)
    ADR                  $108.11   $95.89  12.7%   $103.46   $88.42  17.0%
    RevPAR                $84.27   $80.88   4.2%    $80.79   $74.05   9.1%

    Total Revenues        $5,003   $5,916 (15.4%)  $22,485  $20,701   8.6%

    Net Income / (Loss)   $1,053   $1,163           $3,175   $2,459
    Plus: Depreciation      $555     $555           $2,405   $2,405
    Hotel Adjusted
     EBITDA               $1,608   $1,718  (6.4%)   $5,580   $4,864  14.7%

    SALT LAKE CITY MARRIOTT DOWNTOWN

    Average Occupancy       69.6%    66.0%  3.6 pts   71.4%    67.9%  3.5 pts
    ADR                  $118.86  $113.76   4.5%   $118.68  $115.51   2.7%
    RevPAR                $82.68   $75.08  10.1%    $84.76   $78.49   8.0%

    Total Revenues        $7,861   $6,599  19.1%   $24,087  $22,073   9.1%

    Net Income / (Loss)     $596      $62           $1,763     $955
    Plus: Depreciation      $809     $741           $2,498   $2,407
    Plus: Interest
     Expense                $665     $666           $2,162   $2,164
    Hotel Adjusted
     EBITDA               $2,070   $1,469  41.0%    $6,423   $5,527  16.2%

    THE LODGE AT SONOMA, A RENAISSANCE RESORT & SPA

    Average Occupancy       68.4%    65.2%  3.1 pts   70.4%    65.1%  5.3 pts
    ADR                  $215.92  $192.88  11.9%   $204.03  $187.34   8.9%
    RevPAR               $147.59  $125.82  17.3%   $143.65  $122.03  17.7%

    Total Revenues        $5,423   $4,702  15.3%   $16,656  $14,529  14.6%

    Net Income / (Loss)     $607     $360             $452     $497
    Plus: Depreciation      $557     $544           $1,787   $1,768
    Plus: Interest
     Expense                $  -     $  -             $728   $    -
    Hotel Adjusted
     EBITDA               $1,164     $904  28.8%    $2,967   $2,265  31.0%
 
 

                           Fiscal Fourth Quarter          Year-to-Date
                            2005     2004  Change     2005     2004   Change

    TORRANCE MARRIOTT

    Average Occupancy       78.0%    76.5%  1.5 pts   80.9%    77.4%  3.4 pts
    ADR                  $104.36  $100.98   3.4%   $103.23   $99.63   3.6%
    RevPAR                $81.40   $77.23   5.4%    $83.49   $77.16   8.2%

    Total Revenues        $5,967   $6,481  (7.9%)  $21,125  $20,564   2.7%

    Net Income / (Loss)    $(417)     $83          $(1,611)     $72
    Plus: Depreciation    $1,533   $1,445           $4,834   $4,697
    Plus: Interest
     Expense              $    -   $    -           $1,594   $    -
    Hotel Adjusted
     EBITDA               $1,116   $1,528 (27.0%)   $4,818   $4,769   1.0%

    VAIL MARRIOTT MOUNTAIN RESORT & SPA

    Average Occupancy       48.4%    47.3%  1.1 pts   58.7%    60.0% (1.4 pts)
    ADR                  $171.22  $160.37   6.8%   $192.06  $178.90   7.4%
    RevPAR                $82.89   $75.85   9.3%   $112.66  $107.42   4.9%

    Total Revenues        $5,338   $5,332   0.1%   $21,373  $21,374  (0.0%)

    Net Income / (Loss)    $(632)   $(493)          $2,416   $2,203
    Plus: Depreciation      $716     $771           $2,319   $2,312
    Hotel Adjusted
     EBITDA                  $84     $277 (69.7%)   $4,735   $4,515   4.9%

    RENAISSANCE WORTHINGTON

    Average Occupancy       73.7%    67.7%   6 pts    76.9%    73.0%  3.9 pts
    ADR                  $157.95  $143.94  9.7%    $151.48  $138.55   9.3%
    RevPAR               $116.35   $97.43 19.4%    $116.45  $101.15  15.1%

    Total Revenues       $11,399  $10,039 13.6%    $35,648  $32,697   9.0%

    Net Income / (Loss)   $1,247     $244           $3,054   $1,201
    Plus: Depreciation      $673     $850           $2,371   $2,762
    Plus: Interest
     Expense                $991     $953           $3,143   $3,096
    Hotel Adjusted
     EBITDA               $2,911   $2,047  42.2%    $8,568   $7,058  21.4%