Market Report -- In Play (SHO)

Sunstone Hotel sees Q3 prelim funds from operations of $0.14 vs $0.15 First Call consensus; Q3 revs $176 mln vs $181.90 mln First Call consensus Co says provides preliminary results for the third quarter ended September 30, 2009 and provides updates on its secured finance initiatives. Pro forma Total RevPAR is expected to be approximately $101.78, a decline of approximately 20.2% from third quarter 2008 ; Adjusted EBITDA is expected to be approximately $40.1 million, a decline of approximately 41% from third quarter 2008; Pro forma hotel operating margins are expected to decline approximately 570 basis points compared to third quarter 2008... The co successfully negotiated the terms of an order to appoint a receiver for the W San Diego hotel , which resulted in the deconsolidation of the $29.0 million hotel asset and its associated $65.0 million mortgage from our consolidated financials. The co also is working with the special servicer to facilitate a deed-back to the lender of the Marriott Ontario Airport hotel , which has a book value of $16.6 million and a $25.5 million mortgage. The Company is seeking to finalize an amendment to the $105.2 million mortgage loan secured by its Renaissance Baltimore hotel... The co is currently in amendment negotiations with the special servicer of the $29.4 million loan secured by its Renaissance Westchester hotel. The Company also is currently in amendment negotiations with the administrative agent for the $246.3 million mortgage loan secured by 11 of its hotels. The co expects to conclude amendment negotiations with respect to both of these financings in the fourth quarter... The Company determined that an intra-year impairment analysis should be performed for the quarter ended September 30, 2009. Based on the preliminary results of this analysis, the Company expects to write off approximately $2.2 million of goodwill associated with its Marriott Rochester hotel.

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Holiday Inn Express Expands in Baltimore

New hotel is fifth Holiday Inn Express in Baltimore to feature brand's new sign

October 19, 2009 // Franchising.com // ATLANTA - IHG (InterContinental Hotels Group) [LON: IHG, NYSE: IHG (ADRs)], the world's largest hotel group by number of rooms, announced today that the Holiday Inn Express Baltimore-Downtown opened on Sept. 4. The hotel brings 68 guest rooms and 24 job opportunities to downtown Baltimore. "This particular location in Baltimore just one block away from the City Hall is an ideal site for the Holiday Inn Express brand to expand due to the proximity to several medical facilities, government buildings and educational institutions." said Gina LaBarre, vice president, Brand Delivery, the Americas. "We are excited to welcome another Holiday Inn Express hotel to the Baltimore market with the brand's new sign and everything it represents." The Holiday Inn brand relaunch is the largest relaunch in hospitality history, with more than 3,300 hotels around the world being updated - improving quality and driving consistency at Holiday Inn and Holiday Inn Express hotels around the world. The global estate is expected to be relaunched by the end of 2010, and more than 1,200 hotels have been already been relaunched to date. The relaunch focuses on the things research shows matter most to guests - a modern, contemporary hotel with efficient, friendly service and a great night's sleep. Relaunched hotels such as the Holiday Inn Express Baltimore-Downtown feature:

Upgraded and decluttered lobby areas A Holiday Inn Express signature scent and sound New exterior lighting New signage with the redesigned logo All Holiday Inn employees also go through an extensive "Stay Real" training program to ensure guests receive the level of service they expect.

The Holiday Inn Express is located at 221 North Gay St. in a historic building dating back to the 1920's. Originally built in 1924 to house the Old Town National Bank, the five-story hotel combines historical charm with modern day décor and amenities, including a complimentary 24-hour fitness center, business center, 750 sq. ft. of meeting space for business functions or special events, adjacent guest parking, and a free shuttle to Johns Hopkins Main Hospital, Medical Center and the Baltimore Convention Center. The Holiday Inn Express brand delivers a comfortable and smart environment with preferred guest upgrades to ensure a productive stay while traveling for business or leisure. The brand's newly enhanced complimentary Express Start® breakfast bar features a rotation of various breakfast items including eggs, breakfast sausage and bacon, biscuits, yogurt, fruit and the brand's proprietary cinnamon roll and Smart Roast® coffee. The SimplySmartTM shower incorporates a proprietary Stay SmartTM Kohler showerhead, signature shower curtain with curved rod, upgraded 100 percent cotton terry towels and a custom line of cinnamon-scented bath products. Guests will also enjoy the SimplySmart bedding collection, including new crisp fresh bedding which features an attractive decorative throw, a medium-weight duvet blanket and soft 200 thread-count sheets. Standard Holiday Inn Express hotel guest rooms feature comfortable queen or king-sized beds, a sitting area with a lounge chair and an in-room coffee machine featuring complimentary Smart Roast 100% Arabica coffee. Business travelers will find large desks, ergonomic chairs, free high-speed wireless internet access, and free local and toll free phone calls. Holiday Inn Express hotels participate in IHG's guest loyalty program, Priority Club® Rewards. The industry's first and largest guest loyalty program has 44 million members. Priority Club Rewards membership is free and guests can enroll by logging on www.priorityclub.com, calling 1-888-211-9874 or by inquiring at the front desk of this hotel or any of IHG's more than 4,300 hotels worldwide. The Holiday Inn Express Baltimore-Downtown is owned and operated by Old Town properties LLC, under a license agreement with a company in the InterContinental Hotels Group.

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