during the recovery and growth phases of the lodging cycle , our strategy emphasizes external growth objectives oriented toward active investment in hotels that are additive to the quality of our portfolio , that have attractive growth potential and that may benefit from our asset management competencies . we endeavor to structure our acquisitions in a way that will not only increase the value of our common shares , but also will advance our other corporate objectives , such as improving our financial flexibility and reducing our leverage . during periods of cyclical decline , our strategy may emphasize opportunistically investing in distressed assets and the repurchase of our equity or debt securities . · measured balance sheet improvement : our financial objectives include the measured improvement of our credit ratios , improved disclosures , maintenance of appropriate levels of liquidity , and a gradual reduction in our financial leverage . our financial objectives are integral to our overall corporate strategy , and accordingly we have developed our financial objectives in conjunction with our internal and external growth objectives . the lodging industry is economically sensitive . therefore , our financial objectives are aimed at reducing the potentially negative impact of combining high operating leverage with high financial leverage , while preserving access to multiple capital sources and minimizing our weighted-average cost of capital . we seek to capitalize our acquisitions in a way that will advance our financial objectives . for example , as reducing our financial leverage is a key objective , we expect to fund our acquisitions with a greater proportion of equity capital than debt capital . during the mature phase of the lodging cycle , our financial objectives may include liquidity improvement , which may be accomplished through selective hotel dispositions . during 2010 and continuing into 2011 , we witnessed improving business and consumer sentiment , which resulted in improved hotel revenues and profits . accordingly , we believe we are currently in the early stages of a recovery phase of the lodging cycle , during which hotels acquired are likely to benefit from a multi-year recovery in hotel profitability , and are likely to create long-term value in excess of our investment hurdles . accordingly , we deployed a portion of our excess cash balance during 2011 towards selective acquisitions . these selective acquisitions included : the purchase of the outside 62.0 % equity interests in our doubletree guest suites times square joint venture for $ 37.5 million in cash and the assumption of $ 270.0 million in non-recourse senior mortgage and mezzanine debt ; the purchase of the outside 50.0 % equity interest in our buyefficient joint venture for $ 9.0 million in cash ; the purchase of the jw marriott new orleans for approximately $ 51.6 million in cash and the assumption of $ 42.2 million in debt ; and the purchase of a 75.0 % majority interest in a joint venture that owns the hilton san diego bayfront for approximately $ 182.8 million . concurrent with the hilton san diego bayfront acquisition , the joint venture entered into a new $ 240.0 million mortgage financing secured by the hotel . our acquisition program is aimed at generating attractive risk-adjusted returns on our investment dollars , and therefore we may target lodging assets outside of the typical branded , urban , upper upscale profile represented by our existing portfolio in order to capitalize on opportunities which may arise . we intend to select the brands and operators for our hotels that we believe will lead to the highest returns . additionally , the scope of our acquisitions program may include large hotel portfolios or hotel loans . in general , future acquisitions may be funded by our issuance of additional debt or equity securities , including our common and preferred op units , or by draws on our $ 150.0 million senior corporate credit facility entered into in november 2010. however , in light of our current financial objectives , we expect to fund any near term acquisitions with a greater proportion of equity capital than debt capital . we have disposed , and will continue to dispose , of assets that we believe will not offer long-term returns in excess of our cost of capital , or that have a high risk profile relative to their anticipated return expectations . in april 2011 , we completed the sale of the royal palm miami beach for a gross sales price of $ 130.0 million , including $ 40.0 million in cash and a $ 90.0 million mortgage-secured purchase money loan ( the royal palm note ) to the buyer , and recognized a gain on the sale of $ 14.0 million . we sold the royal palm note in october 2011 and received net proceeds of approximately $ 79.2 million . in anticipation of this sale , we recorded an impairment loss of $ 10.9 million in september 2011. we retained an earn-out right on the royal palm hotel which will enable the company to receive future payments of up to $ 20.0 million in the event that the hotel achieves certain return hurdles . in october 2011 , we completed the sale of the valley river inn located in eugene , oregon for a gross sales price of $ 16.4 million , including the assumption of the existing mortgage secured by the hotel which totaled $ 11.5 million at the date of sale , and recognized a gain on the sale of $ 0.9 million . story_separator_special_tag which were deeded back to the lender in november 2010 pursuant to our 2009 secured debt restructuring program ; and the marriott ontario airport , which was sold by the receiver in august 2010 pursuant to our 2009 secured debt restructuring program . income from discontinued operations for the year ended december 31 , 2010 also includes the gain on extinguishment of debt pursuant to our 2009 secured debt restructuring program for the renaissance westchester , which was deeded back to the lender and reacquired by us in june 2010 , the w san diego , which was deeded back to the lender in july 2010 , and the marriott ontario airport , which was sold by the receiver in august 2010. these amounts can be found in our consolidated financial statements and related notes included elsewhere in this annual report on form 10-k. replace_table_token_4_th 34 the following table presents our operating results for our total portfolio for 2010 and 2009 , including the amount and percentage change in the results between the two periods . the table presents the results of operations included in the consolidated statements of operations , and includes the 29 hotels ( 11,056 rooms ) as of december 31 , 2010 and 2009. income from discontinued operations for the year ended december 31 , 2010 includes the results of operations for the following : royal palm miami beach , which was sold in april 2011 ; our commercial laundry facility located in salt lake city , utah , which was sold in july 2011 ; the valley river inn located in eugene , oregon , which was sold in october 2011 ; the mass mutual eight hotels , which were deeded back to the lender in november 2010 pursuant to our 2009 secured debt restructuring program ; and the marriott ontario airport , which was sold by the receiver in august 2010 pursuant to our 2009 secured debt restructuring program . income from discontinued operations for the year ended december 31 , 2010 also includes the gain on extinguishment of debt pursuant to our 2009 secured debt restructuring program for the renaissance westchester , which was deeded back to the lender and reacquired by us in june 2010 , the w san diego , which was deeded back to the lender in july 2010 , and the marriott ontario airport , which was sold by the receiver in august 2010. loss from discontinued operations for 2009 includes the results of operations for the following : our commercial laundry facility located in salt lake city , utah , which was sold in july 2011 ; the valley river inn located in eugene , oregon , which was sold in october 2011 ; renaissance westchester which was deeded back to the lender and reacquired by us in june 2010 ; w san diego which was deeded back to the lender in july 2010 ; marriott ontario airport which was sold by the receiver in august 2010 ; the mass mutual eight hotels which were deeded back to the lender in november 2010 , marriott napa valley , which was sold in may 2009 ; marriott riverside , which was sold in june 2009 ; and hyatt suites atlanta northwest , which was sold in july 2009. these amounts can be found in our consolidated financial statements and related notes included elsewhere in this annual report on form 10-k. replace_table_token_5_th 35 operating statistics . included in the following tables are comparisons of the key operating metrics for our 32 hotel comparable portfolio , which includes prior ownership results for the doubletree guest suites times square , the jw marriott new orleans and the hilton san diego bayfront , as well as operating results for the renaissance westchester during the periods in 2009 and 2010 while it was held in receivership . replace_table_token_6_th replace_table_token_7_th non-gaap financial measures . the following table reconciles net income ( loss ) to ebitda and adjusted ebitda for our hotel portfolio for the years ended december 31 , 2011 , 2010 and 2009. we believe ebitda and adjusted ebitda are useful to investors in evaluating our operating performance because these measures help 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 and adjusted ebitda as measures in determining the value of hotel acquisitions and dispositions . we caution investors that amounts presented in accordance with our definitions of ebitda and adjusted ebitda may not be comparable to similar measures disclosed by other companies , because not all companies calculate these non-gaap measures in the same manner . ebitda and adjusted ebitda should not be considered as an alternative measure of our net income ( loss ) , operating performance , cash flow or liquidity . ebitda and adjusted ebitda may include funds that may not be available for our discretionary use to fund interest expense , capital expenditures or general corporate purposes . although we believe that ebitda and adjusted ebitda can enhance an investor 's understanding of our results of operations , these non-gaap financial measures , when viewed individually , are not necessarily a better indicator of any trend as compared to gaap measures such as net income ( loss ) or cash flow from operations . in addition , you should be aware that adverse economic and market conditions may harm our cash flow . replace_table_token_8_th 36 adjusted ebitda was $ 212.5 million in 2011 as compared to $ 158.8 million in 2010 and $ 169.4 million in 2009. adjusted ebitda increased in 2011 as compared to 2010 due to additional earnings generated by the three hotels we acquired or purchased interests in during 2011 ( doubletree guest suites times square , jw marriott new orleans and hilton san diego bayfront ) and by the

liquidity and capital resources historical . during the periods presented , our sources of cash included our operating activities , working capital , sales of hotel properties and other assets , distributions received from our unconsolidated joint ventures , proceeds from issuance of notes payable and our credit facility , and proceeds from our offerings of common and preferred stock . our primary uses of cash were for acquisitions of hotel properties and other assets , capital expenditures for hotels , operating expenses , purchases of notes receivable , repayment of notes payable ( including repurchases of senior notes ) and our credit facility , repurchases of our common stock , and dividends on our preferred stock . we can not be certain that traditional sources of funds will be available in the future . operating activities . our cash provided by or used in operating activities fluctuates primarily as a result of changes in revpar and operating cash flow through of our hotels . our net cash provided by or used in operating activities may also be affected by changes in our portfolio resulting from hotel acquisitions , dispositions or renovations . net cash provided by operating activities was $ 156.4 million for 2011 compared to $ 43.6 million for 2010 , and $ 64.8 million for 2009. the increase in 2011 as compared to 2010 was primarily due to our acquisitions of the new hotels , combined with increased earnings at our existing hotels . the decrease in 2010 as compared to 2009 was primarily due to an increase in restricted cash during 2010. investing activities . our cash provided by or used in investing activities fluctuates primarily as a result of acquisitions , dispositions and renovations of hotels .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources historical . during the periods presented , our sources of cash included our operating activities , working capital , sales of hotel properties and other assets , distributions received from our unconsolidated joint ventures , proceeds from issuance of notes payable and our credit facility , and proceeds from our offerings of common and preferred stock . our primary uses of cash were for acquisitions of hotel properties and other assets , capital expenditures for hotels , operating expenses , purchases of notes receivable , repayment of notes payable ( including repurchases of senior notes ) and our credit facility , repurchases of our common stock , and dividends on our preferred stock . we can not be certain that traditional sources of funds will be available in the future . operating activities . our cash provided by or used in operating activities fluctuates primarily as a result of changes in revpar and operating cash flow through of our hotels . our net cash provided by or used in operating activities may also be affected by changes in our portfolio resulting from hotel acquisitions , dispositions or renovations . net cash provided by operating activities was $ 156.4 million for 2011 compared to $ 43.6 million for 2010 , and $ 64.8 million for 2009. the increase in 2011 as compared to 2010 was primarily due to our acquisitions of the new hotels , combined with increased earnings at our existing hotels . the decrease in 2010 as compared to 2009 was primarily due to an increase in restricted cash during 2010. investing activities . our cash provided by or used in investing activities fluctuates primarily as a result of acquisitions , dispositions and renovations of hotels .
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 Suspicious Activity Report : during the recovery and growth phases of the lodging cycle , our strategy emphasizes external growth objectives oriented toward active investment in hotels that are additive to the quality of our portfolio , that have attractive growth potential and that may benefit from our asset management competencies . we endeavor to structure our acquisitions in a way that will not only increase the value of our common shares , but also will advance our other corporate objectives , such as improving our financial flexibility and reducing our leverage . during periods of cyclical decline , our strategy may emphasize opportunistically investing in distressed assets and the repurchase of our equity or debt securities . · measured balance sheet improvement : our financial objectives include the measured improvement of our credit ratios , improved disclosures , maintenance of appropriate levels of liquidity , and a gradual reduction in our financial leverage . our financial objectives are integral to our overall corporate strategy , and accordingly we have developed our financial objectives in conjunction with our internal and external growth objectives . the lodging industry is economically sensitive . therefore , our financial objectives are aimed at reducing the potentially negative impact of combining high operating leverage with high financial leverage , while preserving access to multiple capital sources and minimizing our weighted-average cost of capital . we seek to capitalize our acquisitions in a way that will advance our financial objectives . for example , as reducing our financial leverage is a key objective , we expect to fund our acquisitions with a greater proportion of equity capital than debt capital . during the mature phase of the lodging cycle , our financial objectives may include liquidity improvement , which may be accomplished through selective hotel dispositions . during 2010 and continuing into 2011 , we witnessed improving business and consumer sentiment , which resulted in improved hotel revenues and profits . accordingly , we believe we are currently in the early stages of a recovery phase of the lodging cycle , during which hotels acquired are likely to benefit from a multi-year recovery in hotel profitability , and are likely to create long-term value in excess of our investment hurdles . accordingly , we deployed a portion of our excess cash balance during 2011 towards selective acquisitions . these selective acquisitions included : the purchase of the outside 62.0 % equity interests in our doubletree guest suites times square joint venture for $ 37.5 million in cash and the assumption of $ 270.0 million in non-recourse senior mortgage and mezzanine debt ; the purchase of the outside 50.0 % equity interest in our buyefficient joint venture for $ 9.0 million in cash ; the purchase of the jw marriott new orleans for approximately $ 51.6 million in cash and the assumption of $ 42.2 million in debt ; and the purchase of a 75.0 % majority interest in a joint venture that owns the hilton san diego bayfront for approximately $ 182.8 million . concurrent with the hilton san diego bayfront acquisition , the joint venture entered into a new $ 240.0 million mortgage financing secured by the hotel . our acquisition program is aimed at generating attractive risk-adjusted returns on our investment dollars , and therefore we may target lodging assets outside of the typical branded , urban , upper upscale profile represented by our existing portfolio in order to capitalize on opportunities which may arise . we intend to select the brands and operators for our hotels that we believe will lead to the highest returns . additionally , the scope of our acquisitions program may include large hotel portfolios or hotel loans . in general , future acquisitions may be funded by our issuance of additional debt or equity securities , including our common and preferred op units , or by draws on our $ 150.0 million senior corporate credit facility entered into in november 2010. however , in light of our current financial objectives , we expect to fund any near term acquisitions with a greater proportion of equity capital than debt capital . we have disposed , and will continue to dispose , of assets that we believe will not offer long-term returns in excess of our cost of capital , or that have a high risk profile relative to their anticipated return expectations . in april 2011 , we completed the sale of the royal palm miami beach for a gross sales price of $ 130.0 million , including $ 40.0 million in cash and a $ 90.0 million mortgage-secured purchase money loan ( the royal palm note ) to the buyer , and recognized a gain on the sale of $ 14.0 million . we sold the royal palm note in october 2011 and received net proceeds of approximately $ 79.2 million . in anticipation of this sale , we recorded an impairment loss of $ 10.9 million in september 2011. we retained an earn-out right on the royal palm hotel which will enable the company to receive future payments of up to $ 20.0 million in the event that the hotel achieves certain return hurdles . in october 2011 , we completed the sale of the valley river inn located in eugene , oregon for a gross sales price of $ 16.4 million , including the assumption of the existing mortgage secured by the hotel which totaled $ 11.5 million at the date of sale , and recognized a gain on the sale of $ 0.9 million . story_separator_special_tag which were deeded back to the lender in november 2010 pursuant to our 2009 secured debt restructuring program ; and the marriott ontario airport , which was sold by the receiver in august 2010 pursuant to our 2009 secured debt restructuring program . income from discontinued operations for the year ended december 31 , 2010 also includes the gain on extinguishment of debt pursuant to our 2009 secured debt restructuring program for the renaissance westchester , which was deeded back to the lender and reacquired by us in june 2010 , the w san diego , which was deeded back to the lender in july 2010 , and the marriott ontario airport , which was sold by the receiver in august 2010. these amounts can be found in our consolidated financial statements and related notes included elsewhere in this annual report on form 10-k. replace_table_token_4_th 34 the following table presents our operating results for our total portfolio for 2010 and 2009 , including the amount and percentage change in the results between the two periods . the table presents the results of operations included in the consolidated statements of operations , and includes the 29 hotels ( 11,056 rooms ) as of december 31 , 2010 and 2009. income from discontinued operations for the year ended december 31 , 2010 includes the results of operations for the following : royal palm miami beach , which was sold in april 2011 ; our commercial laundry facility located in salt lake city , utah , which was sold in july 2011 ; the valley river inn located in eugene , oregon , which was sold in october 2011 ; the mass mutual eight hotels , which were deeded back to the lender in november 2010 pursuant to our 2009 secured debt restructuring program ; and the marriott ontario airport , which was sold by the receiver in august 2010 pursuant to our 2009 secured debt restructuring program . income from discontinued operations for the year ended december 31 , 2010 also includes the gain on extinguishment of debt pursuant to our 2009 secured debt restructuring program for the renaissance westchester , which was deeded back to the lender and reacquired by us in june 2010 , the w san diego , which was deeded back to the lender in july 2010 , and the marriott ontario airport , which was sold by the receiver in august 2010. loss from discontinued operations for 2009 includes the results of operations for the following : our commercial laundry facility located in salt lake city , utah , which was sold in july 2011 ; the valley river inn located in eugene , oregon , which was sold in october 2011 ; renaissance westchester which was deeded back to the lender and reacquired by us in june 2010 ; w san diego which was deeded back to the lender in july 2010 ; marriott ontario airport which was sold by the receiver in august 2010 ; the mass mutual eight hotels which were deeded back to the lender in november 2010 , marriott napa valley , which was sold in may 2009 ; marriott riverside , which was sold in june 2009 ; and hyatt suites atlanta northwest , which was sold in july 2009. these amounts can be found in our consolidated financial statements and related notes included elsewhere in this annual report on form 10-k. replace_table_token_5_th 35 operating statistics . included in the following tables are comparisons of the key operating metrics for our 32 hotel comparable portfolio , which includes prior ownership results for the doubletree guest suites times square , the jw marriott new orleans and the hilton san diego bayfront , as well as operating results for the renaissance westchester during the periods in 2009 and 2010 while it was held in receivership . replace_table_token_6_th replace_table_token_7_th non-gaap financial measures . the following table reconciles net income ( loss ) to ebitda and adjusted ebitda for our hotel portfolio for the years ended december 31 , 2011 , 2010 and 2009. we believe ebitda and adjusted ebitda are useful to investors in evaluating our operating performance because these measures help 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 and adjusted ebitda as measures in determining the value of hotel acquisitions and dispositions . we caution investors that amounts presented in accordance with our definitions of ebitda and adjusted ebitda may not be comparable to similar measures disclosed by other companies , because not all companies calculate these non-gaap measures in the same manner . ebitda and adjusted ebitda should not be considered as an alternative measure of our net income ( loss ) , operating performance , cash flow or liquidity . ebitda and adjusted ebitda may include funds that may not be available for our discretionary use to fund interest expense , capital expenditures or general corporate purposes . although we believe that ebitda and adjusted ebitda can enhance an investor 's understanding of our results of operations , these non-gaap financial measures , when viewed individually , are not necessarily a better indicator of any trend as compared to gaap measures such as net income ( loss ) or cash flow from operations . in addition , you should be aware that adverse economic and market conditions may harm our cash flow . replace_table_token_8_th 36 adjusted ebitda was $ 212.5 million in 2011 as compared to $ 158.8 million in 2010 and $ 169.4 million in 2009. adjusted ebitda increased in 2011 as compared to 2010 due to additional earnings generated by the three hotels we acquired or purchased interests in during 2011 ( doubletree guest suites times square , jw marriott new orleans and hilton san diego bayfront ) and by the

