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## Lodging Portfolio 

GLYPH<T_h> e fundamentals of our lodging assets have steadily improved year-over-year, and we see further upside as the sector continues to bene fi t from a strengthening global economy. Last year we acquired 14 luxury, upper-upscale and urban upscale properties in top-25 markets, including: 

• Kimpton’s Hotel Monaco collection for $189 million; 

• GLYPH<T_h> e Hyatt Key West Resort and Spa for $76 million; 

e Hyatt Regency Santa Clara for $93 million; 

• GLYPH<T_h> e Loews New Orleans Hotel for $74.5 million; and 

• Two Westin hotels in Houston’s Galleria District for $220 million. 

As of year-end 2013, these acquisitions brought a total of 3,303 rooms to our premium lodging portfolio. In addition, we are o ff  to a great start in 2014 with our recently announced acquisition of the Aston Waikiki Beach Hotel in Honolulu, HI, which further diversi fi es our portfolio and gives us a foothold in one of the top-performing hotel markets in the country. Going forward, we believe we are well-positioned to capture high-value demand in lodging and further capitalize on upward trends in the market. 

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