/FIRST AND FINAL ADD -- AQW180A -- Strategic Hotels & Resorts Earnings/

Share Name	Share Symbol	Market	Type
Bee Vectoring Technologies International Inc	CSE:BEE	CSE	Common Stock

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.005	-50.00%	0.005	0.005	0.01	0.005	0.005	0.005	4,000	14:30:00

Bee Vectoring Technologies (CSE:BEE)
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Seasonality by Geographic Region Same store revenues have been adjusted to show hotel performance on a comparable quarter-over-quarter basis. Adjustments include (i) exclusion of Hyatt Regency New Orleans due to a hurricane that ceased significant operations in August 2005; (ii) exclusion of Hilton Burbank Airport and Convention Center and Marriott Rancho Las Palmas as their results of operations were reclassified to discontinued operations; (iii) exclusion of the unconsolidated Hotel del Coronado; and (iv) presentation of the hotels without regard to either ownership structure or leaseholds. Acquisition properties and the related dates of purchase are as follows: Westin St. Francis (June 1, 2006), Ritz-Carlton Laguna Niguel (July 7, 2006), Marriott London Grosvenor Square (August 31, 2006) and Fairmont Scottsdale Princess (September 1, 2006). United States Hotels (as of June 30, 2007) Acquisition property revenues - 3 Properties and 2,242 Rooms Same store property revenues - 9 Properties and 4,438 Rooms Three Months Ended September December March 31, June 30, 30, 2006 31, 2006 2007 2007 Total Acquisition property revenues (a) $61,116 $77,670 $80,936 $79,591 $299,313 Acquisition property revenues (b) 9,830 - - - 9,830 Same store property revenues 110,129 118,775 112,257 129,590 470,751 Total pro forma revenues $181,075 $196,445 $193,193 $209,181 $779,894 Pro forma seasonality % 23.2% 25.2% 24.8% 26.8% 100.0% Mexican Hotels (as of June 30, 2007) Same store property revenues - 2 Properties and 413 Rooms Three Months Ended September December March 31, June 30, 30, 2006 31, 2006 2007 2007 Total Same store property revenues $12,233 $19,978 $23,760 $20,794 $76,765 Same store seasonality % 15.9% 26.0% 31.0% 27.1% 100.0% North American Hotels (as of June 30, 2007) Acquisition property revenues - 3 Properties and 2,242 Rooms Same store property revenues - 11 Properties and 4,851 Rooms Three Months Ended September December March 31, June 30, 30, 2006 31, 2006 2007 2007 Total Acquisition property revenues (a) $61,116 $77,670 $80,936 $79,591 $299,313 Acquisition property revenues (b) 9,830 - - - 9,830 Same store property revenues 122,362 138,753 136,017 150,384 547,516 Total pro forma revenues $193,308 $216,423 $216,953 $229,975 $856,659 Pro forma seasonality % 22.6% 25.3% 25.3% 26.8% 100.0% European Hotels (as of June 30, 2007) Acquisition property revenues - 1 Property and 236 Rooms Same store property revenues - 3 Properties and 841 Rooms Three Months Ended September December March 31, June 30, 30, 2006 31, 2006 2007 2007 Total Acquisition property revenues (a) $3,705 $12,005 $9,458 $11,239 $36,407 Acquisition property revenues (b) 6,143 - - - 6,143 Same store property revenues 27,433 23,353 20,162 29,015 99,963 Total pro forma revenues $37,281 $35,358 $29,620 $40,254 $142,513 Pro forma seasonality % 26.2% 24.8% 20.8% 28.2% 100.0% (a) Acquisition property revenues for our period of ownership (b) Acquisition property revenues prior to our period of ownership Operating Statistics by Geographic Region Operating results have been adjusted to show hotel performance on a comparable period basis. Adjustments are the (i) exclusion of unconsolidated Hotel del Coronado, (ii) exclusion of Westin St. Francis, Ritz-Carlton Laguna Niguel, Marriott London Grosvenor Square and Fairmont Scottsdale Princess partial year results for the three and six months ended June 30, 2007 and 2006 and the additional exclusion of Four Seasons Washington, D.C. for the six months ended June 30, 2007 and 2006; (iii) exclusion of Hyatt Regency New Orleans due to a hurricane that ceased significant operations in August 2005; (iv) exclusion of Marriott Rancho Las Palmas and Hilton Burbank Airport and Convention Center as these properties results of operations were reclassified to discontinued operations; and (v) presentation of the European hotels without regard to either ownership structure or leaseholds. United States Hotels (as of June 30, 2007) 9 Properties (three month period) and 8 Properties (six month period) 4,438 Rooms (three month period) and 4,227 Rooms (six month period) Three Months Ended Six Months Ended June 30, June 30, 2007 2006 Change 2007 2006 Change Average Daily Rate $233.15 $217.58 7.2% $206.71 $195.48 5.7% Average Occupancy 77.1% 77.1% - pts 75.7% 74.3% 1.4 pts RevPAR $179.72 $167.65 7.2% $156.48 $145.26 7.7% Total RevPAR $323.05 $299.70 7.8% $282.68 $263.11 7.4% Property EBITDA Margin 28.3% 28.7% (0.4)pts 26.0% 26.8% (0.8)pts Mexican Hotels (as of June 30, 2007) 2 Properties 413 Rooms Three Months Ended Six Months Ended June 30, June 30, 2007 2006 Change 2007 2006 Change Average Daily Rate $464.82 $426.20 9.1% $509.70 $466.25 9.3% Average Occupancy 70.0% 68.3% 1.7 pts 72.9% 71.3% 1.6 pts RevPAR $325.37 $291.20 11.7% $371.73 $332.50 11.8% Total RevPAR $553.29 $494.87 11.8% $615.54 $538.10 14.4% Property EBITDA Margin 37.0% 38.6% (1.6)pts 39.1% 38.8% 0.3 pts North American Same Store Hotels (as of June 30, 2007) 11 Properties (three month period) and 10 Properties (six month period) 4,851 Rooms (three month period) and 4,640 Rooms (six month period) Three Months Ended Six Months Ended June 30, June 30, 2007 2006 Change 2007 2006 Change Average Daily Rate $251.31 $232.57 8.1% $232.18 $217.34 6.8% Average Occupancy 76.5% 76.4% 0.1 pts 75.5% 74.1% 1.4 pts RevPAR $192.20 $177.57 8.2% $175.20 $160.96 8.8% Total RevPAR $342.78 $315.36 8.7% $311.63 $286.16 8.9% Property EBITDA Margin 29.5% 29.9% (0.4)pts 28.3% 28.7% (0.4)pts European Same Store Hotels (as of June 30, 2007) 3 Properties 841 Rooms Three Months Ended Six Months Ended June 30, June 30, 2007 2006 Change 2007 2006 Change Average Daily Rate $326.62 $282.78 15.5% $287.52 $243.28 18.2% Average Occupancy 84.5% 87.2% (2.7)pts 79.5% 81.9% (2.4)pts RevPAR $276.07 $246.67 11.9% $228.51 $199.19 14.7% Total RevPAR $379.13 $337.31 12.4% $323.06 $283.25 14.1% Property EBITDA Margin 42.6% 41.0% 1.6 pts 38.5% 36.5% 2.0 pts Selected Financial and Operating Information by Property (In Thousands, Except Operating Information) The following tables present selected financial and operating information by property for the three and six months ended June 30, 2007 and 2006. Property EBITDA reflects property net operating income plus depreciation and amortization. Three Months Ended June 30, Six Months Ended June 30, UNITED STATES HOTELS: 2007 2006 Change 2007 2006 Change FAIRMONT CHICAGO Selected Financial Information: Total revenues $19,781 $18,496 6.9% $32,777 $30,685 6.8% Property EBITDA $5,816 $5,211 11.6% $6,413 $6,053 5.9% Selected Operating Information: Rooms 687 691 (4) 687 691 (4) Average occupancy 78.7% 82.1% (3.4)pts 71.8% 72.3% (0.5)pts ADR $246.84 $218.35 13.1% $215.06 $201.20 6.9% RevPAR $194.28 $179.20 8.4% $154.49 $145.47 6.2% Total RevPAR $316.40 $294.14 7.6% $263.98 $245.34 7.6% FAIRMONT SCOTTSDALE PRINCESS Selected Financial Information (This table includes financial information only for our period of ownership): Total revenues $26,106 N/A N/A $57,684 N/A N/A Property EBITDA $7,527 N/A N/A $19,244 N/A N/A Selected Operating Information (This table includes statistical information only for our period of ownership. For the three months ended June 30, 2006, average occupancy was 81.5%, ADR was $216.77, RevPAR was $176.56 and Total RevPAR was $411.64. For the six months ended June 30, 2006, average occupancy was 82.3%, ADR was $261.91, RevPAR was $215.47 and Total RevPAR was $481.21): Rooms 651 N/A N/A 651 N/A N/A Average occupancy 79.8% N/A N/A 79.4% N/A N/A ADR $232.22 N/A N/A $281.18 N/A N/A RevPAR $185.37 N/A N/A $223.15 N/A N/A Total RevPAR $440.68 N/A N/A $489.55 N/A N/A FOUR SEASONS WASHINGTON, D.C. Selected Financial Information (This table includes financial information only for our period of ownership): Total revenues $15,389 $14,415 6.8% $27,049 N/A N/A Property EBITDA $4,474 $4,001 11.8% $5,949 N/A N/A Selected Operating Information (This table includes statistical information only for our period of ownership. For the six months ended June 30, 2006, average occupancy was 72.7%, ADR was $505.15, RevPAR was $367.22 and Total RevPAR was $648.87.): Rooms 211 211 - 211 N/A N/A Average occupancy 79.4% 80.3% (0.9)pts 72.9% N/A N/A ADR $577.61 $539.59 7.0% $549.13 N/A N/A RevPAR $458.45 $433.23 5.8% $400.55 N/A N/A Total RevPAR $801.44 $750.76 6.8% $708.26 N/A N/A HOTEL DEL CORONADO Selected Financial Information (This table includes financial information only for our period of ownership. Amounts below are 100% of operations, of which SHR owns 45%.): Total revenues $34,076 $33,909 0.5% $64,574 N/A N/A Property EBITDA $12,230 $13,610 (10.1)% $22,102 N/A N/A Selected Operating Information (This table includes statistical information only for our period of ownership. For the six months ended June, 2006, average occupancy was 80.0%, ADR was $320.73, RevPAR was $256.48 and Total RevPAR was $516.89.): Rooms 694 679 15 694 N/A N/A Average occupancy 74.7% 80.9% (6.2)pts 73.8% N/A N/A ADR $349.41 $336.92 3.7% $336.40 N/A N/A RevPAR $260.87 $272.66 (4.3)% $248.34 N/A N/A Total RevPAR $549.61 $548.79 0.2% $524.52 N/A N/A Three Months Ended June 30, Six Months Ended June 30, 2007 2006 Change 2007 2006 Change HYATT REGENCY LA JOLLA AT AVENTINE Selected Financial Information: Total revenues $10,431 $10,044 3.9% $22,043 $20,917 5.4% Property EBITDA $2,647 $2,471 7.1% $5,887 $5,619 4.8% Selected Operating Information: Rooms 419 419 - 419 419 - Average occupancy 81.0% 76.4% 4.6 pts 81.6% 77.4% 4.2 pts ADR $181.87 $179.66 1.2% $187.98 $182.45 3.0% RevPAR $147.36 $137.25 7.4% $153.36 $141.21 8.6% Total RevPAR $273.58 $263.41 3.9% $290.65 $275.80 5.4% HYATT REGENCY PHOENIX Selected Financial Information: Total revenues $9,959 $10,086 (1.3)% $23,357 $22,244 5.0% Property EBITDA $2,417 $2,708 (10.7)% $7,756 $7,482 3.7% Selected Operating Information: Rooms 696 696 - 696 696 - Average occupancy 68.9% 71.2% (2.3)pts 77.4% 76.5% 0.9 pts ADR $127.77 $134.70 (5.1)% $147.00 $143.54 2.4% RevPAR $88.09 $95.97 (8.2)% $113.76 $109.83 3.6% Total RevPAR $157.24 $159.24 (1.3)% $185.41 $176.57 5.0% INTERCONTINENTAL CHICAGO Selected Financial Information: Total revenues $23,069 $20,037 15.1% $36,611 $31,942 14.6% Property EBITDA $8,756 $8,053 8.7% $10,637 $9,796 8.6% Selected Operating Information: Rooms 792 792 - 792 792 - Average occupancy 86.2% 88.3% (2.1)pts 77.8% 75.3% 2.5 pts ADR $236.69 $209.97 12.7% $205.03 $192.88 6.3% RevPAR $204.11 $185.36 10.1% $159.43 $145.32 9.7% Total RevPAR $320.08 $278.01 15.1% $255.39 $222.82 14.6% INTERCONTINENTAL MIAMI Selected Financial Information: Total revenues $13,322 $11,783 13.1% $31,605 $28,409 11.2% Property EBITDA $3,309 $3,115 6.2% $11,141 $9,930 12.2% Selected Operating Information: Rooms 641 641 - 641 641 - Average occupancy 71.7% 67.8% 3.9 pts 77.4% 76.0% 1.4 pts ADR $184.65 $168.84 9.4% $211.90 $189.91 11.6% RevPAR $132.43 $114.45 15.7% $163.95 $144.30 13.6% Total RevPAR $228.39 $202.00 13.1% $272.41 $244.86 11.3% LOEWS SANTA MONICA BEACH HOTEL Selected Financial Information: Total revenues $12,534 $11,735 6.8% $23,850 $22,868 4.3% Property EBITDA $4,256 $3,753 13.4% $7,619 $7,226 5.4% Selected Operating Information: Rooms 342 342 - 342 342 - Average occupancy 88.4% 87.9% 0.5 pts 87.4% 86.4% 1.0 pts ADR $301.33 $278.16 8.3% $291.81 $273.49 6.7% RevPAR $266.26 $244.45 8.9% $255.00 $236.38 7.9% Total RevPAR $402.73 $377.07 6.8% $385.29 $369.42 4.3% Three Months Ended June 30, Six Months Ended June 30, 2007 2006 Change 2007 2006 Change MARRIOTT LINCOLNSHIRE RESORT Selected Financial Information: Total revenues $10,195 $9,366 8.9% $18,381 $17,334 6.0% Property EBITDA $2,113 $1,817 16.3% $2,903 $2,807 3.4% Selected Operating Information: Rooms 389 389 - 389 389 - Average occupancy 68.0% 63.6% 4.4 pts 62.5% 58.2% 4.3 pts ADR $139.15 $135.65 2.6% $133.60 $133.50 0.1% RevPAR $94.63 $86.33 9.6% $83.48 $77.68 7.5% Total RevPAR $311.99 $286.63 8.8% $281.26 $265.25 6.0% RITZ-CARLTON HALF MOON BAY Selected Financial Information: Total revenues $14,910 $14,367 3.8% $26,172 $25,759 1.6% Property EBITDA $2,891 $3,374 (14.3)% $3,511 $4,787 (26.7)% Selected Operating Information: Rooms 261 261 - 261 261 - Average occupancy 69.5% 70.6% (1.1)pts 64.5% 68.0% (3.5)pts ADR $371.57 $354.77 4.7% $349.21 $326.61 6.9% RevPAR $258.26 $250.49 3.1% $225.17 $221.98 1.4% Total RevPAR $627.77 $604.88 3.8% $554.01 $545.28 1.6% RITZ-CARLTON LAGUNA NIGUEL Selected Financial Information (This table includes financial information only for our period of ownership): Total revenues $20,310 N/A N/A $37,911 N/A N/A Property EBITDA $5,875 N/A N/A $9,265 N/A N/A Selected Operating Information (This table includes statistical information only for our period of ownership. For the three months ended June 30, 2006, average occupancy was 65.3%, ADR was $384.54, RevPAR was $251.13 and Total RevPAR was $538.01. For the six months ended June 30, 2006, average occupancy was 66.6%, ADR was $358.64, RevPAR was $238.78 and Total RevPAR was $501.43.): Rooms 396 N/A N/A 396 N/A N/A Average occupancy 63.4% N/A N/A 64.4% N/A N/A ADR $395.48 N/A N/A $368.25 N/A N/A RevPAR $250.76 N/A N/A $237.33 N/A N/A Total RevPAR $565.01 N/A N/A $531.60 N/A N/A WESTIN ST. FRANCIS Selected Financial Information (This table includes financial information only for our period of ownership): Total revenues $33,175 N/A N/A $64,931 N/A N/A Property EBITDA $6,752 N/A N/A $12,237 N/A N/A Selected Operating Information (This table includes statistical information only for our period of ownership. For the three months ended June 30, 2006, average occupancy was 81.4%, ADR was $199.96, RevPAR was $162.67 and Total RevPAR was $308.55. For the six months ended June 30, 2006, average occupancy was 76.2%, ADR was $199.33, RevPAR was $151.87 and Total RevPAR was $292.54.): Rooms 1,195 N/A N/A 1,195 N/A N/A Average occupancy 80.5% N/A N/A 76.0% N/A N/A ADR $206.41 N/A N/A $209.82 N/A N/A RevPAR $166.25 N/A N/A $159.56 N/A N/A Total RevPAR $305.07 N/A N/A $300.19 N/A N/A Three Months Ended June 30, Six Months Ended June 30, MEXICAN HOTELS: 2007 2006 Change 2007 2006 Change FOUR SEASONS MEXICO CITY Selected Financial Information: Total revenues $6,911 $5,736 20.5% $13,689 $11,805 16.0% Property EBITDA $1,942 $1,426 36.2% $3,746 $2,893 29.5% Selected Operating Information: Rooms 240 240 - 240 240 - Average occupancy 67.2% 61.8% 5.4 pts 68.4% 64.0% 4.4 pts ADR $263.68 $240.33 9.7% $261.24 $241.27 8.3% RevPAR $177.32 $148.50 19.4% $178.71 $154.41 15.7% Total RevPAR $316.44 $262.65 20.5% $315.13 $271.76 16.0% FOUR SEASONS PUNTA MITA RESORT Selected Financial Information: Total revenues $13,883 $11,602 19.7% $30,865 $25,652 20.3% Property EBITDA $5,751 $5,267 9.2% $13,656 $11,650 17.2% Selected Operating Information: Rooms 173 145 28 173 145 28 Average occupancy 73.8% 79.1% (5.3)pts 79.7% 83.5% (3.8)pts ADR $719.01 $666.38 7.9% $829.67 $752.63 10.2% RevPAR $530.75 $527.40 0.6% $661.43 $628.10 5.3% Total RevPAR $881.86 $879.25 0.3% $1,066.42 $980.21 8.8% Three Months Ended June 30, Six Months Ended June 30, EUROPEAN HOTELS: 2007 2006 Change 2007 2006 Change INTERCONTINENTAL PRAGUE Selected Financial Information (Amounts below are 100% of operations, of which SHR owned 35% prior to August 3, 2006): Total revenues $12,265 $10,859 12.9% $19,373 $17,151 13.0% Property EBITDA $6,083 $5,427 12.1% $8,325 $7,220 15.3% Selected Operating Information: Rooms 372 372 - 372 372 - Average Occupancy 79.8% 85.1% (5.3)pts 72.5% 79.2% (6.7)pts ADR $294.98 $253.24 16.5% $246.56 $204.85 20.4% RevPAR $235.50 $215.60 9.2% $178.68 $162.29 10.1% Total RevPAR $362.31 $320.77 13.0% $287.72 $254.73 13.0% MARRIOTT HAMBURG Selected Financial Information: Total revenues $5,747 $5,660 1.5% $10,791 $10,341 4.4% Property EBITDA $1,445 $1,330 8.6% $2,789 $2,566 8.7% Selected Operating Information: Rooms 277 277 - 277 277 - Average occupancy 85.6% 87.3% (1.7)pts 83.6% 84.2% (0.6)pts ADR $193.98 $189.06 2.6% $178.83 $169.41 5.6% RevPAR $166.04 $164.99 0.6% $149.53 $142.57 4.9% Total RevPAR $228.00 $224.56 1.5% $215.22 $206.26 4.3% MARRIOTT LONDON GROSVENOR SQUARE Selected Financial Information (This table includes financial information only for our period of ownership): Total revenues $11,239 N/A N/A $20,697 N/A N/A Property EBITDA $4,560 N/A N/A $7,614 N/A N/A Selected Operating Information (This table includes statistical information only for our period of ownership. For the three months ended June 30, 2006, average occupancy was 83.2%, ADR was $335.13, RevPAR was $278.78 and Total RevPAR was $422.89. For the six months ended June 30, 2006, average occupancy was 76.5%, ADR was $326.12, RevPAR was $249.58 and Total RevPAR was $379.76.): Rooms 236 N/A N/A 236 N/A N/A Average occupancy 83.2% N/A N/A 81.2% N/A N/A ADR $414.12 N/A N/A $390.34 N/A N/A RevPAR $344.39 N/A N/A $316.88 N/A N/A Total RevPAR $523.33 N/A N/A $484.52 N/A N/A PARIS MARRIOTT CHAMPS ELYSEES Selected Financial Information: Total revenues $11,003 $9,295 18.4% $19,013 $15,624 21.7% Property EBITDA $4,836 $3,829 26.3% $7,841 $5,933 32.2% Selected Operating Information: Rooms 192 192 - 192 192 - Average occupancy 92.1% 91.2% 0.9 pts 87.1% 83.7% 3.4 pts ADR $557.75 $465.51 19.8% $504.15 $420.90 19.8% RevPAR $513.41 $424.72 20.9% $439.00 $352.35 24.6% Total RevPAR $629.75 $532.00 18.4% $547.12 $449.58 21.7% Reconciliation of Property EBITDA to EBITDA (in thousands) Three Months Ended June 30, 2007 2006 Property Property Hotel EBITDA EBITDA EBITDA EBITDA Fairmont Chicago $5,816 $5,816 $5,211 $5,211 Fairmont Scottsdale Princess (a) 7,527 7,527 - - Four Seasons Washington, D.C. (a) 4,474 4,474 4,001 4,001 Hotel del Coronado (b) 12,230 - 13,610 - Hyatt Regency La Jolla at Aventine 2,647 2,647 2,471 2,471 Hyatt Regency Phoenix 2,417 2,417 2,708 2,708 InterContinental Chicago 8,756 8,756 8,053 8,053 InterContinental Miami 3,309 3,309 3,115 3,115 Loews Santa Monica Beach Hotel 4,256 4,256 3,753 3,753 Marriott Lincolnshire Resort 2,113 2,113 1,817 1,817 Ritz-Carlton Half Moon Bay 2,891 2,891 3,374 3,374 Ritz-Carlton Laguna Niguel (a) 5,875 5,875 - - Westin St. Francis (a) 6,752 6,752 - 2,617 Hyatt Regency New Orleans - (256) - (1,114) Four Seasons Mexico City 1,942 1,942 1,426 1,426 Four Seasons Punta Mita Resort 5,751 5,751 5,267 5,267 InterContinental Prague (c) 6,083 6,083 5,427 - Marriott Hamburg (d) 1,445 193 1,330 (9) Marriott London Grosvenor Square (a) 4,560 4,560 - - Paris Marriott Champs Elysees (d) 4,836 1,615 3,829 335 $93,680 $76,721 $65,392 $43,025 Adjustments: Corporate expenses $(8,062) $(6,916) Interest income 873 1,267 Loss on early extinguishment of debt (160) - Equity in earnings (losses) of joint ventures 4,556 672 Foreign currency exchange (loss) gain (2,015) 27 Other (expenses) income, net (60) 1,037 Income (loss) from discontinued operations (excluding minority interest) 158 2,680 Depreciation and amortization - discontinued operations - 893 Interest expense - discontinued operations - 638 Income taxes - discontinued operations - 200 Minority interest in consolidated affiliates (181) (593) Adjustments from consolidated affiliates (632) (1,089) Adjustments from unconsolidated affiliates 7,096 7,306 Other adjustments (20) (197) EBITDA $78,274 $48,950 Six Months Ended June 30, 2007 2006 Property Property Hotel EBITDA EBITDA EBITDA EBITDA Fairmont Chicago $6,413 $6,413 $6,053 $6,053 Fairmont Scottsdale Princess (a) 19,244 19,244 - - Four Seasons Washington, D.C. (a) 5,949 5,949 - 5,314 Hotel del Coronado (b) 22,102 - - - Hyatt Regency La Jolla at Aventine 5,887 5,887 5,619 5,619 Hyatt Regency Phoenix 7,756 7,756 7,482 7,482 InterContinental Chicago 10,637 10,637 9,796 9,796 InterContinental Miami 11,141 11,141 9,930 9,930 Loews Santa Monica Beach Hotel 7,619 7,619 7,226 7,226 Marriott Lincolnshire Resort 2,903 2,903 2,807 2,807 Ritz-Carlton Half Moon Bay 3,511 3,511 4,787 4,787 Ritz-Carlton Laguna Niguel (a) 9,265 9,265 - - Westin St. Francis (a) 12,237 12,237 - 2,617 Hyatt Regency New Orleans - (524) - (1,483) Four Seasons Mexico City 3,746 3,746 2,893 2,893 Four Seasons Punta Mita Resort 13,656 13,656 11,650 11,650 InterContinental Prague (c) 8,325 8,325 7,220 - Marriott Hamburg (d) 2,789 211 2,566 17 Marriott London Grosvenor Square (a) 7,614 7,614 - - Paris Marriott Champs Elysees (d) 7,841 2,340 5,933 802 $168,635 $137,930 $83,962 $75,510 Adjustments: Corporate expenses $(15,179) $(12,589) Interest income 1,800 2,421 Loss on early extinguishment of debt (4,479) - Equity in earnings (losses) of joint ventures 1,673 (947) Foreign currency exchange (loss) gain (3,670) (28) Other (expenses) income, net (217) 2,706 Income (loss) from discontinued operations (excluding minority interest) 290 (960) Depreciation and amortization - discontinued operations - 2,535 Interest expense - discontinued operations - 1,300 Income taxes - discontinued operations - (3,700) Minority interest in consolidated affiliates (603) (789) Adjustments from consolidated affiliates (1,660) (2,170) Adjustments from unconsolidated affiliates 14,175 13,864 Other adjustments (20) (199) EBITDA $130,040 $76,954 (a) We have included the results of hotels acquired in Property EBITDA above for our period of ownership. (b) On January 9, 2006 we closed the acquisition of a 45% joint venture ownership interest in SHC KSL Partners, LP, the existing owner of the Hotel del Coronado in Coronado, California. We account for our investment under the equity method of accounting. Our equity in earnings of the hotel joint venture is included in equity in earnings of joint ventures in our consolidated statements of operations. We have included the results of this hotel in Property EBITDA above for our period of ownership. (c) On August 3, 2006, we purchased our joint venture partner's 65% interest in the entity that owns the InterContinental Prague. Prior to August 3, 2006 our equity in earnings of the hotel joint venture is included in equity in earnings of joint ventures in our consolidated statements of operations. (d) We have leasehold interests in these properties. Therefore, EBITDA represents the lease revenue less the lease expense recorded in our statements. Property EBITDA represents the revenue less expenses generated by the property. Reconciliation of Property EBITDA to Comparable EBITDA (in thousands) Three Months Ended June 30, 2007 Property Comparable EBITDA Adjustments EBITDA Meetings & Business Hotels: Fairmont Chicago $5,816 $- $5,816 Fairmont Scottsdale Princess 7,527 - 7,527 Four Seasons Mexico City 1,942 - 1,942 Four Seasons Washington, D.C. 4,474 - 4,474 Hyatt Regency La Jolla at Aventine 2,647 - 2,647 InterContinental Chicago 8,756 (208) 8,548 InterContinental Miami 3,309 (424) 2,885 Westin St. Francis 6,752 - 6,752 Total Meetings & Business Hotels 41,223 (632) 40,591 Ocean Front Resorts: Four Seasons Punta Mita Resort 5,751 - 5,751 Hotel del Coronado 12,230 (6,753) 5,477 Loews Santa Monica Beach Hotel 4,256 - 4,256 Ritz-Carlton Half Moon Bay 2,891 - 2,891 Ritz-Carlton Laguna Niguel 5,875 - 5,875 Total Ocean Front Resorts 31,003 (6,753) 24,250 European Hotels: InterContinental Prague 6,083 - 6,083 Marriott Hamburg 1,445 (1,301) 144 Marriott London Grosvenor Square 4,560 - 4,560 Paris Marriott Champs Elysees 4,836 (4,356) 480 Total European Hotels 16,924 (5,657) 11,267 Non-Core Assets: Hyatt Regency New Orleans - (256) (256) Hyatt Regency Phoenix 2,417 - 2,417 Marriott Lincolnshire Resort 2,113 - 2,113 Total Non-Core Assets 4,530 (256) 4,274 $93,680 $(13,298) $80,382 Six Months Ended June 30, 2007 Property Comparable EBITDA Adjustments EBITDA Meetings & Business Hotels: Fairmont Chicago $6,413 $- $6,413 Fairmont Scottsdale Princess 19,244 - 19,244 Four Seasons Mexico City 3,746 - 3,746 Four Seasons Washington, D.C. 5,949 - 5,949 Hyatt Regency La Jolla at Aventine 5,887 - 5,887 InterContinental Chicago 10,637 (821) 9,816 InterContinental Miami 11,141 (839) 10,302 Westin St. Francis 12,237 - 12,237 Total Meetings & Business Hotels 75,254 (1,660) 73,594 Ocean Front Resorts: Four Seasons Punta Mita Resort 13,656 - 13,656 Hotel del Coronado 22,102 (12,233) 9,869 Loews Santa Monica Beach Hotel 7,619 - 7,619 Ritz-Carlton Half Moon Bay 3,511 - 3,511 Ritz-Carlton Laguna Niguel 9,265 - 9,265 Total Ocean Front Resorts 56,153 (12,233) 43,920 European Hotels: InterContinental Prague 8,325 - 8,325 Marriott Hamburg 2,789 (2,659) 130 Marriott London Grosvenor Square 7,614 - 7,614 Paris Marriott Champs Elysees 7,841 (7,741) 100 Total European Hotels 26,569 (10,400) 16,169 Non-Core Assets: Hyatt Regency New Orleans - (524) (524) Hyatt Regency Phoenix 7,756 - 7,756 Marriott Lincolnshire Resort 2,903 - 2,903 Total Non-Core Assets 10,659 (524) 10,135 $168,635 $(24,817) $143,818 Percent of QTD Percent of YTD Comparable EBITDA Comparable EBITDA Meetings & Business Hotels 51% 51% Ocean Front Resorts 30% 31% European Hotels 14% 11% Non-Core Assets 5% 7% Total 100% 100% DATASOURCE: Strategic Hotels & Resorts Web site: http://www.strategichotels.com/

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