Financial Statements. Holiday Inn Express A Division of First Hospitality Group, LLC. July, 2007

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Sophie Lucas
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1 Financial Statements A Division of First Hospitality Group, LLC July, 2007

3 First Hospitality Group, LLC Balance Sheet As of July 31, 2007 Assets Current Assets 1040 Checking $ (24,284.72) Accounts Receivable 1101 Accounts Receivable 27, Accounts Receivable-Newton Investments 15, Credit Cards Receivable Payment Clearing (1,364.64) Total Accounts Receivable 42, Total Current Assets 17, Fixed Assets 1520 Vehicles 4, Accumulated Depreciation-Vehicles (424.00) 1530 Equipment 25, Accumulated Depreciation-Equipment (1,153.00) Total Fixed Assets 28, Other Assets 1710 Security Deposits 1, Total Other Assets 1, Total Assets $ 47, See Accountant's Compilation Report

4 First Hospitality Group, LLC Balance Sheet As of July 31, 2007 Liabilities & Members' Equity Current Liabilities 2010 Accounts Payable $ 29, Sales Tax Payable 31, Payroll Liabilities 6, Guest Advanced Deposits Total Current Liabilities 69, Members' Equity 3100 Members' Equity 11, Net Income (32,885.49) Total Members' Equity (21,261.92) Total Liabilities & Members' Equity $ 47, See Accountant's Compilation Report

5 First Hospitality Group, LLC For the Period Ending July 31, 2007 July Year-to-Date Income 4110 Occupied Rooms $ 106, $ 651, Banquet Income , Vending Sales , Laundry , Miscellaneous Hotel Revenue , Telephone Revenue Total Income 107, , Expense Room Expenses 6101 Front Desk Wages 5, , Housekeeping Wages 6, , Bell Hop Cleaning/Janitorial Supplies , Janitorial Expense Linen - (294.81) 6130 Housekeeping Miscellaneous In-Room Amenities 1, , In-Room Supplies , Laundry Supplies , Paper Supplies - 1, Uniforms Guest Relations Miscellaneous Total Room Expenses 14, , Continental Breakfast/Mtg Rm 6201 Breakfast Wages , Breakfast Food 2, , Breakfast Beverages , Breakfast Supplies , Banquet Food Banquet Linen Total Continental Breakfast/Mtg Rm 4, , Vending 6301 Vending Purchases Total Vending Laundry Expenses 6410 Guest Laundry Guest Dry Cleaning - 1, Total Laundry Expenses - 1, See Accountant's Compilation Report

6 First Hospitality Group, LLC For the Period Ending July 31, 2007 July Year-to-Date Telephone Expenses 6510 Telephone , Total Telephone Expenses , Marketing Expenses 6610 Advertising , Promotions Signage Printing and Reproduction Travel Agent Commission 1, , Total Marketing Expenses 2, , Franchise Fees 7100 Royalty 20, , Marketing Fee Central Reservation 1, , Profit Manager Support Frequent Guest Program 1, , IOC Dues Other Franschise Costs - - Total Franchise Fees 23, , Maintenance 8001 Maintenance Wages , Building Repairs , Electrical & Mechanical Repairs Fire & Safety Inspections Pest Control Plumbing Elevator Maintenance - 4, Maintenance Contract Laundry Equipment Maintenance Computer Repairs 3, , Equipment Repairs - 2, Grounds and Landscaping , Pool Maintenance , Pool Supplies - 1, Maintenance Supplies - 1, Exercise Room Supplies Total Maintenance 5, , See Accountant's Compilation Report

7 First Hospitality Group, LLC For the Period Ending July 31, 2007 July Year-to-Date General & Admin Expenses 9001 Administrative Wages 2, , Payroll Taxes 1, , Training - 1, Dues & Subscriptions , Postage Shipping Meals & Entertainment , Travel , Bank Service Charges Merchant Processing Fees 3, , Cash Short / (Long) (403.19) (582.27) 9299 Miscellaneous G&A Licenses and Permits Automobile Expense , Utilities 6, , Office Supplies , Professional Fees - 6, Interest Expense Insurance 3, , Rent 70, , Equipment Rental 2, , Depreciation Expense Management Fees 1, , Total General & Admin Expenses 91, , Total Expense 141, , Net Income $ (34,245.38) $ (32,885.49) See Accountant's Compilation Report

8 First Hospitality Group, LLC - August 2006 through July 2007 Aug '06 - Jul 07 Ordinary Income/Expense Income 4110 Occupied Rooms 1,100, Banquet Income 2, Vending Sales 1, Laundry 1, Miscellaneous Hotel Revenue 5, Telephone Revenue Total Income 1,111, Expense 6000 Payroll Expenses Room Expenses 6101 Front Desk Wages 60, Housekeeping Wages 66, Laundry Wages Bell Hop Cleaning/Janitorial Supplies 4, Janitorial Expense Linen 1, Housekeeping Miscellaneous In-Room Amenities 5, In-Room Supplies 7, Laundry Supplies 3, Paper Supplies 2, Uniforms Guest Relations Miscellaneous 1, Call Acct Total 6100 Room Expenses 157, Continental Breakfast/Mtg Rm 6201 Breakfast Wages 3, Breakfast Food 21, Breakfast Beverage 6, Breakfast Supplies 6, Banquet Food Banquet Linen Total 6200 Continental Breakfast/Mtg Rm 37, Vending 6301 Vending Purchases Total 6300 Vending Laundry Expenses 6410 Guest Laundry Guest Dry Cleaning 1, Total 6400 Laundry Expenses 1, See Accountants' Compilation Report

9 First Hospitality Group, LLC - August 2006 through July 2007 Aug '06 - Jul Telephone Expenses 6510 Telephone 17, Total 6500 Telephone Expenses 17, Marketing Expenses 6610 Advertising 2, Promotions Signage 6631 Inside Signage 5, Outside Signage 6, Total 6630 Signage 12, Printing and Reproduction Travel Agent Commission 19, Decorating Total 6600 Marketing Expenses 35, Franchise Fees 7100 Royalty 110, Marketing Fee Central Reservation 8, Frequent Guest Program 10, Total 7000 Franchise Fees 129, Maintenance 8001 Maintenance Wages 26, Building Repairs 2, Electrical & Mechanical Repairs Fire & Safety Inspections Pest Control Plumbing Elevator Maintenance 3, Maintenance Contract 4, Laundry Equipment Maintenance Computer Repairs 3, Equipment Repairs 3, Grounds and Landscaping 2, Pool Maintenance 13, Pool Chemicals/Supplies 1, Maintenance Supplies 5, Exercise Room Supplies Total 8000 Maintenance 71, General & Admin Expenses 9001 Administrative Wages 49, Payroll Taxes 9091 FICA Expense 16, FUTA Expense 1, SUTA Expense 1, Total 9090 Payroll Taxes 19, See Accountants' Compilation Report

10 First Hospitality Group, LLC - August 2006 through July 2007 Aug '06 - Jul Training 2, Dues/Memberships/Subscriptions 2, Postage Shipping Meals & Entertainment 2, Travel 10, Bank Service Charges Merchant Processing Fees 28, Cash Short / (Long) Miscellaneous G&A Licenses and Permits Automobile Expense 2, Utilities 9410 Water 2, Electric 36, Gas 16, Cable/Internet 12, Waste Removal 2, Total 9400 Utilities 69, Office Supplies 7, Professional Fees 9551 Accounting 6, Legal Fees 3, Total 9550 Professional Fees 9, Interest Expense Insurance 9710 Property Insurance 23, Liability Insurance 6, Disability Insurance Workers' Comp Total 9700 Insurance 31, Rent 424, Equipment Rental 10, Depreciation Expense 1, Management Fees 28, Total 9000 General & Admin Expenses 700, Total Expense 1,151, Net Ordinary Income -39, Net Income -39, See Accountants' Compilation Report

USE OF THIS CHART ABOUT COMPARABILITY AND COMPLIANCE

USE OF THIS CHART ABOUT COMPARABILITY AND COMPLIANCE USE OF THIS CHART This chart of accounts was developed by Computer Ingenuity Associates for CHOICE HOTELS INTERNATIONAL. The account numbers and descriptions are the exclusive property of CHOICE HOTELS