-- On July 26, 2004, the Company completed a common stock offering,
raising $77.1 million in net proceeds, which will be used to fully
redeem its Series A and Series S Preferred Stock.
-- On July 26, 2004, the Company gave notice of redemption to the
shareholders of its Series A and Series S Preferred Stock that each
series of preferred stock will be redeemed on August 25, 2004.
-- The Company's debt reduction plans continued, as long term debt has
been paid down by $10 million so far this year.
-- The Company entered into binding contracts to sell three 40 room
exterior corridor Jameson Inns during the third quarter of 2004 and
the Company expects to enter into licensing agreements with the
purchasers of two of these properties upon disposition.
-- For the three months ended June 30, 2004, the Jameson Inn brand
increased RevPAR approximately 2.3% and the Company increased RevPAR
by approximately 0.9% over the same period in 2003.
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