15.

Supplemental Guarantor and Non-Guarantor Subsidiary Information for Host L.P.

A portion of our subsidiaries guarantee our senior notes. Among the subsidiaries not providing guarantees are those owning 39 of our full-service hotels, our taxable REIT subsidiaries and all of their respective subsidiaries, and HMH HPT CBM LLC, the lessee of Courtyard properties. The separate financial statements of each guaranteeing subsidiary (each, a “Guarantor Subsidiary”) are not presented because we have concluded that such financial statements are not material to investors. The guarantee of each Guarantor Subsidiary is full and unconditional and joint and several and each Guarantor Subsidiary is wholly owned by us.

The following unaudited condensed consolidating financial information sets forth the financial position as of September 9, 2011 and December 31, 2010, results of operations for the quarter and year-to-date periods ended September 9, 2011 and September 10, 2010 and cash flows for the year-to-date periods ended September 9, 2011 and September 10, 2010 of the parent, Guarantor Subsidiaries and the Non-Guarantor Subsidiaries:

Supplemental Condensed Consolidating Balance Sheets

(in millions)

September 9, 2011


	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Property and equipment, net	$	693		$	5,558	$	5,193	$	—		$	11,444
Due from managers		(16	)		4		54		(8	)		34
Investments in affiliates		6,832			1,486		8		(8,155	)		171
Rent receivable		—			29		—		(29	)		—
Deferred financing costs, net		39			—		5		—			44
Furniture, fixtures and equipment replacement fund		43			39		84		—			166
Other		521			139		249		(523	)		386
Restricted cash		24			1		11		—			36
Cash and cash equivalents		372			13		139		—			524

Total assets	$	8,508		$	7,269	$	5,743	$	(8,715	)	$	12,805

Debt	$	1,508		$	2,966	$	1,209	$	(195	)	$	5,488
Rent payable		—			—		29		(29	)		—
Other liabilities		119			205		410		(336	)		398

Total liabilities		1,627			3,171		1,648		(560	)		5,886
Limited partnership interests of third parties		115			—		—		—			115
Capital		6,766			4,098		4,057		(8,155	)		6,766

Total liabilities and capital		8,508			7,269		5,705		(8,715	)		12,767
Non-controlling interests — consolidated partnerships		—			—		38		—			38

Total liabilities, limited partnership interests of third parties and capital	$	8,508		$	7,269	$	5,743	$	(8,715	)	$	12,805


December 31, 2010

	Parent			Guarantor Subsidiaries		Non- Guarantor Subsidiaries		Eliminations			Consolidated
Property and equipment, net	$	675		$	5,227	$	4,612	$	—		$	10,514
Due from managers		(22	)		1		66		—			45
Investments in affiliates		6,566			1,547		22		(7,987	)		148
Rent receivable		—			29		—		(29	)		—
Deferred financing costs, net		38			—		6		—			44
Furniture, fixtures and equipment replacement fund		67			30		55		—			152
Other		319			124		325		(415	)		353
Restricted cash		29			1		11		—			41
Cash and cash equivalents		733			30		350		—			1,113

Total assets	$	8,405		$	6,989	$	5,447	$	(8,431	)	$	12,410

Debt	$	1,785		$	2,766	$	1,178	$	(252	)	$	5,477
Rent payable		—			—		29		(29	)		—
Other liabilities		127			166		281		(163	)		411

Total liabilities		1,912			2,932		1,488		(444	)		5,888
Limited partnership interests of third parties		191			—		—		—			191
Capital		6,302			4,057		3,930		(7,987	)		6,302

Total liabilities and capital		8,405			6,989		5,418		(8,431	)		12,381
Non-controlling interests – consolidated partnerships		—			—		29		—			29

Total liabilities, limited partnership interests of third parties and capital	$	8,405		$	6,989	$	5,447	$	(8,431	)	$	12,410

Supplemental Condensed Consolidating Statements of Operations

(in millions)

Quarter ended September 9, 2011


	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	29		$	134		$	1,141		$	(162	)	$	1,142
Hotel operating expenses		—			—			(788	)		—			(788	)
Other property-level expenses		(5	)		(39	)		(95	)		—			(139	)
Depreciation and amortization		(13	)		(71	)		(65	)		—			(149	)
Corporate and other expenses		(2	)		(6	)		(4	)		—			(12	)
Rental expense		—			—			(162	)		162			—
Interest income		5			6			1			(7	)		5
Interest expense		(25	)		(49	)		(20	)		7			(87	)
Net gain on property transactions and other		2			—			1			—			3
Loss on foreign currency transactions and derivatives		—			—			(2	)		—			(2	)
Equity in earnings (losses) of affiliates		(26	)		5			(3	)		19			(5	)

Income (loss) before income taxes		(35	)		(20	)		4			19			(32	)
Provision for income taxes		—			—			(3	)		—			(3	)

INCOME (LOSS) FROM CONTINUING OPERATIONS		(35	)		(20	)		1			19			(35	)

NET INCOME (LOSS)		(35	)		(20	)		1			19			(35	)
Less: Net loss attributable to non-controlling interests		—			—			1			—			1

Net income (loss) attributable to Host Hotels & Resorts, L.P.	$	(35	)	$	(20	)	$	2		$	19		$	(34	)


Quarter ended September 10, 2010

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	15		$	127		$	1,001		$	(140	)	$	1,003
Hotel operating expenses		—			—			(702	)		—			(702	)
Property-level expenses		(6	)		(27	)		(91	)		—			(124	)
Depreciation and amortization		(12	)		(65	)		(57	)		—			(134	)
Corporate and other expenses		(4	)		(9	)		(7	)		—			(20	)
Rental expense		—			—			(140	)		140			—
Interest income		1			1			3			(3	)		2
Interest expense		(20	)		(52	)		(20	)		3			(89	)
Net gains (losses) on property transactions and other		(12	)		—			12			—			—
Gain (loss) on foreign currency transactions and derivatives		—			—			(1	)		—			(1	)
Equity in earnings (losses) of affiliates		(23	)		4			3			15			(1	)

Income (loss) before income taxes		(61	)		(21	)		1			15			(66	)
Income tax benefit		—			—			5			—			5

INCOME (LOSS) FROM CONTINUING OPERATIONS		(61	)		(21	)		6			15			(61	)

NET INCOME (LOSS)		(61	)		(21	)		6			15			(61	)
Less: Net loss attributable to non-controlling interests		—			—			2			—			2

Net income (loss) attributable to Host Hotels & Resorts, L.P.	$	(61	)	$	(21	)	$	8		$	15		$	(59	)

Supplemental Condensed Consolidating Statements of Operations

(in millions)

Year-to-date ended September 9, 2011


	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	216		$	374		$	3,337		$	(587	)	$	3,340
Hotel operating expenses		—			—			(2,246	)		—			(2,246	)
Other property-level expenses		(15	)		(105	)		(273	)		—			(393	)
Depreciation and amortization		(38	)		(213	)		(188	)		—			(439	)
Corporate and other expenses		(4	)		(28	)		(26	)		—			(58	)
Rental expense		—			—			(587	)		587			—
Interest income		11			14			5			(15	)		15
Interest expense		(71	)		(145	)		(58	)		15			(259	)
Net gain (loss) on property transactions and other		76			—			(70	)		—			6
Equity in earnings (losses) of affiliates		(201	)		22			(1	)		177			(3	)

Loss before income taxes		(26	)		(81	)		(107	)		177			(37	)
Benefit (provision) for income taxes		(2	)		—			11			—			9

LOSS FROM CONTINUING OPERATIONS		(28	)		(81	)		(96	)		177			(28	)
Loss from discontinued operations, net of tax		(4	)		—			—			—			(4	)

NET LOSS		(32	)		(81	)		(96	)		177			(32	)
Less: Net loss attributable to non-controlling interests		—			—			—			—			—

Net loss attributable to Host Hotels & Resorts, L.P.	$	(32	)	$	(81	)	$	(96	)	$	177		$	(32	)


Year-to-date ended September 10, 2010

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
REVENUES	$	139		$	378		$	2,933		$	(513	)	$	2,937
Hotel operating expenses		—			—			(2,022	)		—			(2,022	)
Property-level expenses		(19	)		(95	)		(192	)		—			(306	)
Depreciation and amortization		(38	)		(204	)		(167	)		—			(409	)
Corporate and other expenses		(8	)		(34	)		(27	)		—			(69	)
Rental expense		—			—			(513	)		513			—
Interest income		3			2			8			(10	)		3
Interest expense		(71	)		(156	)		(51	)		10			(268	)
Net gains (losses) on property transactions		(12	)		—			12			—			—
Loss on foreign currency and derivatives		(3	)		—			(3	)		—			(6	)
Equity in earnings (losses) of affiliates		(115	)		25			3			82			(5	)

Income (loss) before income taxes		(124	)		(84	)		(19	)		82			(145	)
Income tax benefit		—			—			21			—			21

INCOME (LOSS) FROM CONTINUING OPERATIONS		(124	)		(84	)		2			82			(124	)
Income (loss) from discontinued operations, net of tax		(2	)		—			(3	)		3			(2	)

NET INCOME (LOSS)		(126	)		(84	)		(1	)		85			(126	)
Less: Net income attributable to non- controlling interests		—			—			—			—			—

Net income (loss) attributable to Host Hotels & Resorts, L.P.	$	(126	)	$	(84	)	$	(1	)	$	85		$	(126	)

Supplemental Condensed Consolidating Statements of Cash Flows

(in millions)

Year-to-date ended September 9, 2011


	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidated
OPERATING ACTIVITIES
Cash provided by operations	$	164		$	84		$	151		$	399

INVESTING ACTIVITIES
Proceeds from sales of assets, net		6			—			—			6
Proceeds from transfer of Le Méridien Piccadilly to the Euro JV Fund II		—			—			40			40
Acquisitions		(11	)		(283	)		(753	)		(1,047	)
Deposits for acquisitions		(15	)		—			—			(15	)
Investment in affiliates		(18	)		—			—			(18	)
Capital expenditures		(20	)		(163	)		(152	)		(335	)
Change in furniture, fixtures and equipment (FF&E) replacement fund		24			(10	)		(9	)		5
Property insurance proceeds		—			—			7			7

Cash used in investing activities		(34	)		(456	)		(867	)		(1,357	)

FINANCING ACTIVITIES
Financing costs		(9	)		—			—			(9	)
Issuances of debt		496			—			80			576
Draw on credit facility		50			103			—			153
Repayment on credit facility		(50	)		—			(40	)		(90	)
Repayments/redemption of senior notes, including exchangeable debentures		(370	)		—			—			(370	)
Mortgage debt prepayments and scheduled maturities		—			(132	)		—			(132	)
Scheduled principal repayments		(1	)		—			(3	)		(4	)
Common OP unit issuance		289			—			—			289
Distributions on common OP units		(42	)		—			—			(42	)
Distributions to non-controlling interests		—			—			(4	)		(4	)
Change in restricted cash for financing activities		(1	)		—			3			2
Transfers to/from Parent		(853	)		384			469			—

Cash provided by (used in) financing activities		(491	)		355			505			369

DECREASE IN CASH AND CASH EQUIVALENTS	$	(361	)	$	(17	)	$	(211	)	$	(589	)

Supplemental Condensed Consolidating Statements of Cash Flows

(in millions)

Year-to-date ended September 10, 2010


	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Consolidated
OPERATING ACTIVITIES
Cash provided by operations	$	52		$	114		$	162		$	328

INVESTING ACTIVITIES
Proceeds from sales of assets, net		3			9			—			12
Acquisitions		—			(165	)		(127	)		(292	)
Purchase of mortgage note on a portfolio of hotels		—			(53	)		—			(53	)
Capital expenditures		(9	)		(74	)		(66	)		(149	)
Change in furniture, fixtures and equipment (FF&E) replacement fund		2			(7	)		(15	)		(20	)
Change in FF&E replacement funds designated as restricted cash		21			—			(17	)		4

Cash used in investing activities		17			(290	)		(225	)		(498	)

FINANCING ACTIVITIES
Draw on credit facility		56			—			—			56
Repurchase/redemption of senior notes, including exchangeable debentures		(571	)		—			—			(571	)
Mortgage debt prepayments and scheduled maturities		—			—			(124	)		(124	)
Scheduled principal repayments		—			(1	)		(7	)		(8	)
Common OP unit issuance		158			—			—			158
Redemption of preferred OP units		(101	)		—			—			(101	)
Distributions on common OP units		(14	)		—			—			(14	)
Distributions on preferred OP units		(6	)		—			—			(6	)
Contributions from non-controlling interests		—			—			7			7
Distributions to non-controlling interests		—			—			(3	)		(3	)
Change in restricted cash other than FF&E replacement fund		3			(1	)		(30	)		(28	)
Transfers to/from Parent		(345	)		171			174			—

Cash provided by (used in) financing activities		(820	)		169			17			(634	)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	$	(751	)	$	(7	)	$	(46	)	$	(804	)