Key Findings

-- For the sixth consecutive quarter, business growth was cited as the
leading motivation for adding IT staff.
-- Technology executives in the Mountain(1 ) and East South Central(2)
regions are most optimistic about hiring activity.
"Companies in the region are beginning to upgrade outdated systems and
implement projects that were previously put on hold," Lee said.89 $0.00% -
------------- --------------------------------
Term Loan #1 $24,000 8.02 $65.3%
------------
Percent of room revenue(2) 3.56 5.50 12.55%
-----------------------------
Occupancy 49.0%
------------
Percent of room revenue(2 ) 5.02%
-----------------------------
RevPAR $57.2%
------------
Percent of room revenue(2) 14.5%
------------

Mountain
(MT , ID, WY, CO, UT, NM, AZ,
NV)
--------------------- --------
Average Daily Rate $89.48 -1.21% 43.11%
-----------------------------
RevPAR $61.95%
-----------------------------

------------
Number of hotel properties 2
------------
Percent of total rooms 3.08% 71.86 5.44%
-----------------------------
Occupancy 72.0%
------------
Percent of room revenue(2) 10.42 $92.21% 73.78%
---------------------------- -
RevPAR $61.25 3.66 6.04 2.29 10.89 13.m.

sabbath wcg

)

Skills in Demand
When asked which technical skill sets were needed most within their IT
departments, 83 percent of CIOs reported demand for Microsoft Windows
(NT/2000/XP) administration expertise. Internet/intranet
development was ranked second with 14 percent of the response, and help
desk/end-user support and applications development each received 13 percent of
the response. Twenty-one percent of technology executives in
this region plan to expand their IT departments and only 1 percent anticipate
staff reductions.
The local results are available at http://www. Central 12 6 82 0 100
West N.16% October 2009 8
-------------------------------------- -------
Term Loan #5 $50,000 7. The $135 million revolving
unsecured line of credit available balance has been reduced by a $10
million letter of credit.63%
-----------------------------
RevPAR $53.80%
-----------------------------
Occupancy 79.10 $81.03 18.2%
---------- --

Third Party Managed
-------------------------- ---
Average Daily Rate $86.12 -0.82 $83.24 2.24%
-----------------------------
Occupancy 64.97 $56.41 7.84%
--------------------- --------

------------
Number of hotel properties 3
------------
Percent of total rooms 4.39%
-----------------------------
Occupancy 75.54 $83.59 $93.17%
--------------- --------------
RevPAR $70.88 $76.53%
-----------------------------

Hampton Inn(1)
-----------------------------
Average Daily Rate $87.88 $90.59 6.21% 1.46% 69.68% 5.84%
-----------------------------
RevPAR $70.57%
-----------------------------
RevPAR $67.79 -0.

servant periodicals

"
Lee added, "As the economy improves, the job market is slowly shifting in
the candidate's favor.
With more than 100 locations in North America and Europe, Robert Half
Technology is a leading provider of IT professionals on a project and full-
time basis, for initiatives ranging from web development and multiplatform
systems integration to network engineering and technical support. Central 21 1 75 3 100
West S. .35% June 2010 1
---------------------------------------------
Adjustment (2) $2,000 - - -
---------------- -----------------------------
TOTAL $287,000 6.77%
-----------------------------
Occupancy 72 .94% 70.3%
------------
Percent of room revenue(2) 80 .46%
-----------------------------
Occupancy 57.6%
------------

BY MANAGEMENT COMPANY
-----------------------------
Innkeepers Hospitality Management(1)(3)
-----------------------------
Average Daily Rate $94 .6%
------------
Percent of room revenue(2) 1.87% 4.81 8.69 $96.31%
-----------------------------

BY FRANCHISE AFFILIATION
-----------------------------------------
Residence Inn
-----------------------------
Average Daily Rate $97.66%
-----------------------------
Occupancy 63.86%
---------------- -------------

South Atlantic(1)
(DE, MD, WV, DC, VA, NC, SC, GA, FL)
-----------------------------
Average Daily Rate $94.00 $83.95 $91.59%
----------------------- ------
Occupancy 71.97% 58.22 $86.19% 73.12%
-----------------------------
Occupancy 76.67%
-----------------------------
RevPAR $72.41 9. Every person with Medicare -- no matter how they get
their health care today or whether they have existing drug coverage -- is
eligible for drug coverage under a Medicare prescription drug plan.

wcg sd

The net 9 percent increase matches forecasts in the previous and
year-ago quarters.)
When technology executives were asked which specialties were most in
demand in their departments, 20 percent said networking."
CIOs in the East South Central states also forecast notable employment
gains in the second quarter.
The net 19 percent increase is up five percentage points from the first-
quarter forecast and 10 points above the national average.28%
-----------------------------
RevPAR $66.51 $60.55%
---- -------------------------
RevPAR $73.36%
-----------------------------
Occupancy 63.70% 9.45 $83.55 5.62% -7.26% 5.87 $98. on April 1, 2004.24 3.85 -13.26 $99.01 $63.56% 77.77%
------------------------ -----

Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------

Washington, D.00 7.

mccook legalists

The national poll includes responses from more than 1,400 CIOs from a
stratified random sample of U.
- - Microsoft Windows (NT/2000/XP) administration skills are in strongest
demand.

Innkeepers USA Trust Announces Fourth Quarter and Year 2004 Earnings; RevPAR Increases 9.5 Percent in Fourth Quarter

73 9.89% 2.8%
------------

Upscale(1)
-----------------------------
Average Daily Rate $86.26%
-----------------------------

------------
Number of hotel properties 2
------------
Percent of total rooms 4.41 $46.2%
------------

Hampton Inn(1)
----- ------------------------
Average Daily Rate $87.13 7.24% 64.77% 57.66 $67.83%
-----------------------------

------------
Number of hotel properties 10
------------
Percent of total rooms 13.05% 73.78%
-----------------------------
RevPAR $56.86 1.55 7.77 2.42 $67.76 $88.09%
-----------------------------

East North Central (OH, MI, IN, IL, WI)
-----------------------------
Average Daily Rate $87.94% 67.28 $78.52 3.59 $79. Worth
-----------------------------
Average Daily Rate $80.08% 75.26 $66.41%
-----------------------------

Richmond
-----------------------------
Average Daily Rate $91.20%
-------------------------- ---
Occupancy 74.61% 70.
Note: Media should arrive by 2:45 p.

glendora prisoners

com/PressRoom.

Business Editors/Travel Editors

PALM BEACH, Fla.14 7% $0.35%)
(3) Weighted average calculated using the stated interest rate
(4) Weighted average
maturity

INNKEEPERS USA TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)

Twelve Months Ended
December 31,
2004 2003
--------------------

--------------------
Cash flows from operating activities:
--------------------
Net income (loss) $14,600 ($8,161)
--------------- -----
Adjustments to reconcile net income (loss) to
net cash provided by operating activities: --------------------

------------------ --
Depreciation and amortization 36,883 37,182
--------------------
Minority interests 4,240 3,709
--------------------
Loss on hotels classified as held for sale
included in discontinued operations 626 15,243
--------------------
Loss (Gain) on sale of hotels included in
discontinued operations (782) 57
--------------------
Changes in operating assets and liabilities:
--------- -----------
Accounts receivable 3,514 693
--------------------
Prepaids and inventory (745) 323
--------------- -----
Accounts payable and accrued expenses 3,681 1,282
--------------------
Payable to manager (602) 811
--------------------
Net cash provided by operating activities $61,415 $51,139
--------------------

--------------------
Cash flows from investing activities:
--------------------
Investment in hotel properties ($110,194) ($35,663)
--------------------
Deposit for acquisition of hotel properties (1,784) 0
--------------------
Proceeds from sale of hotels 8,727 1,990
--------------------
Net withdrawals (deposits ) into restricted cash
and cash equivalents (3,195) 6,565
--------------------
Lease acquisition (1,336) (3,895)
--- -----------------
Payment of franchise fees (272) (10)
--------------------
Repayment of advances 325 0
-------- ------------
Net cash used in investing activities ($107,729) ($31,013)
--------------------

--------------------
Cash flows from financing activities:
--------------------
Proceeds from debt issuance $85,574 $0
--------------------
Payments on debt (30,883) (4,556)
--------------------
Payments on franchise conversion obligations (120) 0
--------------------
Distributions paid to unit holders (4,442) (4,624)
--------------------
Distributions paid to shareholders (16 ,862) (21,241)
--------------------
Redemption of shares and units (115,730) (1,055)
--------------------
Proceeds from issuance of common and preferred
shares 143,155 (153)
--------------------
Loan origination fees and costs paid (1,127) (278)
--------------------
Net cash provided (used) by financing
activities $59,565 ($31,907)
--------------------

--------------------
Net increase (decrease) in cash and cash
equivalents $13,251 ($11,781)
--------------------
Cash and cash equivalents at beginning of period 9,586 21 ,367
--------------------
Cash and cash equivalents at end of period $22,837 $9,586
-- ------------------
Supplemental cash flow information:
--------------------
Interest paid $18,146 $17 ,454
--------------------

INNKEEPERS USA TRUST
OTHER DATA (UNAUDITED)
(in thousands, except shares data)

December 31, December 31,
2004 2003
-------------------------
CAPITALIZATION
-------------------------
Common share market capitalization $539,000 $314,000
-------------------------
Market capitalization $1,042,000 $704,000
---------- ---------------
Common share closing price $14.81 $97.07%
-----------------------------
RevPAR $64.1%
------------
Percent of room revenue(2) 2 .71 3.79%
-----------------------------
Occupancy 76.95%
---------------- -------------

------------
Number of hotel properties 2
------------
Percent of total rooms 3.54%
-----------------------------
RevPAR $74.75% 7.79 $50.19% 14.39 $87.95 7.01%
-----------------------------
RevPAR $71.84 8.00 3.38 $94.68%
-------------------------- ---
RevPAR $70.66%
-----------------------------
RevPAR $63.75 $72.51 4. They will need to make a decision about
signing up for Medicare's new prescription drug coverage by and
President Bush has launched a nationwide outreach effort to help them to make
an informed decision.

verse wcg

CIO Survey Forecasts Stable Second-Quarter Technology Hiring: Strongest Job Growth Expected in Mountain and East South Central Regions

56%
----- ------------------------
Occupancy 62.4%
------------
Percent of room revenue(2) 15.98%
-----------------------------
RevPAR $67.03%
-----------------------------

------------
Number of hotel properties 65
---- --------
Percent of total rooms 97.44%
- ----------------------------
RevPAR $58.9%
------------

Middle Atlantic(1)
(NY, NJ, PA)
-----------------------------
Average Daily Rate $101.62 15.96 $85.74 13.37 25.2%
------------

Chicago
-----------------------------
Average Daily Rate $88.8%
------------
Percent of room revenue(2 ) 5. Worth
-----------------------------
Average Daily Rate $80.45 $83.53%
---- -------------------------
Occupancy 64.83% -0.89% -6.78%
-----------------------------

BY SEGMENT
-------- ---------------------------------
Upscale Extended Stay
-----------------------------
Average Daily Rate $97.70%
-----------------------------
Occupancy 67.06% -7.89% 60.66 5.76% 4.11% 82.33% 80.71% -4.40 -1.24%
-----------------------------
Occupancy 52.36%
-----------------------------
RevPAR $76.34%
------ -----------------------

Philadelphia
-------- ---------------------
Average Daily Rate $94.94%
-----------------------------

(1) Hotel operating results exclude one hotel property acquired in
June 2003 which will be converted to a Courtyard hotel, one hotel
property acquired in June 2004 which will be converted to a Hampton
Inn hotel and one hotel property acquired in December 2004.

glendora god

Many organizations are also bringing in project professionals
to handle short -term initiatives and peak workloads.

Regional Outlook
The Mountain states are expected to lead the nation in IT hiring activity
during the second quarter.

The net
20 percent hiring increase is up 14 points from the previous quarter.06) $(0.0%
-------------------------
Preferred share closing price $25.74 $89.06 5.77% 68.06% 3.71 5.17 10.80 $64. (IHM) were previously managed by affiliates of
Marriott International, Inc.92% 70.25 $94.09 $69.85 3.33 10.00%
-----------------------------
Occupancy 79.25 3.23 5. during a portion of the year 2003.

closer doctrines

S. It was
conducted by an independent research firm and developed by Robert Half
Technology, a leading provider of IT professionals on a project and full-time
basis.
-- Networking is the hottest specialty. The net 22 percent
increase is up 14 points from last quarter and is 13 points above the national
average .15 $0.

INNKEEPERS USA TRUST
HOTEL OPERATING RESULTS (UNAUDITED)

Three Months Ended
December 31,
December 31, % Inc
2004 2004 2003 (dec)
-----------------------------------------

PORTFOLIO(1)
------------------ ----------- -----------------------------
Average Daily Rate $94.69 $50.15 15.20 5.97% 69.90%
---------- -------------------
RevPAR $70.72 4.8%
------------

Three Months Ended
December 31,
December 31 , % Inc
2004 2004 2003 (dec)
-----------------------------------------

BY GEOGRAPHIC REGION
-----------------------------
New England
(ME, NH, VT, MA, CT, RI)
-----------------------------
Average Daily Rate $89.96 %
-----------------------------
Occupancy 70.51%
------------------------- ----
Occupancy 78.7%
--------- ---

West South Central
(AR, LA, OK, TX)
----- ------------------------
Average Daily Rate $88.12 $84.06%
-----------------------------

------------
Number of hotel properties 4
----------- -
Percent of total rooms 6.40 $52.21 17.24%
-----------------------------
Occupancy 64.6%
------------

Philadelphia
-----------------------------
Average Daily Rate $94.2%
------------
Percent of room revenue(2) 2.99% 73.(1)
-----------------------------
Average Daily Rate $112. during a portion of the year 2003.45%
--- --------------------------
Occupancy 73.87 4.51% 2.19% 73.43%
-----------------------------

Pacific (WA , OR, CA, AK, HI)
-----------------------------
Average Daily Rate $102.71% -4.59 4.34 $83.53 1.96% 13.
(2) Room revenue for the year 2004
(3) 17 of the 60 hotel properties managed by Innkeepers Hospitality
Management , Inc.

closer gales

"This influx of new work is
prompting business services firms to add technology staff, particularly
database specialists who can manage vital customer information. Central 9 0 91 0 100
East S.17% October 2007 8
---------------------------------------------
Term Loan #2 $36,000 8.03%
-----------------------------
Occupancy 70.62%
-----------------------------
Occupancy 71.08 $63.32 $77.76% 51.07 4.82%
-----------------------------
Occupancy 64.6%
------------
Percent of room revenue(2) 5.5%
------------
Percent of room revenue(2) 16.05 $70.2%
------------
Percent of room revenue(2) 6.29%
-----------------------------
Occupancy 77.19%
-----------------------------
RevPAR $56.01%
---- -------------------------
Occupancy 65.10%
-----------------------------

Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------

BY GEOGRAPHIC REGION
-----------------------------------------
New England (ME, NH, VT , MA, CT, RI)
-----------------------------
Average Daily Rate $91.53 3.15% 2.15%
-----------------------------
Occupancy 86.81%
-----------------------------
Occupancy 78.48% 76.49 $63.31 $99.46% 63.19 $90.88%
-----------------------------

Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------

Hartford
-----------------------------
Average Daily Rate $105.

wv siouxland

MENLO PARK, Calif. companies with 100 or more employees.rht.
"As the economy continues to improve and organizations expand, they are
hiring business services firms such as advertising agencies and data-
processing companies for support," Lee said. Central 14 6 80 0 100
Mountain 25 3 72 0 100
Pacific 13 4 79 4 100

New England: CT, ME, MA, NH, RI, VT; Mid-Atlantic: NJ, NY, PA; South
Atlantic: DE, DC, FL, GA, MD, NC, SC, VA, WV; East North Central: IL, IN,
MI, OH, WI; West North Central: IA, KS, MN, MO, NE, ND, SD; East South
Central: AL, KY, MS, TN; West South Central: AR, LA, OK , TX; Mountain: AZ,
CO, ID, MT, NV, NM, UT, WY; Pacific: AK, CA, HI, OR, WA

Information Technology Hiring: By Industry

Percentage .41 98%
------------------------------- ---------------------------------------
Adjusted FFO per
share $0.15% March 2009 8
---------------------------------------------
Term Loan #3 $36,000 7.84 -2.00 $80.1%
------------

Three Months Ended
December 31,
December 31, % Inc
2004 2004 2003 (dec)
-----------------------------------------

Summerfield Suites
-----------------------------
Average Daily Rate $92.72%
-----------------------------
Occupancy 65.80% 0.28%
--------------------- --------
Occupancy 65.18 $73.2%
------------

Three Months Ended
December 31,
December 31, % Inc
2004 2004 2003 (dec)
-----------------------------------------

West North Central
(MN , IA, MO, KS, NE, SD, ND)
-----------------------------
Average Daily Rate $79.69%
---- -------------------------
Occupancy 74.52 $87.27%
-----------------------------

------------
Number of hotel properties 2
---------- --
Percent of total rooms 3.87%
------- ----------------------
RevPAR $56.6%
------------

Dallas/Ft.60%
------------- ----------------

------------
Number of hotel properties 4
------------
Percent of total rooms 6.60 6.58%
-----------------------------
Occupancy 75.90%
----------------- ------------
RevPAR $66.3%
- -----------

Seattle/Portland
-------------------- ---------
Average Daily Rate $97.1%
---- --------

(1) Hotel operating results exclude one hotel property acquired in
June 2003 which will be converted to a Courtyard hotel, one hotel
property acquired in June 2004 which will be converted to a Hampton
Inn hotel and one hotel property acquired in December 2004.37 8.06 % 86.51 8.96 3.94%
-------------------------- ---

East South Central(1) (KY, TN, AL, MS)
-- ---------------------------
Average Daily Rate $81.98%
-----------------------------
Occupancy 77.60%
-----------------------------

Dallas /Ft.12 -3.64% 75.19%
-----------------------------
Occupancy 78.35 $73.

periodicals mccook

NET
and Java. For more
information about Robert Half Technology or to learn about online job search
opportunities, please visit http: //www.52%
-----------------------------

------------
Number of hotel properties 66
------------
Percent of total rooms 100.3%
- -----------

Mid Priced(1)
----------------------- ------
Average Daily Rate $85.84% 57.32% 9.27% 3.0%
------------

East South Central(1)
(KY, TN, AL, MS)
-----------------------------
Average Daily Rate $81.74 3.15 $80.69 3.6%
------------
Percent of room revenue(2) 6.61 2.9%
------------

Richmond
-----------------------------
Average Daily Rate $88.67 $67.15 3.37 7.09 $91.07 8.40% 4.68 $89.24%
-----------------------------
Occupancy 68.17 $63.06 11.27%
---------------- -------------

Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------

West North Central
(MN, IA, MO , KS, NE, SD, ND)
-----------------------------
Average Daily Rate $81.24 21.61% 1.62 $59.(1)
-----------------------------
Average Daily Rate $108. on April 1, 2004.m.

wcg affton

15 $0.3% 2.
(5) December 31, 2004 includes Series C Cumulative preferred shares
issued in January 2004 that are not convertible into common shares.1%
------------
Percent of room revenue(2) 10.10 $76.45%
-----------------------------

------------
Number of hotel properties 1
------------
Percent of total rooms 2.7%
------------
Percent of room revenue (2) 15.72% 66.10 $59.1%
------------

Pacific
(WA, OR, CA, AK, HI)
-----------------------------
Average Daily Rate $102.56% 1.17% -4.94%
-----------------------------
RevPAR $57.00 6 .83 -1.0%
------------

Three Months Ended
December 31,
December 31, % Inc
2004 2004 2003 (dec)
-------------------------------------- ---

Washington, D.C. on March 1, 2004, and five
Summerfield Suites by Wyndham hotels previously managed by affiliates
of Wyndham International, Inc.54 $65.72 $70.94 4.55 $62.99 5.15%
-----------------------------
RevPAR $41.86 2.13% -0.22%
-----------------------------
Occupancy 74.52%
-----------------------------
RevPAR $77. More than 27 million Medicare beneficiaries have signed up
for this new benefit so far .

sabbath siouxland

Increase Decrease No Change Don't Know Total
All Industries 12 3 84 1 100
Manufacturing 10 5 85 0 100
Prof. Services 13 4 82 1 100
Retail 13 1 86 0 100
Wholesale 11 1 84 4 100
Finance, Insurance
+ Real Estate 23 8 69 0 100
Bus.75% January 2011 6
---------------------------------------------
Mortgage $13,000 10.37
-------------------------
Common share dividend(1) $0.97% 3.0%
------------

BY SEGMENT
-----------------------------
Upscale Extended Stay
-----------------------------
Average Daily Rate $97.88 $75 .96% 10.04 10.38% 69.1%
------------

South Atlantic(1 )
(DE, MD, WV, DC, VA, NC, SC,
GA, FL)
-------- ---------------------
Average Daily Rate $91.45% 0.74 $56.46%
-----------------------------

------------
Number of hotel properties 5
----- -------
Percent of total rooms 8.72 23.23 $60.16%
-----------------------------
Occupancy 70.24 6.73% 6.53% -4.55%
--------------------------- --
Occupancy 63.22 $78.92 $64.80% 7.07%
-----------------------------
RevPAR $79.55%
-----------------------------
RevPAR $63.54%
------------- ----------------
RevPAR $67.78 $102.C. (IHM) were previously managed by affiliates of
Marriott International, Inc. on March 1, 2004, and five
Summerfield Suites by Wyndham hotels previously managed by affiliates
of Wyndham International, Inc.S.

congregational servant

Twenty -three percent plan to expand their
IT departments and
8 percent foresee staff reductions, for a net hiring increase of 15
percent.

Robert Half Technology IT Hiring Index and Skills Report
Second Quarter 2005

Information Technology Hiring: By Region

Percentage . Services 19 0 81 0 100
Transportation 12 7 81 0 100
Construction 3 1 96 0 100

(1) Arizona, Colorado, Idaho, Montana, New Mexico , Nevada, Utah, Wyoming
(2) Alabama, Kentucky, Mississippi, Tennessee

82% -
---------------------------------------------
Industrial Revenue December 2014
Bonds(1) $10,000 3.20 $8.5%
-------------------------
Debt to investment in hotel properties 30% 27%
------ -------------------
Debt and preferred shares to investment
in hotel properties 46% 41%
------------ -------------
Debt to market capitalization 28% 33%
-------------------------
Debt and preferred shares to market
capitalization 41% 49%
-------------------------

LIQUIDITY/FLEXIBILITY
-------------------------
Debt Due 2004 - $5,000
-------------------------
Debt Due 2005 $6,000 $6,000
-------------------------
Debt Due 2006 $7,000 $7,000
-------------------------
Debt Due 2007 and thereafter $274,000 $214,000
-------------------------

-------------------- -----
Unencumbered hotel assets(3) 43% 42%
-------------------------
Unsecured Line of Credit Outstanding
Balance $60,000 $0
-------------------------
Unsecured Line of Credit Available
Balance (4) $65,000 $125,000
-------------------------

SHARES AND UNITS OUTSTANDING
-------------------------
Common Shares 37,966,756 37 ,563,499
-------------------------
Common Partnership Units 1,117,056 1,167,236
------- ------------------
Preferred Partnership Units 3,884,469 3,884,469
-------------------------
Preferred Shares(5) 5,800,000 6,857,493
----------------- --------

(1) Regular common share dividends declared for the year 2004 and
regular and special common share dividends declared for the year 2003
(2) Regular preferred share dividends declared for the years 2004 and
2003
(3) Based upon the number of hotels
(4) The actual amount that may be borrowed is contingent upon many
factors, such as compliance with unsecured line of credit covenants
and the use of proceeds from borrowings.73%
-----------------------------

------------
Number of hotel properties 13
------------
Percent of total rooms 20.68 5.52%
-----------------------------

------------
Number of hotel properties 1
------------
Percent of total rooms 0.86 1.27 $96.08 $77.04 $101.04%
-----------------------------
RevPAR $77. IHM
assumed management of one Sunrise Suites hotel previously managed by
affiliates of Wyndham International, Inc.94 $83.07% 70.25%
-----------------------------

Third Party Managed
-----------------------------
Average Daily Rate $117.23 $54.67%
-----------------------------
RevPAR $60.92 $64.57% 72.98%
-----------------------------
Occupancy 73.85 $90.51 $67.

legalists verse

(Full survey results, including additional
charts, are available at http: //www. . Increase Decrease No Change Don't Know Total
United States 12 3 84 1 100
New England 10 0 90 0 100
Mid-Atlantic 11 5 83 1 100
South Atlantic 9 1 90 0 100
East N.4%
-------------------------

DEBT COVERAGE
-------------------------
Debt weighted average interest rate 6.56% -15.52 5.9%
------------

BY FRANCHISE AFFILIATION
-----------------------------
Residence Inn
-----------------------------
Average Daily Rate $97.66 $70.82 %
-----------------------------
Occupancy 70.85 $52.26%
--------------- --------------
RevPAR $64.40 6.45% 59.91%
-----------------------------
RevPAR $59.41%
-----------------------------
RevPAR $70.31% 80.89 $96.23 $68.26% 71.
(2) Room revenue for the year 2004
(3) 17 of the 60 hotel properties managed by Innkeepers Hospitality
Management , Inc.89% 73.40%
-----------------------------
Occupancy 74.22 $86.78%
------ -----------------------
RevPAR $61.76% 0.51%
-----------------------------
Occupancy 76. IHM
assumed management of one Sunrise Suites hotel previously managed by
affiliates of Wyndham International, Inc. Department of Health and Human Services:

WHO: HHS Secretary Mike Leavitt

WHEN: Tuesday, April 4, 2006
Secretary Leavitt arrives at 3:00 p.

verse postive

"With the technology sector downturn and resulting layoffs still fresh
memories , companies are cautious not to expand their IT departments
prematurely," said Katherine Spencer Lee , executive director of Robert Half
Technology.

Industries Hiring
Technology executives in the business services sector project the
strongest hiring activity in the second quarter. The business
services sector has led all industries in hiring optimism for four out of the
last five quarters. .03) $(0.04 275% $0.8% 7.35 6.01 $55 .82%
-----------------------------
RevPAR $58.31%
---------------------- -------
RevPAR $67.41 7.71%
-----------------------------
Occupancy 74.75%
-----------------------------
RevPAR $72.75%
-------------------------- ---
Occupancy 76.38 1.41 $72.65 2.76%
-----------------------------

West South Central (AR, LA, OK , TX)
-----------------------------
Average Daily Rate $86.79 $86.43%
--------------- --------------

Detroit
---------------------- -------
Average Daily Rate $90.68% 65.47 $94.30%
-----------------------------
RevPAR $80.

servant periodicals

rht. "Many are
striving to improve the efficiency of data access and flow, which is creating
very strong demand for applications developers familiar with Microsoft .

% Year Year %
4Q 2004* 4Q 2003* Change* 2004 * 2003* Change*
----------------------------------------------------------------------
Net loss
applicable to
common
shareholders $(2,340) $(7,359) 68% $(1,138) $(18,144) 94%
----------------------------------------------------------------------
Diluted loss per
share $(0.81 $0.02% April 2010 8
---------------- -----------------------------
Term Loan #4 $56,000 7.18 $0.11
-------------------------
Preferred share dividend yield (2) 7.89%
-----------------------------
RevPAR $71.51% 80.06%
-----------------------------
RevPAR $55.56 $47.99%
-----------------------------
RevPAR $42.59 5.94%
----------------- ------------
RevPAR $57.09%
-----------------------------
Occupancy 72.31 $68 .08 -4.67% 67.80% 68.96 -2.68%
------------- ----------------

------------
Number of hotel properties 2
------------
Percent of total rooms 2.3%
------------
Percent of room revenue(2) 2.33%
-----------------------------

-- ----------
Number of hotel properties 8
------------
Percent of total rooms 14.56 14.31 -0.84%
-----------------------------

Mid Priced(1)
-----------------------------
Average Daily Rate $85.54%
-----------------------------
RevPAR $74.75%
-----------------------------
Occupancy 83.22 $86.44%
------ -----------------------
Occupancy 77.98 1.12 -3.60%
-----------------------------

Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
---------------- -------------

Boston
---------------------------- -
Average Daily Rate $77.64% 11.24 $55.98 1.66%
-----------------------------
Occupancy 74.00%
-----------------------------
RevPAR $70.61%
------------- ----------------

Seattle/Portland
----------- ------------------
Average Daily Rate $98. WASHINGTON, The following is being issued by the
U.

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Twelve percent of executives polled plan to add full-time IT
staff in the next three months while just 3 percent anticipate personnel
cutbacks. "Firms are hiring again, but only after clearly defining their
requirements and making sure there is a sustainable need for more full-time IT
professionals. Twenty percent cited
increased customer and/or end -user support needs, and 19 percent said hiring
activity was being fueled by the installation or development of new
enterprisewide applications."
CIOs in the finance, insurance and real estate industry also are
optimistic about employment gains.rht.com.----Innkeepers USA
Trust (NYSE: KPA), a hotel real estate investment trust (REIT) and a
leading owner of upscale extended-stay hotel properties throughout the
United States, today announced results for the fourth quarter and the
year 2004 .49) 94%
----------------------------------------------------------------------
Funds from
operations
(FFO) $5,796 $1,464 296% $31,418 $15,893 98%
-------------- --------------------------------------------------------
Adjusted FFO $5,867 $5,243 12% $34,631 $27,553 26%
--------------------------------------------------------------------- -
FFO per share $0. The stated interest rate of the industrial
revenue bonds includes an annual letter of credit fee of 1.75 $25.04 $2.20% 67.83%
-----------------------------

------------
Number of hotel properties 51
------------
Percent of total rooms 75.19% 67.35%
---------------- -------------
RevPAR $49.86 9.16%
-----------------------------

------------
Number of hotel properties 6
------------
Percent of total rooms 9.22%
----------------------- ------

------------
Number of hotel properties 2
------------
Percent of total rooms 2.4%
------------
Percent of room revenue(2) 7.66% 71.98 7.39%
-----------------------------

------------
Number of hotel properties 2
---- --------
Percent of total rooms 3.91%
- ----------------------------
Occupancy 56.7%
------------
Percent of room revenue(2) 2.08%
-----------------------------
Occupancy 76.1 %
------------

Denver
-----------------------------
Average Daily Rate $89.97 $56.24 13.96% 4.45 7.64%
-----------------------------
RevPAR $54.47%
-----------------------------

Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------

Summerfield Suites
-----------------------------
Average Daily Rate $93.01%
-------------------------- ---
RevPAR $76.75%
-----------------------------
Occupancy 74.08%
-----------------------------
RevPAR $76.13 $57.80% 6.65 2.55%
----------- ------------------
RevPAR $64.13 5.27 $101.19% 6. The drug
plans are available in all parts of the country, and cover brand name and
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20) 70% $(0.17
-------------------------
Common share dividend yield(1) 1.9% 8.26 8.38 $92.64 $87.14%
-----------------------------

------------
Number of hotel properties 11
---- --------
Percent of total rooms 16.47 $90.40%
-----------------------------
Occupancy 69.28 $52.44 4.00% -0.68% 4.54%
--------------------------- --
Occupancy 62.57 10.37% 60.67%
-----------------------------

Middle Atlantic(1) (NY, NJ, PA)
-----------------------------
Average Daily Rate $103.05 12.35 $61.64%
-------------- ---------------

Denver
---------------------- -------
Average Daily Rate $88.43%
-----------------------------
Occupancy 70.

WHERE: Kirkwood Training + Outreach Services (KTOS) Center
3375 Armar Drive
Marion, IA 52302
(319) 398-5623

CONTACT: HHS Press Office
(202) 690-6343

BACKGROUND:
Starting in January, prescription drug coverage is available to all
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.
December 31, 2003 includes Series A Cumulative convertible preferred
shares which were redeemed in January 2004 and assumes the conversion
of these preferred shares into common shares.8%
------------
Percent of room revenue(2) 13.09% 63.4%
------------
Percent of room revenue(2) 31.10%
----------------------- ------
Occupancy 65.4%
------- -----
Percent of room revenue(2) 3.2%
------------

Three Months Ended
December, 31
December 31, % Inc
2004 2004 2003 (dec)
--- --------------------------------------

Boston
--- --------------------------
Average Daily Rate $76.36% 29.64%
-----------------------------
RevPAR $42.23 13.1%
------------

Detroit
-----------------------------
Average Daily Rate $92.14%
-----------------------------
RevPAR $78.77%
------------- ----------------

------------
Number of hotel properties 3
------------
Percent of total rooms 5.68% 3.92%
-----------------------------
RevPAR $58.05 6.22%
-------- ---------------------
Occupancy 64.02% 72.73 $74.38% 1 .

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"
Among CIOs who plan to hire in the second quarter, 35 percent said
corporate growth or expansion is the primary reason.

FFO and FFO per share for the year 2004 include $4,249,000 in
issuance costs pertaining to the Series A Cumulative Convertible
preferred shares that were redeemed in -----------------------
and 37,966,756 issued and outstanding,
respectively -------------------------

-------------------------
Additional paid-in capital 396,631 393 ,349
-------------------------
Unearned compensation (448) (897)
---- ---------------------
Distributions in excess of earnings (112,671) (104,720)
-------------------------
Total shareholders' equity 428,892 403,858
------------- ------------
Total liabilities and shareholders'
equity $795,992 $706,740
---------------------- ---

INNKEEPERS USA TRUST
DEBT COMPOSITION (UNAUDITED )
As of December 31, 2004
(outstanding balance in thousands )
Stated
Outstanding Interest Maturity Encumbered
DEBT Balance Rate Date Properties
----------------------------------------------------------------------

---------------------------------------------
Unsecured Line of July 2007
Credit(1) $60,000 3.8%(3) 5 years(4) 39
---------------------------------------------

(1) Variable rated debt.25 15.4%
------------
Percent of room revenue(2) 69.78% -23.63%
-----------------------------

------------
Number of hotel properties 5
-------- ----
Percent of total rooms 7.83%
----- ------------------------
RevPAR $71.00 $83.63% -2.52% 74.28%
-----------------------------

------------
Number of hotel properties 4
------------
Percent of total rooms 5.21 4.88% -5.01%
-----------------------------
RevPAR $77.71 1.94% 61.37% 4.12 $51.44 $65.00% 73.32%
-----------------------------
Occupancy 73.15 1.04 4.47%
-----------------------------

Mountain (MT, ID, WY, CO, UT, NM, AZ, NV)
---------- -------------------
Average Daily Rate $88.95% 72.25% 23.95% 47.08 $37.64% 4.02 1.22%
-------------------------- ---
RevPAR $77.77 $70.

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(Note: CIOs surveyed were allowed multiple responses.com/PressRoom.71 25%
---------------------------------------------------- ------------------
Earnings before
interest,
taxes,
depreciation
and
amortization
(EBITDA) $15,353 $10,078 52% $74,276 $50,152 48%
------------------------- ---------------------------------------------
Adjusted EBITDA $15,428 $13,857 11% $72,458 $61,869 17%
----------------------------------------------------------------------

*In thousands, except per share and percentage change data

FFO, Adjusted FFO, FFO per share , Adjusted FFO per share, EBITDA
and Adjusted EBITDA are not generally accepted accounting
principles (GAAP) financial measures and are discussed in further
detail on pages 6-7.0%
------------
Percent of room revenue(2) 100.90 $89.40 $49.98% 13.80% 68.17% -4.73%
-------------------- ---------

------------
Number of hotel properties 16
------------
Percent of total rooms 27.87% 26.3%
------------

Three Months Ended
December 31,
December 31, % Inc
2004 2004 2003 (dec )
-----------------------------------------

Hartford
-----------------------------
Average Daily Rate $104.12 $72.97 $89.71%
--------------- --------------

------------
Number of hotel properties 2
------------
Percent of total rooms 2.79%
-----------------------------
RevPAR $75.08%
-----------------------------
RevPAR $69.05 $50.34 $87.51% -0.74 $53.65%
-----------------------------

Chicago
-----------------------------
Average Daily Rate $88.72% 2.08 $102.63 14.

HHS Secretary Mike Leavitt Visits Cedar Rapids to Raise Awareness About Medicare Prescription Drug Coverage

All Medicare beneficiaries have a choice of plans , so they can get the
coverage that best meets their needs.

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, Chief information officers
(CIOs ) remain optimistic about information technology (IT) hiring in the
second quarter, according to the Robert Half Technology IT Hiring Index and
Skills Report. Robert Half Technology has been tracking IT hiring activity in the
United States since 1995. Businesses that may have found it easy to recruit IT
staff a year or two ago are discovering there is now greater competition for
the most-qualified applicants.
Robert Half Technology has conducted additional interviews in select metro
areas to provide more detailed analysis on IT hiring trends in these cities.25%
(2) Adjustment to record $13 million mortgage at a fair market
interest rate of 7% (the stated interest rate is 10.74%
-----------------------------

------------
Number of hotel properties 44
---- --------
Percent of total rooms 64.76% -1.16 $61.4%
------------
Percent of room revenue(2) 98.25 12.00 4.08%
-----------------------------

-------- ----
Number of hotel properties 13
------------
Percent of total rooms 20.96% 80.23 8.19% 69.5%
------- -----
Percent of room revenue(2) 3.6%
------------

BY SELECTED MSA
-----------------------------
Atlanta
-----------------------------
Average Daily Rate $86.89 $45.80 $34 .5%
------------
Percent of room revenue(2) 3.3%
------------

San Francisco/San
Jose/Oakland
-----------------------------
Average Daily Rate $103.07% 66.

INNKEEPERS USA TRUST
HOTEL OPERATING RESULTS (UNAUDITED)

Twelve Months Ended
December 31,
% Inc
2004 2003 (dec)
-----------------------------

PORTFOLIO(1)
---------- ------------------------------------------------------------
Average Daily Rate $95.24 $106.99% 78.35 2.37 -2.81 8.45 $78.87 2.66 $69.88% 1.62%
-----------------------------

San Francisco/San Jose/Oakland
-----------------------------
Average Daily Rate $103. Prescriptions can be obtained from neighborhood pharmacies and
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Wireless network management was cited
by 51 percent of respondents, followed closely by SQL Server management (49
percent). Twenty-five percent of CIOs expect to add
employees and 3 percent project personnel cutbacks. Nineteen percent of CIOs in
this industry expect to add employees and none project personnel cutbacks.20
--- ----------------------
Preferred share dividend(2) $2.37 $92.79% 57.56 -14.9%
------------
Percent of room revenue(2) 19.9%
------------

East North Central (OH, MI,
IN, IL, WI)
-----------------------------
Average Daily Rate $88.18% 3.46%
------------------------- ----

------------
Number of hotel properties 12
------------
Percent of total rooms 16.46 10.8%
------------
Percent of room revenue(2) 0.78 $59.11% 69 .4%
------------
Percent of room revenue(2) 4.41% 5.78 $66.43%
-----------------------------

------------
Number of hotel properties 6
------------
Percent of total rooms 9.52%
-----------------------------
Occupancy 68.25%
-----------------------------

Upscale(1)
-----------------------------
Average Daily Rate $102.42% 71.98 9.76 $83.95%
--------- --------------------

BY MANAGEMENT COMPANY
-----------------------------------------
Innkeepers Hospitality Management(1)(3)
-------------------------- ---
Average Daily Rate $95.43% -21.42%
-----------------------------
RevPAR $69.43%
-----------------------------
Occupancy 70.26%
-----------------------------

BY SELECTED MSA
-----------------------------------------
Atlanta
-----------------------------
Average Daily Rate $89 .34%
-----------------------------
RevPAR $57.61% 77.
Enrollment continues through May 15, 2006.

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Innkeepers USA Trust Announces Fourth Quarter and Year 2004 Earnings; RevPAR Increases 9.5 Percent in Fourth Quarter

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CIO Survey Forecasts Stable Second-Quarter Technology Hiring: Strongest Job Growth Expected in Mountain and East South Central Regions

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HHS Secretary Mike Leavitt Visits Cedar Rapids to Raise Awareness About Medicare Prescription Drug Coverage

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