Annual Reports

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In particular, the stapled securities of ARA US Hospitality Trust (a stapled group comprising ARA US Hospitality Property Trust and ARA US Hospitality Management Trust) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act. The stapled securities of ARA US Hospitality Trust are only being offered outside the United States in reliance on Regulation S under the U.S. Securities Act.

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