14

SONESTA INTERNATIONAL HOTELS CORPORATION - BALANCE SHEETS

Assets $Mil
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Cash and Equiv 7.9 23.9 14.3 12.7 4.3 8 24.9 24.9 32.6 37.5
Short-Term Investments --- 10.3 0 --- --- --- --- --- --- ---
Accts Rec 9.8 7.8 6.9 7.4 8.3 8.6 13.3 8.6 8.8 6.4
Inventory 1.5 1.6 1.4 1.1 1.1 1.2 1.2 0.5 0.6 0.6
Other Current Assets 1.5 2.4 5.9 5.2 2.5 3.4 2.5 1.6 4.2 2.8

Total Current Assets 20.7 46 28.5 26.4 16.3 21.1 41.9 35.6 46.3 47.3
Net PP&E 84.2 89.8 95.1 83.2 80.9 76.6 72.8 38.4 37.3 35
Intangibles --- --- --- --- --- --- --- --- --- ---
Other Long-Term Assets 2.6 2.6 5.2 8.9 13 11.8 15.9 52.4 46 44.7

Total Assets 107.5 138.3 128.8 118.5 110.1 109.5 130.6 126.4 129.6 127

Liabilities and Stockholders' Equity $Mil

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Accts Payable 6.9 5.3 4 4.2 3.4 3.4 4.9 3.8 4.5 3.8
Short-Term Debt 24.2 6.3 1.1 1 0 --- --- --- 1.1 1.2
Taxes Payable --- --- --- --- --- --- 1.2 0.5 0.3 0.4
Accrued Liabilities 11.8 15.1 9.6 9.9 9 10.6 10.3 6 9 9.3
Other Short-Term Liabilities 4.8 4.6 5.5 4.2 3.6 3.6 2.1 0.8 2.9 1.3

Total Current Liabilities 47.7 31.2 20.2 19.3 15.9 17.6 18.5 11.1 17.8 15.9
Long-Term Debt 26.2 70.8 74.1 69.1 69.3 69.8 34.1 34.1 33 31.8
Other Long-Term Liabilities 7.6 6.4 7.3 7.6 9 10.8 66.2 73.9 70.2 75.2

Total Liabilities 81.4 108.4 101.6 96 94.3 98.3 118.8 119.1 121 122.9
Total Equity 26.1 29.9 27.2 22.5 15.9 11.3 11.9 7.4 8.6 4.1

Total Liabilities & Equity 107.5 138.3 128.8 118.5 110.1 109.5 130.6 126.4 129.6 127
 HORIZONTAL ANALYSIS VERTICAL ANALYSIS INTEGRATION
NOMINAL RELATIVE NOMINAL RELATIVE NOMINAL RELATIVE NOMINAL RELATIVE
2007 2007 2008 2008 2007 2008 2008 2008
7.7 30.92% 4.9 15.03% 25.15% 29.53% 4.37% 17.39%

0.2 2.33% -2.4 -27.27% 6.79% 5.04% -1.75% -25.78%

0.1 20.00% 0 0.00% 0.46% 0.47% 0.01% 2.05%
2.6 162.50% -1.4 -33.33% 3.24% 2.20% -1.04% -31.97%

10.7 30.06% 1 2.16% 35.73% 37.24% 1.52% 4.25%

-1.1 -2.86% -2.3 -6.17% 28.78% 27.56% -1.22% -4.25%

-6.4 -12.21% -1.3 -2.83% 35.49% 35.20% -0.30% -0.84%

3.2 2.53% -2.6 -2.01% 100.00% 100.00% 0.00% 0.00%

0.7 18.42% -0.7 -15.56% 3.47% 2.99% -0.48% -13.83%

1.1 - 0.1 9.09% 0.85% 0.94% 0.10% 11.32%
-0.2 -40.00% 0.1 33.33% 0.23% 0.31% 0.08% 36.06%
3 50.00% 0.3 3.33% 6.94% 7.32% 0.38% 5.45%
2.1 262.50% -1.6 -55.17% 2.24% 1.02% -1.21% -54.25%

6.7 60.36% -1.9 -10.67% 13.73% 12.52% -1.21% -8.85%

-1.1 -3.23% -1.2 -3.64% 25.46% 25.04% -0.42% -1.66%
-3.7 -5.01% 5 7.12% 54.17% 59.21% 5.05% 9.32%

1.9 1.60% 1.9 1.57% 93.36% 96.77% 3.41% 3.65%

1.2 16.22% -4.5 -52.33% 6.64% 3.23% -3.41% -51.35%

3.2 2.53% -2.6 -2.01% 100.00% 100.00% 0.00% 0.00%