Thanks to your friendship and support, 2012 was another
great year for Hotel Equities. We managed to grow our portfolio in spite of the
headwinds of the global economy and the uncertainties regarding the outcome of
the election and the impending fiscal cliff.
Although many uncertainties still remain, I am confident
that together we will find new ways to prosper in the new year.
I wish you and your family the very best in 2013.
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