Exhibit 99.2

E.S. HOTEL ISLA DE VERDE, S.E.

Unaudited March 31, 2005 Financial Statements

Embassy Suites San Juan

BALANCE SHEETS

December 31, 2004 and March 31, 2005

2

Embassy Suites San Juan

STATEMENTS OF OPERATIONS AND PARTNERS’ EQUITY

For the periods ended March 31, 2005 & March 31, 2004

The accompanying notes are an integral part of these statements.

3

Embassy Suites San Juan

STATEMENTS OF CASH FLOWS

For the periods ended March 31, 2005 & March 31, 2004

4

Embassy Suites San Juan

STATEMENTS OF SHAREHOLDERS’ EQUITY

For the period ended March 31, 2005

5

Embassy Suites San Juan

(A wholly-owned subsidiary of E.S. Hotel Isla Verde, S.E.)

NOTES TO FINANCIAL STATEMENTS

March 31, 2005 ($000’s Omitted)

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Embassy Suites San Juan (“Hotel”), is a wholly-owned subsidiary of E.S. Hotel Isla Verde, S.E. (“Parent”), is managed and operated by Embassy Suites (Puerto Rico), Inc. (“Embassy”).

1. Use of Estimates in Financial Statements

In preparing financial statements in conformity with generally accepted accounting principles, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

2. Cash and Cash Equivalents

All highly liquid instruments purchased with an original maturity date of three months or less are considered to be cash equivalents. The hotel maintains cash balances from time to time which exceed federally insured limits. The hotel believes it is not exposed to any significant credit risk on cash and cash equivalents.

3. Inventories

Inventories are stated at the lower of cost or market and consist primarily of food and beverages. Cost is determined by the first-in, first-out method.

4. Property and Equipment

Property and equipment are stated at cost and are depreciated on a straight-line basis over their estimated useful lives as follows: Hotel buildings – 40 years, Furniture, Fixtures, and Equipment – 8 years, and Computer/Software – 3 years. Depreciation and amortization expense was $411 and $429 for the periods ended March 31, 2005 and March 31, 2004, respectively.

Property and equipment are carried at cost. Expenditures, which materially increase values or extend lives are capitalized, while replacements, maintenance and repairs, which do not improve or extend the lives of the respective assets are charged against earnings as incurred. The hotel has assessed the fair value of the property based on current market valuations and have noted no impairment in such assets for the years presented.

The hotel will review for impairment whenever events or changes in circumstances indicate the carrying value of the hotel property may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the hotel due to declining local economic conditions and/or new hotel construction in the same hotel market. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of the property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related property’s estimated fair value is recorded and an impairment loss recognized.

6

The fair value of the hotel property is estimated through a market valuation and an estimate of the proceeds that would be realized through disposition.

If actual conditions differ from the assumptions, the actual results the asset’s future operations and fair value could be significantly different from the estimated results and value used in the analysis.

Hotel operating equipment consisting primarily of linens, glassware and other utensils held for future use is stated at cost, according to industry practice, and included in property and equipment on the accompanying balance sheet. The items are not depreciated but are charged to hotel operating expenses when acquired.

5. Deferred Charges and Other

Deferred charges and other consists of loan fees and franchise fees.

6. Casino Operations

The casino consists primarily of table games and slot machines, which are regulated by the Puerto Rico Tourism Company (“Tourism”). The slot machines (“the Machines”) are operated by Tourism, which remits to the Partnership a commission based upon activity. Table games revenues is the net win from gaming activities, which is the difference between gaming wins and losses.

7. Accounts Receivable

The hotel considers its accounts receivable to be largely collectible; although, an allowance for doubtful accounts of $22 has been recorded at March 31, 2005, respectively. If amounts that exceed this allowance become uncollectible, they will be charged to operations when that determination is made.

8. Revenue Recognition

Revenue associated with room rental, food and beverage sales and other hotel revenues are recognized as the related services are delivered.

9. Advertising

Costs related to advertising are expensed as incurred. The hotel’s advertising expense was $23 and $13 for the periods ended March 31, 2005 and March 31, 2004, respectively.

10. New Accounting Pronouncements

In April 2003, the FASB issued SFAS No. 149, “Amendment of Statement 133 on Derivative Instruments and Hedging Activities,” which clarifies certain implementation issues raised by constituents and amended SFAS No. 133, “Accounting for Derivative Instruments and Hedging Activities,” to included the conclusions reached by the FASB on certain FASB Staff Implementation Issues that, while inconsistent with Statement 133’s conclusions, were considered by the Board to be preferable; amends SFAS No. 133’s discussion of financial guarantee contracts and the application of the shortcut method to an interest-rate swap agreement that includes an embedded option and amends other pronouncements.

The guidance in Statement 149 is effective for new contracts entered into or modified after June 30, 2003 and for hedging relationships designated after that date. Management adopted SFAS No. 149 effective July 1, 2003, as required, without material effect on the hotel’s financial position or results of operations.

7

NOTE B - LONG-TERM DEBT

The composition of long-term debt at March 31, 2005 and December 31, 2004 is as follows:

NOTE C - RELATED PARTY TRANSACTIONS

Management Fees - The partnership entered into a management agreement with Embassy Suites (Puerto Rico), Inc. (Embassy). Under the agreement Embassy, at the Partnership’s expense, will direct the operation of the Hotel until March 15, 2017. Embassy will earn a basic management fee equal to 3% of the Adjusted Gross Revenue, as defined in the agreement, with respect to each fiscal month and an incentive management fee as follows:

Management fees charged to operations amounted to $370 and $416 for the periods ended March 31, 2005 and March 31, 2004, respectively.

Note Payable To Partner - Note payable to partner represents a 2% over the prevailing 90-day LIBOR rate note payable to Hotel Development Corporation in annual installments of $224,348 plus interest beginning in March 2002. The note will be paid from available cash flow from operations, as defined in the Partnership agreement, reduced by certain letter of credit fees.

Related Parties - Related parties as used in these financial statements consist of Hilton Hotels Corporation and Promus Hotel Corporation, which owns 100% of Embassy Suites (Puerto Rico), Inc. The partnership has a management agreement with Embassy Suites (Puerto Rico) Inc. for the operation of the Hotel. Refer to Note D for further information.

8

NOTE D - COMMITMENTS

Subject to the terms of the agreement, Embassy Suites, Inc. (ESI) has granted the Partnership a license to use the Embassy Suites hotel system and its related trademarks until March 15, 2017. ESI will earn the following monthly fees:

Franchise fees charged to operations amounted to $181 and $1,148 for the periods ended March 31, 2005 and December 31, 2004, respectively.

NOTE E – SUPPLEMENTAL CASH FLOWS INFORMATION

Interest paid amounted to $717 and $762 for the periods ended March 31, 2005 and March 31, 2004, respectively.

NOTE F – INCOME TAXES

The special partnership is subject to the provisions of Supplement K of Puerto Rico Internal Revenue Code of 1994, as amended. In accordance with such legislation, the Partnership is not taxable as such; rather each partner reports his or its distributable share of the Partnership’s profit or loss for a particular year on his or its income tax return.

In accordance with the terms of the Concession of Tax Credits and Tax Exemption No. 94-78-T-6 as amended issued pursuant to the Puerto Rico Tourism Development Act of 1993 (the act), the Hotel was granted 90% exemption with respect to income and property taxes arising from tourist activities, as defined in the Act, and 100% exemption on license fees, excise taxes and other municipal taxes.

A reconciliation of the net income per financial statements to net income per tax return is as follows:

NOTE G – SUBSEQUENT EVENTS

The hotel was sold on June 28, 2005 to Eagle Hospitality Properties Trust, Inc. for $60 million.

9

E.S. HOTEL ISLA VERDE, S.E.

FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

AND

INDEPENDENT AUDITORS’ REPORT

E.S. HOTEL ISLA VERDE, S.E.

FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

INDEPENDENT AUDITOR’S REPORT

To the Partners,

E.S. Hotel Isla Verde, S.E.

Carolina, Puerto Rico.

We have audited the balance sheets of E.S. Hotel Isla Verde, S.E. as of December 31, 2002 and 2001, and the related statements of income and partners’ capital and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly in all material respects, the financial position E.S. Hotel Isla Verde, S.E. as of December 31, 2002 and 2001, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

/s/ Perdomo Ferrer & Company PSC

February 25, 2003

Stamp 1839183 of the P.R.

Society of Certified Public

Accountants has been affixed

to the file copy of this report.

1

E.S. HOTEL ISLA VERDE, S.E.

BALANCE SHEETS

DECEMBER 31, 2002 AND 2001

SEE NOTES TO FINANCIAL STATEMENTS

2

E.S. HOTEL ISLA VERDE, S.E.

STATEMENTS OF INCOME AND PARTNERS’ CAPITAL

FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

SEE NOTES TO FINANCIAL STATEMENTS

3

E.S. HOTEL ISLA VERDE, S.E.

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

SEE NOTES TO FINANCIAL STATEMENTS

4

E.S. HOTEL ISLA VERDE, S.E.

STATEMENTS OF CASH FLOWS - CONTINUED

FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001

SEE NOTES TO FINANCIAL STATEMENTS

5

E.S. HOTEL ISLA VERDE, S.E.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2002 AND 2001

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

a) ORGANIZATION:

The Partnership was organized under the laws of the Commonwealth of Puerto Rico on December 23, 1992 and later amended and reinstated on April 15, 1995 to develop, build and operate a 299-suite hotel and casino in the municipality of Carolina, Puerto Rico known as the Embassy Suites Hotel^® and Casino-San Juan (the Hotel).

The Partnership entered into a management agreement with Embassy Suites (Puerto Rico), Inc. (Embassy) where at the Partnership’s expense, Embassy directs the operation of the Hotel.

b) DEFERRED FINANCING COSTS:

Financing costs, comprised principally of legal, accounting and loan fees, have been deferred and are being amortized over the term of the debt. During the development stage interest cost was capitalized as a financing cost and included in real estate under development. Amortization is being provided in a manner consistent with the interest method (level yield) and charged to operations since operations commenced.

c) LEASES:

Leases which meet certain criteria are classified as capital leases, and assets and liabilities are recorded at amounts equal to the lesser of the present value of the minimum lease payments or the fair value of the leased properties at the beginning of the respective lease terms. Such assets are amortized evenly over the related lease terms or their economic lives which ever is shorter. Depreciation of assets under capital lease is included in depreciation expense. Interest expense relating to the lease liabilities is recorded to effect constant rates of interest over the terms of the leases.

6

E.S. HOTEL ISLA VERDE, S.E.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2002 AND 2001

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (Cont’d)

d) ESTIMATES:

The process of preparing financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts.

e) INVENTORY:

Inventory, consisting mainly of food, beverage and linen, is stated at cost, on the first-in-first-out method, not in excess of market.

f) PROPERTY AND EQUIPMENT:

Property and equipment are stated at cost. Depreciation is provided using the straight-line method based on the respective estimated useful life of the assets.

g) CASINO OPERATIONS:

The casino consists primarily of table games and slot machines, which are regulated by the Puerto Rico Tourism Company (“Tourism”). The slot machines (“the Machines”) are operated by Tourism, which remits to the Partnership a commission based upon activity. Table games revenues is the net win from gaming activities, which is the difference between gaming wins and losses.

2. RELATED PARTIES:

Related parties as used in these financial statements consist of Hilton Hotels Corporation and Promus Hotel Corporation, which owns 100% of Embassy Suites (Puerto Rico), Inc. The Partnership has a management agreement with Embassy Suites (Puerto Rico), Inc. for the operation of the Hotel. Refer to Note 8 for further information.

7

E.S. HOTEL ISLA VERDE, S.E.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2002 AND 2001

3. PROPERTY AND EQUIPMENT:

Property and equipment as of December 31, 2002 and 2001 consist of the following:

Accumulated depreciation of equipment under lease amounted to $380,903 and $2,202,116 for 2002 and 2001, respectively.

4. DEFERRED COSTS:

Deferred costs as of December 31, 2002 and 2001 consist of the following:

8

E.S. HOTEL ISLA VERDE, S.E.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2002 AND 2001

5. NOTE RECEIVABLE FROM PARTNER:

Note receivable from Embassy Suites (Isla Verde), Inc. represents a non interest bearing note for the payment of an operating deficit, defined as the amount operating expenses exceed adjusted gross revenues for each calendar year occurring after the hotel/casino commenced operations.

6. NOTE PAYABLE TO PARTNER:

Note payable to partner consist of a 2% over the prevailing 90-day LIBOR rate note payable to Hotel Development Corporation in annual installments of $224,348 plus interest beginning in March 2001.

The note will be paid from available cash flow from operations, as defined in the Partnership agreement, reduced by certain letter of credit fees. Remaining principal maturities of note payable to partner, are as follows:

9

E.S. HOTEL ISLA VERDE, S.E.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2002 AND 2001

7. OTHER NOTES PAYABLE:

Other notes payables as of December 31, 2002 and 2001 are as follows:

10

E.S. HOTEL ISLA VERDE, S.E.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2002 AND 2001

7. OTHER NOTES PAYABLE: (Cont’d)

Principal maturities of notes payable for the next five (5) years and thereafter are as follows:

11

E.S. HOTEL ISLA VERDE, S.E.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2002 AND 2001

8. COMMITMENTS:

a) Management agreement:

The Partnership entered into a management agreement with Embassy Suites (Puerto Rico), Inc. (Embassy). Under the agreement Embassy, at the Partnership’s expense, will direct the operation of the Hotel until March 15, 2017. Embassy will earn a basic management fee equal to 3% of the Adjusted Gross Revenue, as defined in the agreement, with respect to each fiscal month and an incentive management fee as follows:

Basic management fees charged to operations amounted to $730,285 and $764,613 in 2002 and 2001, respectively. Incentive management fee amounted to $486,686 and $752,807 in 2002 and 2001, respectively.

b) Embassy Suites International License Agreement:

Subject to the terms of the agreement, Embassy Suites, Inc. (ESI) has granted the Partnership a license to use the Embassy Suites hotel system and its related trademarks until March 15, 2017. ESI will earn the following monthly fees:

Franchise fees charged to operations amounted to $1,024,612 and $1,087,300 in 2002 and 2001, respectively.

12

E.S. HOTEL ISLA VERDE, S.E.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2002 AND 2001

9. SUPPLEMENTAL CASH FLOWS INFORMATION:

Interest paid amounted to $3,184,173 and $3,487,558 in 2002 and 2001, respectively.

10. OPERATING COSTS AND EXPENSES:

Operating costs and expenses as of December 31, 2002 and 2001 consist of the following: