Each of the Company’s hotels is leased under a separate participating lease agreement. The leases expire on various dates ranging from December 2010 to December 2013. The leases require monthly minimum base rental payments to Winston and Marsh Landing and additional monthly or quarterly payments of percentage rent, based on revenues generated by the hotels in excess of specified amounts. The leases are non-cancelable except upon sale of a hotel. Winston or Marsh Landing is required to make a termination payment to the Company, as defined in the lease agreements, upon cancellation of a lease. MeriStar Hospitality Corporation has guaranteed amounts due and payable by the Company under the leases up to $20 million.

    Future minimum base rental payments under these non-cancelable operating leases as of December 31,  2000 are as follows:

    The Company incurred minimum base rents of $31,329, $30,676 and $26,378, and additional percentage rents of $26,666, $27,875 and $26,342 during 2000, 1999 and 1998, respectively.